JUNCTION WAIKAKA GOLD DREDGING COMPANY.

Otago Witness, Volume 14, Issue 2648, 14 December 1904, Page 27

JUNCTION WAIKAKA GOLD DREDGING COMPANY.

The annual general meeting of shareholders in the Junction Waikaka- Gold Dredging Company was held in the secretary's office last week. Mr W. T. Talboys was in the chair, and there were seven shareholders present. The following is a copy of the annual report submitted to shareholders: — '" In order to complete contracts and get work started your directors nad to borrow tlie sum of £1500. This amount was borrowed from W. H. Paterson, vjiho now holds a mortgage ever the dredge and claim. A dredgemaster was appointed on April 19 to superintend the erection of gold-saving appliances and detail work about the dredge. Dredging operations were commenced on June 3, and the openmigcut return of June 17, for 149 hours, was 14oz. Through a flood filling up the dam, next washnp did not take place till July 4—220z4 — 220z lOdwt. The total return of gold won to October 31 is 2730z 7dwt for 2252 hours worked, or an average of 16oz Idwt for the 17 weeks worked. The machinery is running well. In the stores and repairs account are included wire ropes, matting, and fools, which are now in use. Our dredge completed has cost £3412 33 lOd."

The Chairman moved the adoption of the report and balauce sheet, which was seconded arid carried unanimously. The two retiring directors (Messrs John MacGregor and S. B. Paterson) were re-elected, and Mr George Biyth was appointed auditor.