REEFTON RETURNS. (Per United Press Association.)

Otago Witness, Issue 2522, 16 July 1902, Page 34

REEFTON RETURNS. (Per United Press Association.)

REEFTON, July 13. The Consolidatad Goldflclds of New Zealand returns ion June are as follows. — Progress Mines, £0660z gold from 4650 tons, \alue £8oG9 ; Goldea Fleece, 5060z gold from 911 tons, value £2059; Wealth of Nations, 4660z gold from 950 tons, value .£1916. Tctal return, 30400z gold from G541 tons, value £12,544. THE MOUNT MORGAN MINE. BRISBANE, Juiy 14. The annual report of the Mount Morgan, Cornpai y shows that 147,G280z of gold was obtained, and that the dividends paid amounted to £-204,000. The extensive additions t<» the plant are almost ready. HAPPY VALLEY GOLD DREDGING COMPANY. An extraordinary general meeting of shareholders in the Happy Valley G.D. Company, was held on the Ist to decide on the number of directors and to fix their remuneration. There were eight shareholders present, and Mr W. G. Somervillo (chaarman of directors) preuided. The Chairman stated that in accordance with fno resolutions passed at the annual meeting voting papers had baen sent out to all sharjsholders. He would first deal with the matter that required no discussion — tho question of the secretary's salary. Tho result of the voting; on that issue was that 1345 votes were received in favour of reduction, and 2090 against reduction, so that shareholders would see that there was a fairly unanimous desire that the secre* tary's salary should remain unaltered. , At this juncture Mr John Thompson (Lawrence) made a few remarks with reference to Mr Hall's action in moving that a reduction bo made in the numbei of directorq and tha secretary's salary, and characterised the letters that had appealed in the press a3 cowardly attacks on the gentleman in question. Mr Hall, m reply, said that he took action in response to requests made by several shareholders. He was quite content to leave the lFsue n> the hands of shareholders, and had not voted either one way or the other hims&lf. The Chaiunan said the next business was tha question of the number of directors. The result of the voiing was that 2420 votes were in.' favour of the number being reduced, while 725 were agairst reduction. The business of the meeting was the election of directors, and tha ieehng of tlio directors themselves was that in the e\eiit of sh<nc holders desiring a local director tho l.umiior on the board .should be four. Aftor referring to the possibility of the direc-

toiß being placed in an unenviable position should there be only two in Dunedin, he suggested that a show of hands be taken as to whether shareholders desired a local director. Mr Hall said he thought it -would be very much out of place to try and put in more directors than the shareholders desired, and ht> would be strongly against more than tfiree being elected. The Chairman thereupon moved that the company have a local director, the motion being aeoonded by Mr Hall and carried. The Chairman then mpved that the number of directors be fixed at four, and that their remuneration be 3G guineas per annum. This ■was seconded by Mr Hancock. Mr Hall at first objected to there being more than three directors, though the fees proposed to be paid to them did not amount to more than three would have received, his reason being that he had a number of proxies in favour of three. After a little discussion, however, he withdrew his objection, as he considered the desires of shareholders would be met if the remuneration were reduced. Mr Thompson then made a few remarks with regard to the working of the claim, saying that the prospects were never better than at present. The wash never looked better, and he expected mbout 230z this week. On the election of directors being proceeded with, the Chairman proposed Mr Thompson as local director. This was seconded by Mr Hall and carried. The Chairman also proposed Mcsara J. H. Hancock and Martin Pearce ; but the former decided' to retire from the board, and slr Pearce wae thereupon declared elected. The.- Chairman then moved that clauses 74 and 75 of the articles of association be altered to read the same as clause Nos. 58 and 59, table A, '* The Companies Act, 1882," to provide that one-third of the directors shall retire annually. The motion was seconded by Mr Hancock and carried. In reply to a question, it was stated that the cost of running the dredge was about lOoz psr ■week. A vote of thanks to the chaijr brought lie proceedings to a close. MALONE'S BEACH DREDGING COMPANY. The second annual general meeting of 'share tolders in the Malone's Beach Dredging Company was held at the office of Messrs Duncan and Power. Rattray street, on the Ist mst. 3lr T. K. Harly (chairman of directors) presided, and there were seven other shareholders present. The following is the annual report: — " The directors, in submitting the annual report and balance sheet of Malone's Beach Dredging Company (Limited), have to say that no contracts or negotiations as to the purchase of a dredge have been entered into. That this policy has been a right one is amply borne out by the present low prices ruling for dredges Bold lately. It is expected that the company's claim will be te3ted by one of the adjoining dredges shortly, at small cost to shareholders as t compared to purchasing a dredge even at present prices. The retiring directors ar» Jas. Sconlar and Jas Craig; both being eligible, they offer themselves for re-election. The auditor (Mr Jas. Brown) also jetires, and is eligible for a iurther term, for which he offers himself." On June 30, 1901, the profit and loss account •howed a debit Iralance of £596 6s lid, ar.d the expenditure during the 12 months brought the total up to £718 16s 7d, but ps £29 16s lOd was received in interest the debit balance to be carried forward is redticed to £688 12s 9d. Wlion the books were closed the arrears of calls amounted to £3486 ss; whi^e 500 shares, on which £25 had been paid, have been forfeited. The company has cash on deposit to the extent of £936 2s 7d. in the bank £43 8s Pd, and accrued interest £9 7s Bd. while the sundry creditors represent a liability of £39 3s Bd. The Chairman, in moving the adoption of the report and balance sheet, said he had really nothing to add to what was ii the founei. They had played a waiting game, to see how the adjacent claims tu"icd out. One of these bad not proved as rich as the shareholders could desire, and some lower down were gelling some gold, while some othors had i:ot \ct darted. This being the case, the district lmd Ijcen parti v tried, and in another s-ense it had not been tried. Mr Harty then reurred to the results of the working of several claims in the vicinity of Malone's Beach, and as to what they had done. Continuing, he <=aid it would Ibe for the meeting to decide the future of the company, and he mentioned that two proxies had b»en received, and both favoured liquidation. The claim had been protected, and they ■were in the position of having tome money in the bank (£936) on deposit, and £43 there besides. The directors would be glad to receive any suggestions as to the future of the company. Mr J. N. Lawson Eecor.ded the adoption of the report and balance sheet in older that it Jiiight be discussed. Mr L. Joel asked if anything was known as to what position the vendors would take up in the case of liquidation. The Chairman replied that they had notbesn officially approached, but he undexstood that the vendors' shares were practically held by one family, and they did not press their claims in the matter. They were not in any way piejudioed. If Mr Joel- moved in the direction of liquidation the directors would ppproach the vendors to see whether they wculd stand aside. He felt they would not stand in the li«ht of subscribing shareholders. He did j.ot think thrie was one single case where the vendors Siad pressed their claims against the subscribing shareholders. Mr Joel said they might move a lcsolution ior liquidation, provided the vendors wouM not pres3 their claims, but where oiheis had focught vendois' sharcfa he thought they would fee entitled to something. The motion for the adopt icn of the report and balance sheet was then cairied. Messis James Scoular and James Craig were a-e-elccted direttois, a-id Mr James Brown auditor. The Chan man thciShaid the directors would he glad to receive Jnlßftiggestions, and if they did not do so thry -sWuld sirnpW wait on and see how the other claims worked out. Mr J. N. Lawson suggested the advisableaies3 of making an attempt to lease a dredge for iBO much a week, or get her to work on tribute. •By this means they would get their claim •tested at small cost. He had come to the mcetdng in favour of liquidation, but ho did not ilimk they could lose much if they set a dredge to wprk for a time. Mr Joel moved that the directors take bteps to try the claim at a moderate cost, and if 4hey could not make satisfactory airangements to call the shareholders together again to consider the question of liquidating the company This was seconded by Mr P. Carter, and tamed, and the meeting ended. MEG AND ANNIE GOLD DREDGING COMPANY. The directors of the Meg and Annie G.D. Company will submit the following report to ihareholders at the fourth annual general meetjjng: — " Your directors, in submitting their annu«J , leport for the year ended 31st May, have pleasure in drawing attention to the accom- j .panying balance sheet, which shows that 7s 3>er share have been paid in dividends during *he year, making 13s per share to date. The fttadge. which ie in good werkmg order. r e-

cently underwent an extensive overhaul, an^. has just been removed to the top end of th© original claim, setting in to work on the ground formerly held as a special claim, some 16 chains in length. There is a considerable area of ground from the bottom boundary up stream yet to work. The retiring director is Mr Adam Aitken, who, being eligible, offers himself for re-election. The auditor (Mr A. M'Lean) also retires, and offers himself for re-election." The balance sheet reveals a most satisfactory financial position. At the beginning of the year there wm a credit balance of £650 ISs 4d to profit and loss, and the dredge won gold to the value of £6770 16a lid, in addition to which £500 was received as premium on the sale of 500 shares. The working expenses reached an aggregate of £3413 18s lid, the sum of £2625 was paid in dividends, and £1311 189 3d was written off the dredge, leaving a credit balance of £540 18s Id at the close of the year The company has sundry creditors to the extent of £377 0s 6d, but against this there is a reserve fund of £300, and £617 18s 7d cash in the bank.