CENTRAL CHARLTON DREDGING COMPANY.

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

CENTRAL CHARLTON DREDGING COMPANY.

The sixth annual general meeting of shareholders in the Central Oharlton Dredging Company was held at Messrs Mercer and Mitchell's office on the 6th inst., and was attended by seven shareholders, Mr A. S. Adams (chairman of directors) presiding. The Chairman, m moving the adoption of the 'report (already ptiblished) and balance sheet, said he was very glad to say that the directors had had the satisfaction of paying 25 per cent, of the shareholders' capital in dividends during the yesir. The dredge had worked 136 hours per week on the average, which was, he thought, very satisfactory. The dredge was in good order ; in fact, the directors had made it their aim to keep the machinery in good repair, and to supply duplicate parts, thus saving lengthy stoppages where repairs were necessary. A spare screen was lying on the claim at the present time, and could be fitted up as soon as the one «t present in use required repairing. The claim was being

worked in a face, and methodically, and foi probably the next few weeks the returns would show only a small balance over working expenses. One dividend of Is per share had been paid since the issue of the balance sheet, and the present position was that, after providing for all liabilities to date, the company had a credit balance of £156, in addition to which there was a reserve fund of £251 10s.

The motion, on being seconded, was carried unanimously.

The retiring directors (Messrs A. S. Adams and C. S. Reeves) were re-elected, and the retiring auditor (Mr G. Blyth) was reappointed at the same fee as he received last year. The CJi a :vman then made complimentary reference to the services rendered by the secretary (Mr H. F. M. Mercer) and the dredgemaster (Mr M'Corkindale), both of whom had worked unsparingly, and with excellent results, for the welfare of the company. On the motion of Mr J. Garside, seconded by Mr G. M. Marshall, it was decided that a bonus of £10 10s be voted to the secretary in recognition of his services. — The Chairman stated that the dredgemaster's services had already been suitably recognised. A vote of thanks to the chair brought the meeting to a close.