MATAU GOLD DREDGING COMPANY.

Otago Witness, Issue 2499, 5 February 1902, Page 23

MATAU GOLD DREDGING COMPANY.

The annual meeting of the shareholders' in the Matau Gold Dredging- Company was lieldi m the Dunedm Stock Exchange Rooms 6a Friday afternoon. Mr John. Blair (chairman of directors) presided, and there were about a dozen shareholders present. The Chairman, in moving; the adoption, of the report, regretted that the company had not been able to give more dividends, But m common with all dredging- companies the vagaries of the river had hindered profitable working. So much drift nad to be removed tfiat they had to abandon the river and try the bank. Before doing this, however, it was thought advisable to test some ground which had been previously worked, and which had been very rich. The trial was not profitable, and after some weeks' prospecting on the way. down it was given, up. Afterwards the dredge was shifted to near the bottom of. the west bank,, which was regarded as likely to prove payable. It was found that a reef existed between the river and' the bank, which rose in places to 15ft in, a width, of cut about li or 2 chains. That was- to say that while tha river was from 30ft to- 32ft on the bonk the depth was from, 12ft to 15ft,, and inside of the reef the depth, was some 20ft. It wa* thought tfiere was deep ground at a channel ingide of thifc-aud their endeavours were directed to get it—that was, supposing, it to exist. The- dredgemaster, who had been long in the district, in common, with those round about, believed there was an entrance. Surface indications showed that a few chains, ahead there was a likely spot. Meantime the set of the current was directed against the bank to reduce it if possible. The bank was hard — very hard, — and stood up nearly perpendicular in some places. The last report said that the ground was deepening ahead and towards- the bonk. This was what the dredgemaster had been wishing for, and what he regarded as a favourable- feature. There was still a quantity of unworked ground in, the river, especially at the upper portion of the claim, both, above and below Muttontown. Gully, from which, when the river was workable, good returns were expected. The Secretary read the following report from the dredgemaster, dated January 28 : — " As you. will see by weekly report, I am still worlAng at the western bank. The river haß risen this last week, and a fair current is striking the bank. All the solid ground is standing almost perpendicular. For instance, on Friday last, when the dredge was close to the bank, I stepped from the top of the gantry on to the bank — about 3ft. I have tried prospacta out ox the solid all the way up, and I get the best yet obtained last week; but any of it is. payable if there ie not too much old ground on top, and I would expect it to be pretty good if it is- a reasonable depth. In the present cut we are getting very little new ground coir.-uar-ed to what is left showing in tiie face. It is not possible to work the bank without something to break it down, and the cheapest method that I know of is a steam pump placed on, the bows of the dredge and. played on to the face; but I think this part of the claim will be better left alone after I get through with the low ground. It will take six weeks' ■^ork to finish here. I was intending to stop this week and patch up the screen, but the river being up and' suitable for dredging I will continue as long as possible. When I stop I will bush the Luckets -and links and relip and patch several buckets, and put a new set of bearings m bottom tumbler. If I can procure suitable men I will put on extra hands, but they are hard to get here just now. I have written to the inspector of mines for permission to work with one boat while I repair the other, and have no doubt I will get it, as there n very little current. '

The Secretary added that the following wire had been rc-ceiied that day from the dredgemaster. — "Working old ground all week. Expect poor wash-up. ±£eef dipping fast; 22ft shallowest to-day." The adoption of the report was agreed to. Before the election of directors- was proceeded with,

Mr J. Thomson stated that, seeing they had received no dividends for four months and not likely to receive dividends for several months yet, it was time they cut down all unnecessary expenses. He maintained that there was no occasion to have six directors. Four could do the work just as well. He would move that in the future they have four directors instead of six.

The Chairman said that practically they only had five directors. Mr Lee was the representative of Oamaru shareholders, and he seldom attended the meetings. Mr Wm. Brown said that directors were very much underpaid. For the amount of v.-ork they did tiie fees were simply ridiculous.

Mr D. Wilson said that it was a well-known fact that dredges privately owned succeeded where those managed by public companies <h<l not succeed. While he agTeed with a lot of what Mr Brown had said, there wre honest and clever men willing to give their time for a tßtailer. salary. He did not soeciallx i«iei to

the M*ta.u Company, but he thought expense should lie kept down in the matter of fee* im,' directors. He seconded the motion. The* Chairman said that he and Mr Kyl*f w«re the retiring directors. Mr Kyle was up at the claim. He (the speaker), was. quite wit. ling to retire. Mr Wilson said that Mr Blair vis the very last man he would like to see retire. Mr Brown said that it was strange that th« smallest line in the balance sheet should by often attacked. The directors' fees- proposed ti be saved would be something less than a. halfpenny pei share. Mr Thomson afterwards withdrew hk motion, and Messrs Blair and Kyle, the retiring directors were re-elected. Mr A. J. C. Brown was re-elected auditor.