NO TOWN CREEK GOLD DREDGING COMPANY.

Otago Witness, Issue 2456, 10 April 1901, Page 21

NO TOWN CREEK GOLD DREDGING COMPANY.

The No Town Creek Gold Dredging Company held its annual meeting in office of Messrs Cook and Gray on Wednesday afternoon, about a dozen shareholders being present. Mr N. Y. A. Wales presided.

The directors- report, which was taken as read, was as follows • —

" In presenting the first annual report and balance sheet of this company, your directors have the honour to inform you that immediately upon their taking office iast year Messrs Cuttqji Bro3. were appointed engineers to the company, •with instructions to prepare plans and specifications for a dredge suitable for working the claim. The tender of Mr Anderson (Christcnurch) was subsequently accepted for the construction of machinery, not including engine nor upper and lower tumblers and pins; these ■were ordered direct from Home, through Messrs ■Cutten Bros. Mr Anderson's contract time, including erection of machinery, being 10 months from date of acceptance, your directors regret to state that this period has now elapsed, without the dredge being completed. This is unfortunately a common experience with nearly all dredging companies. The excuse for the delay is the usual one of difficulties beyond the control of the contractor, and which could not have been anticipated. The tumbler checks and pins ordered -through Messrs Cutten Bros, have arrived in the colony some time a^o, and the engine will arrive shortly. The pontoons are bemg built of bluegum and kauri timber, and th contractor is making excellent progress with their construction. The dredge will be fitted •with an electric light plant, and should, when completed, prove in all respects an up-to-date machine. The retiring directors are Messrs N. Y. A. Wales and W. R. Cook, who retire by ballot, but offer themselves for re-election. The auditor, Mr Thomas Chalmer, also retires, but is eligible for re-electicn.

The Chairman, in moving the adoption of the report, said thAt this company, like a good many others, had been, and would be delayed, in commencing operations on the claim in consequence of their contractor being unable to complete their dredge within contract time. When the company was formed there was a sort of fever abroad, and companies were glad to get dredges at almost any figure and on any terms. It was, therefore, impossible to make any conditions with the contractor as to penalties for non-completion within the time stated. They •were obliged to take the contractor at his word, and must now bear with him until the work -was finished. A statement would be made regarding the progress of work on the dredge, and he might mention that the pontoons were well forward. The balance sheet showed the ■u&ual state of things with regard to expenses. Their capital was £12.000, less some shares unallotted and uncalled capital. They trusted t>y the time the dredge was ready to begin operations they would have almost sufficient money, provided the calls were got in, to pay all expenses connected with it. There might, however, be a deficiency, because at the tune the company was formed it was not expected there would be other expenses connected with it and it had beai found necessary to construct a dam at a cost of £118. To that extent they might be short, but no doubt they would be able to finance it. All the preliminary expenses had been written off, so that the company now made a fair start. Dr Martin seconded the adoption of the report, and the motion was carried without disS Mr N. Y. A. Waxes, &<auaate4 bj Ux Ea*k>n ;

and Mr D'Arcy Haggitt, sen , nominated Ly Mr Howes, were unammou =ly elec+ed directors, and Mr T. Chahner was agaui appointed auditor for the company.

The Secretary read a report respecting the progress of the dredge, showing in detail the work that had been accomplished, and stating that a representative had left that morning to inspect the woik, and would hurry maticrs foiward. The work, it was stated, was well in

The Chairman said they could not expect tho dredge would be " going " under four months He al.=o mentioned that the direciois Lad received a communication contradicting the statement, that had been made in the press to the effect that the company's pontoons were being biult on private property. The only foundation for that was that an old man, who was in receipt of a pension claimed a tailings site on the creek, but hs had not objected when the application was posted, or at any time, and the creek had been proclaimed a sludge channel. A vote of thanks to Mr Wales for presiding concluded the proceedings.