FOURTEEN-MILE BEACH GOLD DREDGING COMPANY.

Otago Witness, Issue 2437, 28 November 1900, Page 21

FOURTEEN-MILE BEACH GOLD DREDGING COMPANY.

The annual meeting of shareholders of the Fourteen-mile* Beach Gold Dredging Company (Limited) was held in the Dunedin Stock Exchange rooms last Wednesday. Mr M'Donald (chairman of directors) presided, and there were 20 shareholders present. The directors, in their report for the year ending October 31, '"expressed regret that a combination of unforeseen circumstances had delayed the dredge starting operations as soon as was expected. Some of the works had proved to be of a much more extensive nature than was ever anticipated, the water-race alone greatly exceeding the original estimated cost. As a result oi-a recent visit to the claim, the directors were more convinced than ever that the company's property is an exceedingly valuable one, the electrical machinery promising to be a success in every way,- whilst the race was gradually reaching a satisfactory state. The Chairman, in moving the adoption of the^ report and balance sheet, said he expected there would be a number of questions asked, and he had decided it would be better to wait for those questions. He read a telegram that had been received from the dredgemaster. The telegram read : " Veiy satisfactory run of winch. Wire further particulars to-morrow." The .motion for "the adoption, of the report and balance sheet was seconded by Mr' T. Steel. A Shareholder wanted to know how the year's expenses were made up, and whether there were any -accounts . from the directors that had not been passed. The Chairman said there was one account which had not been passed, and the secretary read a .statement of how, the expenses were made up. Exception was taken by one or two shareholders to Mr Ewing's account, which they deemed excessive, but after hearing Mr Ewing's explanation the shareholders present appeared to think that the money had been well earned. In his explanation Mr Ewing mentioned that he did not always come clown to the meetings unless there was something of importance to be dealt with. He thought his charge of £2 2s a day very moderate, as sometimes he was engaged on the company's business for some days ifor which he made no charge. He had made several trips to the claim, some of which he had charged for, and others he had not. In addition to this there was long correspondence about the electrical plant, interviewing the engineer, and other matters which required attention. The total of the fees he received would I not give labourer's wages for the time he had bpent in the company's business. With regard to the account that had not been passed by the directors, this was for work that had been done by some of his own men at company's claim. The report and balance sheet were adopted. Messrs E. A. Tapper and Thomas Steel were elected directors in place of Messrs Ewing and Donnelly, and Mr Blyth was ..elected auditor at the usual fee. ' Messrs Tapper and Steel returned thanks for their election as directors. - The directors' fees were fixed at 60gs, to be divided as they think fit. Mr Tapper thought the remuneration of the Secretary should be increased. — (Hear, hear.) Mr Crawford had had a very haid year's- work, and he (Mr Tapper) thought his salary should be increased to 75gs:— It was decided that the 'matter of the secretary's salary be left in the hands of the directors. The Chairman mentioned that he had been up at the claim lately. He had, however, to leave without haying ssen tha dredge working. He had a good opinion of the claim before going up, but he came away with a much higher opinion. The electrical plant was working splendidly. Mr Ewing was proceeding to make some remarks relative to the claim and the work done there, but Mr Thomas (a director) objected, his reason for doing so being that this matter had been gone into at a previous meeting when the press were excluded. After some discussion it was decided that the press representatives be-asked to retire.