PERSEVERANCE GOLD DREDGING

Otago Witness, Issue 2565, 13 May 1903, Page 25

PERSEVERANCE GOLD DREDGING

COMPANY. The annual meeting of shareholders in the : Perseverance Gold Dredging Company was held at Alexandra on Friday evening last (says the Alexandra Herald), and was attended by 20 shareholders. ~>lr G. Spencer (chairman of directors) presided. The Chairman, in moving the adoption of the" 1 report (already published) and balance sheet, congratulated the shareholders on the very successful result of the year's operations. During the year 3672 ounces of gold had been won, ! cut of which £7000 had been paid in divi1 dends, which amounted to half the nominal capital. This was, in his opinion, very satisfactory indeed. Although the returns lately were not up to the usual average, he would advise shareholders not to sacrifice their shares ' on that account. The claims had so far been | v/crked on the west side of the river, with t.ie : object of working them in a face, and also to force tke river over, thereby stripping the high bank on the east side without any expense to the company. From the directors' knowledge of the claims, they could no doubt put the dredges oh much better gold than they were getting at present, but to do so would be picking the eyes out of the claims and seriously hampering their future working. The dredges were in first-class order, and the directors had always tried to keep them in that condition,, believing that to unduly curtail the maintenance of the dredges for the sake of paying a little more money in dividends would be very bad policy. lit conclusion, he said he was quite sure the company would pay handsomely for many years. Tho motion was seconded by Mr Foxwell and carried. The retiring direc:ora (Messrs Spencsr and Finlay) were re-elected; and Messrs Grirastone and Richards were ieappointed auditors at the same remuneration as last year. The directors' fees were fixed at £50, the same as last year. The date of the next annual mepting was fixed for the second Friday in May, 1904. A hearty vote of thanks was accorded to the directors for the sa^'Si'actory way in which the affairs of the company were being managed. An extraordinary general meeting was held immediately afterwards, when the Chairman explained that the principal object of the meeting was to reduce the number of shareholders required to form a quorum. He pointed out that under the act it required 20 shareholders litisonally present, and that it was always very difficult to get that number to attend a meeting. Mr Luke moved the special resolution standing on the order paper to amend the articles of association to allow of seven members forming a quorum at any general meeting, I providing that one-fourth of the issued capital ] of the company is represented personally or by proxy. The resolution was carried unanimously. The Chairman thanked those present for their attendance, and the meeting closed with the usual compliment to the chair.