JUNCTION WAIKAKA GOLD DREDGING COMPANY.

Otago Witness, Issue 2545, 24 December 1902, Page 23

JUNCTION WAIKAKA GOLD DREDGING COMPANY.

The thirS annual meeting of the Junction ; Waikaka Gold .Dredging Company was held on Thursday in Mr J. J. Ramsay's office, when Mr W. T. Talboys (chairman) presided, and there were six. shareholders present. In moving the adoption of the report and balance sheet (already published), Mr Talboys said the action of the directors might be criticised for having done so little during the last 12 months, but it had been thought advisable to wait a little in order io see how the adjoining claim, which had a. dredge working on it, panned out; at the same time keeping on the look-out for the opportunity of acquiring a dredge -on favourable terms. As would have been seen by the newspapers, the Wai- ■ kaka dredge had been doing extremely well — I something between 28oz and 30oz per week, which, considering the small expense of working that claim, was very profitable work. In view of that fact, the directors had deemed J it advisable to acquire a, dredge, and had therefore bought that of the Kawarau Bridge Com- ' pany at auction on very favourable terms. As ■the dredge was _ well found in every respect, there would be no further expense connected with it, except for its removal to and re-erection on their claim. Taking this into consideration, the directors feel -that they have not lost anything by the delay, but rather have gained, inasmuch as they have got a, dredge for half what they would have had to pay a year ago, ' and have still their claim untouched. As shareholders would see by the balance sheet, fhey had £849 in the bank and £1400 odd of unpaid calls. These arrears, he was sure, would be paid as soon as work was started, and they expected to have sufficient, with the money '.in hand, to put the dredge on the claim, and ' tha* another call, or two at the most, would . be all that was required. So that, taking into .' .consideration that .at the most 15s would be all that -was -required to "be called up, -the company might consider they had got a veiy good and that time had not been wasted ,by -delaying putting on a dredge to see if the claim was of sufficient value to warrant it. It -was suggested that, as the company had bought the Kawarau Company's claim as well as the dredge, the claim should be worked for a time before shifting the dredge off it. Mr Talboj-s said it unfortunately was a bad time of the year for co doing, the condition of the river not permitting of it being done at this eeason, and he did not think it would be advisable to delay the removal of the dredge till next season. It vras eventually left for the directors to take action if they deemed it advisable. The report and balance sheet were unanimously adopted. The retiring directors (Messrs Allan Blnokie and Robert Lee) were re-elected, and the directors' fees were fixed at 60 guineas. Mr George Blyth was appointed auditor at a remuneration of 5 guineas. It was resolved that the company's books ba closed at the end of October, and that the annual meeting take ! place early in December. j