METALLIC GOLD DREDGING COMPANY.

Otago Witness, 5 December 1900, Page 22

METALLIC GOLD DREDGING COMPANY.

The first annual meeting of the Metallic Gold Dredging Company was held at the Agricultural Hall Buildings on the 27th inst. There was only a small attendance of shareholders, and Mr A. M. Loasby (chairman of directors) presided. The Chairman, in moving the adoption of the report (already published) and balance sheet, said he might explain in connection with the latter that they had paid the following amounts : Engine, £710 ; ropes, £147 ; engineer, £100 ; two boats, £70; vendors, £1500; Stevenson and Poole, £2495; Morison (contractor for the pontoons), £1200 ; and sundries, £30. They had to pay. £1435 to finish the machinery. They would start a little in debt, but it must be remem-'-bered that the dredge had to be kept going for a month by the contractors before they made the final payment, and at the end of that month they would not be very much to the bad.

Mr D. Hutton seconded the motion for the adoption of the report and balance sheet, which was carried unanimously.

Messrs J. Taylor and J. H. Carter were elected directors, and Mr James Brown auditor.

In reply to a question, the Chairman said the dredge was to have been ready in June. They had been humbugged by the builders, but that was no fault of the directors. They had had a gee-up committee to hurry on these builders, and had insisted on getting at every meeting a report from the engineer. On the 13th inst. they got a report from Mr Payne, which he (the chairman) read to the meeting. This has already been published. The Secretary (Mr R. T. Wheeler, jun.) said fee was oa the claim a fortnight ago. There

had been a rumour that the pontoons were sunk. *■ They were being erected alongside the Galvanic pontoons, and were as safe as if they were in that room. The men up there led him to believe that the work would be finished by Christmas.

A Shareholder asked how long it would be before the* dredge was on her own ground. The Secretary replied that that depended on the state of the river. Mr Payne said she could go up there in a day, but the general idea was that she would take longer than that. If there was a fresh in the river there was no doubt she could get up straight away. The meeting closed with a vote of thanks to the chair.