NOKOMAI HYDRAULIC AND SLUICING COMPANY.

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

NOKOMAI HYDRAULIC AND SLUICING COMPANY.

The annual general meeting of shareholders icas hold in the company^ s office on Thursday afternoon, Mr John Blair presiding. The annual report and balance sheet were taken as read. The annual report was as folIcws: — " Your directors have to report that the relults for the past 12 months, though not so good as thjy had expected, still show a fair brofifc on the year's work, and tha^ they were jible to pay. dividends amounting to £2295 2s Id, or 11§ per cent, per share. Though the pages incurred in working the last two padlacks have been brought into Recount, a portion oai of the sold has beea accounted for.

and but for the fact that for four weeks — during Febiuary and March — the water failed the ■whole of it would have been available. Races and plant are still maintained in good order. The dam construction has been a source of great trouble, and caused your directors and all concerned much anxiety. Flood after flood carried away some of the earthwork and filled in the trenches which had been dug for the foundations, besides delaying the progress of the work. We are glad to be able to report that the initial difficulties are hot over— the foundations are up to the surface level and the outlet pipe is in position. In this connection we have to say that- the extra expenses and the urder estimate by the engineer will necessitate providing more capital, and your directors have decided to offer the shareholdei'3 another 65 shares on the -same conditions as last issue. As the company -was entitled to more ground than it held, it was considered advisable to increase the area, which has been done. About 20 acres have been granted by the warden, and 33 acres- have been recommended by him to tho Minister of Hires. The directors are sorry to have to report the death since our last meeting of the managing director, the late Mr Sew Hoy. He had always taken a very active interest in the company's •affairs, and his services were of the most valuable character and were much appreciated. The electric plant works very satisfactorily, and is in good condition. Two directors retire by rotation — namely, Mr B*ydone and Mr Peterson. As Mr Brydone 13 leaving the colony for p. time he does not seek re-election. You will- require also to appoint an auditor. Mr R. T. Wheeler, juu., retires, tut is eligible tor re-election. ' The Chairman, in moving the adoption of ihe T«port and balance sheet, said : The report and balance sheet for the last financial year have been in your hands for some days, and I will follow the usual custom, with your permission, and take them as read. You will notice that work had to be discontinued 111 both claims for a few weeks, the causa being Bcarcity of water. Work has, however, been resumed, and since the date of tha report gold amounting to 2200z 9dwt 21gr has bean obtained. Of this, 78oz 4dwt 18gr came from No. 1 claim, and 1420z odwt 3gr from No. 2. Judging by former years experience, we should still have about two n.onths* work before {he winter fro3t3 stop us, and, with averago Tetums, we "ought to be able to pay Eomo dividends, perhaps two yet. As stated in the repost, we bßve had considerable difficulty with the dam foundations. Floods not only delayed- the work but have run the company into a good deal of extra expense. Several times part of the protective works were broken away, and the trenches for the foundations filled with debris, which necessitated much of the work being gone over again. lam sorry that a phrose used by our inspector, dated 19th April, led us to say in our leport that the "outlet' pipe wa3 in position. From the latest report we lind this is not quite correct. I.i it he says: "The lower wall from whore the pipe goes in is up about 6ft above outlet 'pipe level, and the stone foundation, for pipe is well advanced." It may probably interest you to know the dimensions of the dam embankment. These are 102 ft thick and 4Gft across at bottom, tapering to 40k at top, where it will bs 15ft thick. At top the width across tho guliy will be 297 ft. Whei completed the i\ater will cover 17J acres, and the <lam is competed to hold 97,000,000ga1. Near the site of ths dam there is pienty of stone available, which our inspector informs us is improv-.ng in quality. Them is also suitable clay and debris for filling-in between the walls. "We have informed you that ntorc cppital will be required to 'complete the work, and have invited you to take 65 more shares. These have all been applied for. It is bub right that you should- know that the e3timites flemished by our engineer will be considerably exceeded, but by how nuich it is impossible to say at this stage of the work. You will notice that vlie area h»3 been increased. Part of this hc-3 alongside of No. 2 claim, and was acquired because appearances indicated that the lead was running in that direction. It is not improbable that we may have been mistaken in thi3, as you are aware appearances often deceive, but, if so, we will lind it in the ground previously held. The other portion is a continuation of No. 1, and was ground surrendered by the late Mr Sew Hoy previous to the formation of the present company at a time when a discharged workman applied to ihe warden for cancellation of part of his ground. The warden did not accede to the application, but inflicted a fine, on the ground that Mr Sew Hoy held more ground than he wus entitled to under the conditions of the labour clauses. Mr Sew Hey therefore surrendered a portion, and thi° is it, which Ihe warden has recommended t. Minister of Mii.es to give this company. Li the report the directors refer to the death of tlie late Mr Sew Hoy. He ever had the interest of the company at heart, and his death v.as a great loss to it. lam pleased to inform, you lhat the directors have to-day declared a dividend of 2s 6d per shaTe, which pays back half of the capital for four years' work. Mr A. G. Fenwick seconded tlie motion for the- adoption of the report, and it was carried unanimously. It was resolved to increase the number of directors to six. The secretary, who holds a, very large interest in the company, suggested this course, and agreed to pay the fees of a sixth director out of his secretarial salary, so that this addition should not be made at any extra expense to the company. Mr William Henderson wa3 elected as an additional director in accordauce with the foregoing resolution. Mr R. T. Wheeler, jun., was re-elected auditor at his former remuneration. The annual general meeting was fixed to be held in May of each year.