PRINCE ARTHUR GOLD DREDGING COMPANY.

Otago Witness, Issue 2572, 8 July 1903, Page 34

PRINCE ARTHUR GOLD DREDGING COMPANY.

The third annual general meeting of shareholders in the Prince Arthur Gold Dredging Company was held in the board room of the Agricultural Hall on 30th utt. There were about 18 shareholders present, and Mr T. M'Cracken (chairman of directors) presided. Prior to moving the adoption of the report and balance sheet the Chairman stated that he had hoped to come before the meeting under more favourable circumstances. He wished to refer shortly to the loss tho company had sustained by tJie sinking of the dredge. The dredgemastsr (Mr Kitto) could not account in any way for the mishap, and it would be impossible to arrive at any conclusion until the machine waa refloated. The cost of raising her would probably bo about £200, pajrhaps a little les3. Everything had boeu put in taain for raising the dredge. The necessary plant and machinery had been seemed, and would be despatched by the afternoon tram the following day en route for Queenstown. Mr Kitto would leave Dunedrn at the same time as the machinery. The dredge could be raised easily, and lie did not think it would be necessary to ask shareholders for financial assistance. In moving the adoption of the report (already published) and balance sheet, the Chairman stated thait the capital had been considerably reduced, and now stood at £9370. Though this step had involved a certain financial loss at the start, the company had gained by it in another direction. The liability had been gradually decreasing, and but for the mishap which had just occurred the company would have been able to pay dividends very shortly. In reply to questions, the Chairman stated thait the total cost of the coal delivered on the claim was £3 lls 6d per ton, the coat of cartage being very heavy. Westport coal was used, and tho quantity consumed was about eight tons por week, while if lignite were used the quantity would bo from 18 to 20 tons. Tho liabilities of the company were at present about £610. Mr Kitto had been instructed to keep a separate account of the expenditure involved in raising tho dredge, and when th© amount -waa ascertained shareholders would bfl advised. There would be no difficulty about financing the company in consequence of the sinking of the dredge.

The motion on being put to the meeting was carried unanimously.

A good deal of discussion ensued as to what tho number of directors should bo, and even-tu-aJly it waa decided, on the morion of Mr Mam, seconded by Mr Fa.hey, that the number of Dunedin directors remain as at present— viz , five, and that in addition Mr Gudgeon be aopointed local director at a fee of 12 guineas per annum.

M-essrs M'Cracken and Ridley (tho retiring directors) wore re-elocted unopposed, and Mr G. Blyth (the retiring auditor) was reappointed at the same remuneration as he received last year.

At the request of tho Chairman Mr Kitto addressed the meeting, explaining the circumstances connected with the sinking of the dredge. In reply to a question, Mr Kitto stated that it would take two seasons to work out the beach on which the dredge was working at present. At the time of the accident she was getting on to good gotd, arid he considered that the prospects of the company were very favourable.

A vote of confidence in the dredgemaster vas carried, and votes of thanks to the dfrcctors and to the chairman brought the meeting to a close.