NEW GOLDEN GRAVEL GOLD DREDGING COMPANY.

Otago Witness, Issue 2572, 1 July 1903, Page 38

NEW GOLDEN GRAVEL GOLD DREDGING COMPANY.

The first annual general rnp-eting of shareholders in the New Golden Grave' Gold Dredging Coinpanv was held at Mr J. J. Ramsny^s office on Friday evening. There were c ght shareholders present, and Mr C. E. Keast (chairman of directors) presided. The Chairman, in moving the adoption of the report (already published) and balance sheet, said that, in his opinion, the company had had a very successful year, seeing .that the sum of 8s per share had been paid in dividends. Tho dredge had required a good deal in the way of repairs, but the directors were quite sure that the dredgemaster was a man about whom no one couVl complain. He knew !.is work well, and was fami tax with every part of the c'aim. After explaining the various it-ems in the balance shoot, the chairman referred to the directors' fees, which amounted to 6gs each for the 12 months' v/crk. "When the company was formed, the directors, in company with tho dredgemaster, engineer, and crew, had ecceptsd a sma..l remuneration, but all the dredge hards- had sin:e received higher wag-i3, and he thought the diractors' fees might be increased in proportion. This, however, would b; for the meeting to decide. Dividends had been paid to the amount of £584 during the year, and there was ;ii addition a reserve of £250. The actual coat of mnning tho dredge* was about 12oz per week, which was less than was expected. The motion was seconded by Mr Cotton, and carried. Ihe retiring directors fCaptain Hodge and Mr Cotton) weie re-elected, as was also the retiring auditor (Mr W. Reid). It was decided that the directors' fees for the ensuing year be the. same as during the past year, with the exception that the chair man receive 6gs extra, to compensate him for the large amount of work he did in the interests of the company. The auditor's fee was fixed at 3gs, and the secretary's salary waa fixed at tha same figure as he had received last year. Before the meeting closed, the Chairman remarked that it had been necessary to procure a new shaft and several other things for the dredge, but all the material had been despatched by train that afternoon, so shareholders would see that no time had been lost. Mr Barnes (the dredgemastei) would leave for the claim the following morning, and if nothing unfor3een happened operations v/ould probably be resumed about Wednesday night or the following Thursday morning. The dredgo would then bo in gocd working order, and "when she got about two dredgo lengths further ahead b?tle>r returns would be looked for. She hud up to the present been operating on a little worked ground left by the current-wheel dredge There was no wash-up last week on account of tho breakdown, but the dredgemaster estimated that there would be about 15oz or 16oz on the mats and possibly more. The buckets had be«n relipped and rebushed, the links rebushed, and the drop shoot had been fitted with new liners.