GOLDEN BANNER GOLD DREDGING COMPANY.

Otago Witness, 5 December 1900, Page 22

GOLDEN BANNER GOLD DREDGING COMPANY.

The first annual meeting of the Golden Banner Gold Dredging Company was held at the office of Messrs G . J. Ramsay and Co. on Wednesday afternoon. Mr J. H. Hancock, chairman of directors, was in the chair, and there were six shareholders present. The following was the annual report presented. : —

'• In submitting their first annual statement of accounts for the year ending 31st October, 1900, the directors have to report that immediately on taking office (November, 1899), Mr Payne, the company's engineer, was instructed to provide the plans and specifications for a suitable dredge. These were submitted, and tenders called in Glasgow, Melbourne, Sydney, and New Zealand for the construction of the machinery. The tenders were laid before the directors early in March, and the following accepted:—For construction of pontoons — T. Dillon, £1188 (date of completion, September 5): for construction of machinery — Despatch Foundry, Greymouth, £2945 (date of completion, November 22) ; steel gearing — The tender was accepted May 10, £360; the engine and boiler — F. R. Manning, £715. The consulting engineer (Mr F. W. Payne) reports 7th November as f ollews : —Steel gears, tumblers, etc., ordered from Glasgow, have been shipped by the Waiwera, which was due to leave London 22nd October. The Despatch Foundry, Greymouth, who are building the ladder, buckets, winches, machinery, and elevator, have the greater part of their work finished, and are making a satisfactory job. The pontoons are being built by Mr F. Dillon, and are now /progressing ifavourably. Mr Payne expects to pay a visit to the claim within 10 days to inquire into the qiiestion of a suitable dam for floating the dredge. Your directors anticipate that the dredge should be completed and at work by the end of January, 1901. Messrs J. H. Hancock and Peter Aitken are the retiring directors, but both offer themselves and are eligible for re-election. Mr George Blyth, auditor, also retires, and also offers himself for re-election."

Mr Payne, the engineei, supplied the following particulars concerning the dredge: — Pontoons, 82ft long by 28ft wide; depth, 6ft, built of bluegum and kauri ; ladder has 48ft centres, with a telscope 4ft longer, and is capable of dredging to a depth of 30ft below water line. Buckets are 4| cubic feet capacity, capable of delivering 120 tons of material per hour. Elevator has 35ft centres, and is capable of stacking tailings 18ft above the water line. The machinery is of an up-to-date pattern, the most important parts being of steel. The screen is 25ft long by 4ft Gin inside diameter. Tables are of steel and are. divided into five divisions. The winches are of the bevel gear type with self contained driving engine.

The Chairman said that he had jocularly made the statement a year ago that they would be paying, dividends by this time, and he regretted they were not doing so, but he hoped they were not far from the period when they would be in receipt of some return. They had been accustomed to hear that the engineer had been at fault, or that something had gone wrong with the market, as the reason for delay. • He regretted to have to say that this had happened in this company, as well as others. The pontoons should have been completed by now, but the contractor who had been building the pontoons for the Great Lead, immediately below this claim, was' one of those who preferred to carry out the contracts by himself, and the consequence was he had completed the Great Lead pontoons before turning his attention to those for the Golden Banner. They heard he -hadj made a very good job of them, and there was no reason 1q doubt that he would do the same with theirs. The contractor had now started on the pontoons, and the work was progressing favourably. The contract was supposed to have been signed on the sth March, but in July the engineer notified the directors that the con-

tractor had raised his price £50, and would noft sign unless he received that sum. "~ Mr Ramsay stated that a gentleman from the Coast had said that Mr Dillon would have the pontoons finished by the time the machinery! was ready for erection. He had said that i£ anyone kept them waiting it would be the Dcs« patch Foundry. Mr Rhodes said the* Despatch Foundry woulct be fairly prompt, and would not be more thara • a few days after time. He moved the adoptions of the report and balance sheet. Mr Watson seconded the motion, which waß carried unanimously. Mr Ramsay moved that the number of direct tors be increased to six. < _ The Chairman said it would be wise to have' a director on the West Coast. Mr Deering waa willing to act if the shareholders were willing; to appoint him. Mr Rhodes seconded the motion, which wag carried. Messrs H. Deering, J. H. Hancock, and Peter^ Aitken were elected directors, and Mr George Blyth auditor. The directors' fees were fixed; at 72gs. It was decided that the books of the company)' close on the 31st October, and that next annual' meeting be^held in November, date to be fixed by the directors.