THE GOLDEN RIVER GOLD DREDGING COMPANY.

Otago Witness, Issue 2436, 21 November 1900, Page 21

THE GOLDEN RIVER GOLD DREDGING COMPANY.

The first annual meeting of the G olden River Gold Dredging Company (Limited) was held at the boaid rcoin of the AgnciTlxvia] Hall on Wednesday pfternoon. idr 3. H. Nimrno, chairman of directors, pi2=idcd, and there were 14 shareholders present. The directors' repoit, which ■nas submitted to the meeting, stated -Clint the dueciors believed that the diedge when completed would be a good one and qx^ite capable ot workirg ulie claim. The engineer (Mr Roberts) lapoited as follows icgarding the piogress of the dreJge: " Contract ior pontoons was let to Watson Rhodes, who finished same on September 8, and niade an excellent job of them. Contract for machinery, including buckets, links, condenser, etc., head water heoter, etc., steam pipes, upper humbler, .shafting, gearing, bret pulley, ladder, lower tumbler, lifting gear, etc., was let to <he Dunedm Engineering and Foundry Company. This pait of the work was due on April 8 last; nearly all finished, although much behind time. Contract for the boiler was let to ttie same firm, 'i'ius is now on the way from Sydney, where the iirm had to get it made to save time Contract for the vmch has been completed some time. Engine has also arrived from Home and delivered o:i the giGUiid, also the centrifugal pump. The tenders for erection of machinery, housing* tables, etc., close on the 27th inst. 1 expect the dredge to be completed and working by Christinas." On the motion of the Chairman, seconded by Mr J. H. Cartel, the report was adopted. Messrs E. A,. Ackroyd and J. H. Caiter were re-elected directors, a.id Mr H. F. M. Mercer was re-elected auditor at a ifeo of five guineas. The Chairman said the directors expected ihat the dredge would start work some time during the beginning of the year. They cad not want to push things on too fast, bub thought it advisible not to start work until the river was sufficiently low. From all accounts, he thought the claim was as good n claim as there was m the gorge. He hoped this time next year that the diiectors would be able to bring up a much more satisfactory report, and that m the meantime the shareholders' pockets would be lined with dividend?. A Shareholder stated that he saw in one of the papers that the pontoons were lying on the rocks. He 'desired to know whether that was the case. The Chairman said it was not =o. So far as the dr. ectors knew, the pontoons were all right. Mr James Thomson moved — " That it be a recommendation to the directors to reduce the secretary's salary >fiom £100 to .£70." He said he thought the present salary of the secretary was too much, seeing that the company would have to borrow a very large amount of money to finish the dredge. The Chairman said Mr Thomson had been niismfo- mcd. It was quite within the bounds of possibility that the company would start work free of debt. They might have to borrow £200, but if they could take the estimates as a guide, they would start practically fiee of • debt. Mr A. E. Brown seconded the motion, which was carried by five votes to two, a number of shareholders not voting. Mr Thomson asked who received the transfer fees. The Chairman replied that the secietary did. Mr Thomson said he had been-infoimed that it was illegal 'for the secretary to receive the tiansfer fees. He thought the matter was one which should also b:s considered by the directors. The Chairman said when the directors considered the question of the secretary's salary they would also consider the question of trans fer fees. Mr G. M. Marshall moved — " That the directors receive 12 instead of 10 guineas, and the chairman 15 guineas." Mr Thomson thought that it was not reasonable to increase the directors' fees in the meantime. The Chairman agreed with Mr Thomson that it was not an opportune time to increase the directors' fees. He thought consideration of the matter might be allowed to stand over imtil it was proved that the company could stand an advance in the directors' fees. The motion lax>sed for want of a seconder.