PRINCE ARTHUR GOLD DREDGING COMPANY.

Otago Witness, Issue 2520, 2 July 1902, Page 37

PRINCE ARTHUR GOLD DREDGING COMPANY.

The annual general meeting of shareholders in the Prince Arthur Gold Dredging Company was held in the Agricultural Hall Buildings on Monday. Eighteen shareholders were present. Mr Thomas* M'Cracken (chairman of directors) presided.

The Chairman, jn moving tho adoption of the report and balance sheet (already published), said they were met there that evening in the form of a company consisting of two amalga>mated companies — the Moke Creek and the Prince Arthur Companies, and now known by the name of the latter. It took a great deal of trouble and work to effect the amalgamation, but he was pleased to say they were ultimately successful. They had had, however, to forfeit a large number of shares, but they had succeeded in getting the wheels of the dredge moving. On the whole, the result was not unsatisfactory. Five thousand five hundred shares had altogether been forfeited in the two old companies, «.nd the new company had at the present time a debit balance of between £500 and ±'6i)o. It was not such a formidable amount in view of the good TesuUe which they, anticipated from the dredge. One result of the forfeiture of the shares was that the capital stooi at £9500, instead of £12,000 as they anticipated when the amalgamation took place. The dividends would thus be greater than they would have been with the larger capital. He desired to call their attention to the arrears of calls. If the company was to live it was necessary that the arrears should be paid at onca or in tho near future. He also wished to say that the dredge had commenced work on the night previous. Mr Dreaver, one of the directors, was up at the trial run. He reported that the dredge bottomed at 22ft, which showed that it was capable of dealing with the claim. Mr Dreaver had returned more sanguine of the claim than before he had visited it.

Mr Dreaver, at the requ<">t of the chairman, gave a few additional particulars of his visit. He said that the dredge was working very smoothly, and was evidently able to work the deepest part of the claim. The dredge when it commenced work struck some old •woikings. He had advised the dredgemaster to shift ahead, and this he had done. There was little doubt that gold was in the cla m.

The motion was seconded by Mr Bewley, ai:d carried unanimously.

The election of two directors in place of those retiring resulted in M<*ssr& W. G. Somerville and A. Wiffen being returnrd. Hi George Blyih wa3 re-elected auditor.

On tho m6tion of Mr Somerville, a very hearty vote of thanks was passed to the directors of the past year for the efforts they had made in regard to tho amalgamation of the companies.