THE OLD DUNSTAN GOLD DREDGING COMPANY.

Otago Witness, 5 December 1900, Page 22

THE OLD DUNSTAN GOLD DREDGING COMPANY.

The directors say that their report is not so cheering as could have been desired, but, if it is any satisfaction, they are no worse of? - than many of their neighbours — that is to say, • that the delays in getting the dredge in* a mor'o forward state is no greater in their case tha«_ in others. The causes of these delays, happly, are now reduced to a minimum, and they look forward to greater progress being made'in thfe" future than_ in the past; indeed, they do'noif' consider themselves over sanguine when saying that the dredge will be completed and in full 1 work,.'sa5 r , in April next. All contracts- -are let — for the pontoons, to Mr Ritchie, in the sum of £1597; to the Austral Otis Company, Melbourne, for machinery, £2640 ; Marshall anal. Sons, engine and boiler, £715 ; Tangye and C0.,~ for pump, £40 15s. It will thus be seen that everything has been done that could be, and as it- was never contemplated being able to workv the river claim before the winter season, there is no particular ground for complaint.^ In the nratter of finances the directors have hitherto acted with leniency in not calling up money, when it was not wanted. However, in tliefuture, when payments will "be frequently required by one or other of the' contractors, calla will "have to be made regularly. The calls in arrears are quite out of proportion to the capital ' of the company. The directors, therefore, while adverse to taking extreme measures, must remind shareholders in arrear that the money; must be had to meet eitgagernents, and they/ must not be surprised if pressure is brought to bear to enforce payment. Messrs Macgeorge and M'Arthur, on a ballot, retire from, the directorate. Both gentlemen, as also Messrs Buchanan and Gye, the auditors, are eligible, and seek re-election.