MOONLIGHT COLD DREDGING COMPANY.

Otago Witness, Issue 2511, 30 April 1902, Page 22

MOONLIGHT COLD DREDGING COMPANY.

The directors of the Moonlight Gold Dredging Company will submit the followng report et the second annual meeting of shareholders " Soon after the last annual meeting the contract for the pontoons was definitely arranged, and the work proceeded with ; but, as time went on, difficulty was experienced in petting the calls pa-id, so thßt it was considered wise to delay the building of pontoons, ar>d endeavour to have the arrears collected. It wzls unfortunately discovered on taking legal proceedings that several of the shsir'-'Wider'? wore unable to pay up. Tenders had also been called for a dam, in vhich to float the drodge. but the price asked was so enormous as to warrant your directors not 'accepting same. It then became evident that tJicre would W a ronsiderable shortage in th? capita] avnileble to complete the dredge, and as several companies were at that time ra-.Fing crtra capital >our directors did not doom it c^ucdier.t to inak^ ->urh an atte-npt, and a'-ra-ngod f or a s*i'l fiLiUitr diiias nf the ccai.atruciti.on oi tka xiql-

toon? Then certain rumours became current as to . ■ claim not being workable by a dredge, and ar dneciors felt that before they could hor o raise the extra capital necessary an md dent report i"rom a reliable source she \z obtained as to the credgeable nature of \ ound. Two or three different parties wr ,ioachpd, £>nd aftei some negotiations M. ziel, who has recently been appointed a gernaster to the Trafalgar Company, was cd to visit the claim and give his report jie taking up' his duties for his company. r Dalziel's report is appended, and it -will .3 seei that he is absolutely confident of the being comparatively easily worked, and ycur directors, feeling confident that they will have a strong machine when erected, have no hesitation in endea\ouiing to pu c h on with the completion, of the dredge. Before this can be doiie, however, something dehmte must he done to laise the necessary capital. Your directors have decided to bring this before you as a matter of business at the general meeting, at which meeting the following resolution will be passed .— ' That debentures in the company to the extent of £1750 be issued, to be secured by first mortgage over the company's dredge and claim. The shareholders to decide tuie terms of issue of same at the ordinary general meeting to be held on May 9, 1902.' lue balance 3heet will be sufficient to show to shareholders the necessity for the amount asked being provided. Mr" H. F. Marshall retired from the directorate towards the close of the ' financial year, and the board decided not to ' fill the vacancy until the shareholders' meeting. Mr Pearce also retires, but, being eligible, offers himself for re-election. Your directors recommend that Mr J. Hargreaves, of Ahaura, who is largely interested in the company, should be appointed in lieu of Mr Marshall (resigned). Mr A. T. Finch retires as auditor, and offers himself for re-election." The following is Mr Dalziel's report:—"According to instructions from your directors, I visited their property on the Moonlight Creek on Monday last (April 7). I followed the creek up to the claim, and am satisfied it will be a fairly oasy one to work. There is no doubt it vill be "heavy dredging ground, bnt I do not think the wash will be very tight. I saw no boulders or stones but what a powerful dredge could cope with, and 1 do not think there will he any submerged timber, and should say about £40 or £50 wefild clear al! the surface timber off the claim. The claim is narrow in places, but there are some nice beaches and flats to work. I should think from indications that the ground -will be shallow in place3— say, irom 12fi to 16ft deep. TheTe is a lot of old worked ground in the vicinity of the claim, and if any rplmnre can be placed on the opinions of old miners, the claim should be a rich one. Ther? is a big foil in this creek, and the current wi" be very rapid in flood time through the water being confirerl. In conclusion, I consider, with a good powerful dredge, this property will prove both dredgeable and payable." j The balft-nce sheet shows th?t the year was roiumenced with a debit balance of £452 7s 2d, a-id the expenses during the year were £300 2s 3d, thuF making a debit balance of £752 93 3d to carry forward. 7"he unpaid calls amounted tn £1050 14s 9d when the books w?Te closed, j while 50 shares, on which £2 10s has been paid, j have bean forfeited. The couroatiy hr.s sundry creditors to the extent of £167 63 4d, and th" contingent liabilities are estimated at £2258. The plant and machinery are valned at £523'? Cs ?.d, while the bplance ir. the hank is £563 6s Id.