ALPINE CONSOLS DREDGING COMPANY.

Otago Witness, Issue 2513, 14 May 1902, Page 24

ALPINE CONSOLS DREDGING COMPANY.

The third^ annual meeting of the Alpine Contois Dredging Company was hehi on the 6th inst., and attended by Mr H. Tapley (chairman^ and eight shareholders. " In moving the adoption of the report and balance sheet, the Chairman said that the directors regretted that a more glowing report could not bs put before the shareholders. Luck had been deed against them the whole year. They had hoped to start working months ago, and get good returns. At the beginning of the year the dredge was working, and during that time won 4900z of gold, valued . at £1892, which »honld cheer the shareholders in the belief that when a start was made with a low river gold would bs got on to. The dredge was in the same place es when she left off. They had ihoped about six weeks ago to get a start if the river came to dredging level; but, acting en the advice of their dredgemaster and by their own experience, they found it simply did not pay to work, and therefore shut down and put a caretaker, on board to minimise expense. The river now was at what would have been dredging level, but about four weeks ago there was a waterspout in the district, which had the effect of washing debris, etc., into the river, whicE silted it up 2ft. 'They now required a ladder 2ft ( longer than before to dredge- the river. As' to lengthening the ladder, the Directors had considered that, but came to tho conclusion that as a great deal of doubt had been expressed as to whether the ladder on \hese dredges could be lengthened satisfactorily )t would be better to wait and profit by the jxperienee of others. As to the silting of the jiver, the theory had been advanced by practiibl men that if they could dynamite away the Sebris it would lift it and cause it to be cartied away. Mr Bolt had' been interviewed on ihe inattef as to whether Government could »cc tiheir way to assisting them. There were five other dredges in similar position. Mr Bolt had promised to put the matter before the &overninent. If thpy got assistance they could then go on dredging. As to the company's financial position, debentures had been issued to the extent of £2500. £500 worth had- been paid off. On these debentures, the £2000 still issued, "the company w«t:b incurring interest at E0 per cent., and the debentures came due on Inly 21 next. The position wps that if the 'dredge did not start work and they had not means of being able to pay debenture-holders off by that date, the directors proposed to ask them that they, in the interests of shareholders, should extend the time of their debentures for another six months, and to arrange for an overdraft of £250. If this could be arranged they tould tide over affairs without having to reconstruct. The claim, lie was satisfied, was a good one, and if they could only get to work within the next month he felt satisfied they would feet on to good gold, and the debentures would be paid oS in a. short time. A short disoussion _ followed, in which Mr Rhodes spoke in favour of reconstruction. The Hon. Mr Bolt detailed, what steps he had taken in connection with the scheme for using Jlynamite. It wa3 agreed that before the Government waa approached Captain Morrison, of the local defence force, should be Interviewed as to the feasibility of the scheme. Mr D. A. Jolly (re-elected) and Mr Williamton were elected directors, and Mr T. K. ELarly was re-elected auditor. On the motion of Mr Stokes, it was agreed lhat a committee of the directors and trustees of the debenture-holders meet with a view to arranging the best means of carrying on the company's affairs.