RISE AND SHINE GOLD DREDGING COMPANY.

Otago Witness, Issue 2513, 14 May 1902, Page 25

RISE AND SHINE GOLD DREDGING COMPANY.

The second annual meeting of shareholders in the- Rise and Shine G.D. Company was held on Monday evening. There were 16 shareholders present, and Mr W. Fenwick (chairman of directors) presided. The Chairman, in moving the adoption of the report and balance sheet, said that there was a delay in starting owing to the delay of the contractor, who was six months behind. The dredge was not finished until the middle of January, and the directors had considered that the circumstances warranted their claiming the penalties which thereby became due. Before the penalties began to accrue, however, it appeared that the engineer had given written instructions for alterations in part of the machinery, the result of which was that after several meetings with Mr Sparrow (who met them in a very pleasant way) they had to be content with a remission of £100 in the contract price. The speaker thought tho directors were to be congratulated in getting the amount they had got, because if the contractot had persevered they could not have forced him to give them anything. There was a. considerable number of snares in arrears at this time, and about 1250 shares had been forfeited. The cash was badly wanted, as the company was about £2500 in arrear, arid they had to Bell the shares considerably below pax. There was, however, from 5s to 103 paid on them, and in the wash-up the company came out very well indeed, losing only about £200. They were at that time still £1750 to the bad, but fortunately the contractor again met them iv a very liberal spirit. He took bills to the amount of £1500 for the balance of his money, after the payment of £900. These bills had a currency of three months, but the contractor agreed to renew them for another three months, and also agreed to a renewal for a further 12 months if necessary, on condition that he waa given a mortgage over the dredge and claim if he considered it necessary. By this time the dredge had got to work, and was obtaining good returns, which enabled the directors to meet the first bill of £500. They met the second bill by paying £300 and renewing £200. Another bill was due on June 4, towards the payment of which there is £300 in hand 1 , and if the returns from now keep up to anything near what they have been they should be able lo pay the £500, leaving a balance of £400, including a further bill for extras. The total indebtedness at present is £950, so that £800 has been paid off during- the short time the dredge lias been at work. Unfortunately a recent flood in tho river brought down a lot of debris, which prevented the dredge getting coal on board, but that difficulty has been overcome by coaling with a wire rope. The speaker read a telegram from the local director stating that the prospects are very good, and said he thought they would now have a steady run. The lead on which the dredge is working at present apparently runs right up to the top of the claim, a distance of threequarters of a mile, aaid it is understood that it will take many years to work out, while after this is finished there is a large extent of ground on the other side, which has been pretty well proved by Crookston's small dredge, which got very good gold, though it never reached bottom. Bores had also been put down right across tho claim, with very encouraging results, which went to show that there was gold all over the claim. The sneaker then referred to the additional area, which had been acquired by the company, and which lies between the original boujjdary and. the Athenoeum Reserve. It has not been bored or tested, but gives promise of being very rich. Th<. terms on which it had been acquired weTe exceedingly favourable. No cash was to be paid at all," but the vendors were to receive the results of six weeks' dredging, minus the working expenses and half the coat of all breakages except those connected with the winch. Tlieir intention at preaent is that when the river risee, say, in September, the dredge will be put on the recently-acquired ground for six weeks, and its value would then be ascertained. The Chairman concluded by moving the adoption of the report and balance sheet. ; The motion was seconded by Mr H. Adam ! and carried. I In reply to questions, the Chairman stated , that the deepest ground, in the claim so far I -was 45ft, antl the dredge was capable of work- [ ing to 52ft. The only part of the claim which they "were unable to work at present was the gorge, which was due to the weakness of the winch. The liabilities (£950) included wages, two new graTj - hooks, and re-lipping the buckets, at a cost of £CO. I The retiring directors (Messrs W. Fenwick I and Andrew Burns) were re-elected on the . motion of Mr Adam, seconded by Mr North, I and the retiring auditor (Mr Thomas Chalmer) 1 was also re-elesled. NOTES FROM MATAKANTJI. (By An Occasional CokhespondenT:) May 10. I have not for some time had an opportunity of visiting the claims here until a few days ago, and I am glad to hear that tho bulk of the claims are looking -well, ana wi*l have good returns for the past season. i Tit Uuduwttd Ouxlsjuuc bh for few ok.

tamed 1400oz of gold. This was got from an acre of ground purchased from the Sugarpot Company. This company has had excellent returns for past years, and I have no doubt will pay handsomely ioi years. They have a grand supply of water, and plenty of ground to work. This is the company that bought a water right at public auction for £10.800. The Tinkers Gold Mining Company.— This is the new name for the company that was recently formed for the purpose of amalgamating Messrs Ewing and M'Connochie with the Sugar-pot Company. A meeting of the directors was held on the 10th inst. for the purpose of signing the articles of association, and also for the purpose of considering a. dividend. This company is composed of 15,000 share 3 at £1 per share, fully paid up. They have obtained 200oz of gold for five" weeks, and at the meeting a dividend of sixpence per share was declared, with a reserve fund of £250. I consider that this company has a bright and prosperous future , before it. The race can easily carry 20 heads of water, with a pressure of 500 ft, and the ground is proved to bs exceedingly rich. It is known as the Sugarpot and Deep Lead. This ground, of course, could not be worked profitably unless by ths consolidation of both water rights. The directors' names are Messrs William M'Connochie (chairman), John Ewing, Christopher Huddleston, John Sheppard, Fredrick Read, and Timothy Duggan (secretary), and Mr George Naylor as manager. Drybread Company. — This company are opening out new ground and putting down an elevator, but I have not heard how they have succeeded for the past season. They have a splendid supply of water from Lauder Creek. Simes and Morgan. — This party have lately acquired all the flat that was held by the Klondyke dredge, and all the old diggers around Tinkers think a. great deal of this ground for elevating. They are at preeent e-ngaged in laying down a light pipe line, and, with the assistance of plenty of water, they will, I have no doubt, make the ground pay handsomely, under the able management of " Mr John Simes, whom I recognise as a real practical miner.