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Otago Witness, Issue 2524, 30 July 1902, Page 24

WAIWHERO SLUICING AND DREDGING COMPANY.

The second annual meeting of shareholders in the Waiwhero Sluicing and Dredging Company was held at Chnstchurch on Monday, 21st irst. (says the Press), and was attended by seven shareholders, Mr H. P. Hill (chairman of directors) presiding.

The directors in submitting their annual report regretted that the claim, had turned out very disappointing. Up to October last everything seemed to be going well, but about that time a wall of cement was encountered onr Buckley's Tenace, which was difficult to get through, and when the manager got through ha found the gold had pinched out, and he recommended the abandonment of operations on tha terrace. A new face was opened on Geordie'9 Terrace, but was found unsatisfactory, but som» ground worked on Wilson's Terrace paid well, 3500z having been taken from three-quarters of an aciu. This terrace was now worked out, and the manager was now opening up about three acres on Niagara Terrace, which he thought would pay well and last about six or seven months. After this was worked, the company would have to face the problem of getting on to the flats. The constant removes of plant swallowed up all profit. Calls would requira to be made till the company's liabilities were paid off, when they would have the water rights,, claim, etc., free of debt. On May 12 tha directors paid off £3750 of the debenture money, the balance of which was due on August 12. During the past year the debenture-holders agreed to write off £7700 of the bonus promised, which placed the shareholders in a much mora favourable position than formerly by practically disposing of the bonus attached to tha debentures. The chairman of directors (Mr H. P. Hill) testified his appreciation of the company's manager, Mr George Morris The balance aheefc showed that the amount of gold sold during the year was lS2ooz 19dv.-t. which reahsc-d £7283 16s. The balance ia the debit of the profit and loss account was £705 14s Id.

In moving that the report and balance sheet be taken as read, the Chairman said that he had little to add to what was stated in the report. Since the end of September last things had 1 turned out veiy disappointing, and all tha terraces tried, with the exception of Wilson's, had proved failures. The Niagara Terrace did not seem to be turning out well, the manager having recently reported that it was only averaging about loz to the shift. This left a margin of profit, but a very small ope. A shaieholder moved that the meeting b« adjourned till next Monday at 7.30 p.m. Ha pointed out that those present v/ere chiefly directors, and that on Monday cfternoons it was inconvenient for business men to attend The Chairman said that his experience was that when things were in a bad way no one attended. However, there was no intention to burke discussion.

Another shareholder, who seconded the motion, for adjournment, said the only thing to be discussed would bo what to do with the claim and how it could be utilised to the best advantage. In reply to questions it was stated that there weia about 50 shareholders; that to properly work the flats comprised in tho company's claim: would require an expenditure of about £5000 and £2500 if they were worked in st half-hearted way; and that it was understood that the company had n valuable asset in its water race. The motion for adjournment was agreed to.