GIBBSTON GOLD DREDGING COMPANY.

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

GIBBSTON GOLD DREDGING COMPANY.

The annual general meeting of shareholders in the Gibbston Gold Dredging Company was called for 4 o'clock on Thursday afternoon, but as only four directors and another shareholder put in an appearance the business could not be proceeded with, and, in accordance with the act, the meeting was adjourned for a week. This means that the meeting should take place on Christmas Day, but as there is not the slightest likelihood of shareholders attending then the company will no doubt have to proceed without the annual meeting being held. Shareholders in this company are evidently satisfied with the present management, or they are too indifferent to their own interests to consider it worth while attending a meeting. In the course of an informal discussion, the Chairman of Directors (Mr T. K. Harty) stated that the directors had consolidated the company's debts, and had cleared everything off except one mortgage, the liability at present being about £900. The elevator, which cost £450, was now being fitted up, and as soon aa the river was in a favourable condition a crew would bs engaged and work started. The dredge, which was in splendid order, was at present in charge of a caretaker. REPORTS FROM WORKING DREDGES. The secretary of the Point dOr Gold Dredging Company Teports a return of 240z for 128 hours' dredging. Work has been stopped for a few days, to enable the dredgemaster to put JL flhOfifejon. the ejeyatcr antl ej[ect ftther JiecMv

' ' sary repairs. Operations have bsen somewhat . * hampered this week by the prevalence of silt. 1 The secretary of the Teviot' Gold" Dredging 1 Company reports a return of Toz for 74 hours' '' j dredging. ' ; The Cbarlton Creek Company report a return of 20oz for 108 hours. , I The secretary of the Waimumu Extended | Company reports a return of 14oz 12dwt for 126 hours' work. The dredge was stopped ior eight hours owing to boiler inspection. The secretary of the Maori King Gold Dredging Company reports a return of 19oz ldwt sgr for 72 hours' dredging. Unfortunately, the dredge has met with another mishap, the bucket ladder breaking through the middle on Thursday. The necessary repairs are to be executed as soon as possible, but to the near approach of the holidays they trill probably be delayed somewhat. The dredgemaster of the Watterson's-Ahaura dredge stated in his report for last week that the wash was getting shallow, the average depth being 24ft. He was still extending the cut on the river side of the paddock, the width at the end of the week being 2& chains. The | bottom was still soft, but in some parts deep gutters were met with. The secretary received a. wire yesterday stating that there would not be a wash-up until Tuesday next, but that I there were already more than 18oz in hand. j The secretary of the Rise and Shine Gold i Dredging Company reports a of 430z 1 16dwt sgr for 123 hours' .dredging. The prospect continue about the same as previously. Active operations were suspended yesterday, and will not be resumed until January 5, but ( tb.3 machinery will be thoroughly overhauled ; during the stoppage, and the winches from the ; Arthur's Point dredge will be substituted for i those at present on the Risa and Shine dredge. The secretary of the Lafranchi's Freehold Company reports a return of 40oz lldwt for 138 hours' dredging. The wash is good and proj mising, and everything is working well. The dredgemaster of the Golden Run dredge | reports a return of 540z lOdwt Bgr for the week. | He finished working the Golden Gate Comi pany's ground on Wednesday, and washed up ! 260z lOdwt Bgr, of which the Run's portion is 16oz lodwt 4gr, and the Gate's portion 9oz 15dwt 4gr. He washed up again on Saturday, obtaining 28oz for three days', making the total for the week as above. Mr L. Ryan, Alexandra, reports that the Molyneux Hydraulic dredge obtained 290z 3dwt for 1.27 hours' work last week. The dredge has been closed down for repairs, and- work will not be resumed until after .the holidays. The secretary .of the Caimtrodlie Company rp-ports a return of 18oz 2dwt for 134 hours' work. The prospects are still improving. The secretary of the Clyde Dredging Company reports a return of 7oz for 96 hours' dredging. The river was 7ft above the normal mark on Saturday morning. The secretary of the Trafalgar Gold Dredging Company reports a return of 250z 6dwt. The dredgemaster states that "he has been working very little on the bottom. ,He is now opening out on the Try Again Terrace side. The secretary of the Three-mile (Greenstone Creek) Company reports a return of 17oz for 80 hours' work. The dredgemaster has been cleaning out the paddock. The return from the Meg and Annie dredge last week was 20oz. The dredgemaster reports that the ground ran from 80ft to 85ft deep, and was much about the same as 'in the previous ' week. - .