RISE AND SHINE GOLD DREDGING COMPANY.

Otago Witness, Issue 2669, 10 May 1905, Page 27

RISE AND SHINE GOLD DREDGING COMPANY.

The fifth annual meeting of the Rise and Shine Gold Dredging Company was held at the office of Mr W. T. Monkman on Monday evening, Mr W. Fenwick (.chairman of directors) presiding.

The Chairman said he had to congratulate shareholders upon the fact that the company had got into the dividend-paying stage. The directors had hoped to. attain that stage some little time ago and to have begun, the current year with the payment of dividends; but new parts were wanted for the dredges, which had kept them back a few months. However, they had got to the pleasing stage of starting to pay dividends, and they could look forward to a continuation of that for some years to come. The Shine had never come to be what was called a very rich affair, but it would probably now make amends and would give aood returns to shareholders in the future. The directors anticipated they would be able to pay eight dividends in the year, and he thought shareholders would regard that as a. very good return for the money they had invested, particularly iv view of the fact that the claim promised to be a iery long-lived one. He could not say the «:tact duration, but it was generally ' put down at 10 pr 12 years. He hoped the view he was taking of the matter was not a too sanguine one. The claim was a large one, comprising 142 acres, and he did not think the two dredges had worked more than 20 acres of it. The present cuts the dredges were on were likely to last for six or seven years, he believed, and if they could get such returns as they were getting at present for the next six or seven years they ought to be satisfied with their investment. A telegram had been received from the local director, Mr Scott, to the effect that the claims were looking well; and they must be that when they had got a return of 90oz from the dredges, though they could not expect that to be. continued regularly. Still they could look forward to good returns. He proposed Ihe adoption of the report (which has already been published).

Mr James Milne seconded the motion, -which was carried without discussion.

Messrs William Fenwick and James Milne were re-elected directors, the directors' fees being fixed at the same sum as formerly— 50 guineas. Mr T. Chalmer was reanpointed puditor. and a vote of thanks to the chair closed the meting.

REPORTS FROM WORKING DREDGES. The return from the Paterson's Freehold No

1 dreclge last week was 3>3oz lOdwt for 11 days' work, and that from the No. 2 dredge 20oz lOdwt for 133 hours' work. The secictary of the Waikaia Company report's? a return of 21oz lOdwt for 132 hours' work. The secretary of the Hessey's Company reports a return of 350z for 134 hours' dredging. The Lady Annie dredgemaster reports washing up for a return of 12oz ldwt as the result of 134 hours' work. The secretary of the New Alpine Consols Company reports a return of 17oz 3dwt for 130 hours' dredging. S. E. Brent, secretary of the Barewood Gold Mining Company, reports a return of lOloz 4cTwt from 168 tons of stone for the month of April. The secretary of the Junction Electric No. 1 dredge reports washing up for a return of 630z Jdwt. There will be no wash-up on the No. 2 dredge. This week's return from the Nugent Wood dredge is 19oz 17dwt of gold. The dr edge master reports that the wash was improving on the vrest side of the face, and that he was greatly troubled all the week with slum, which had aceiimulated on the flat ground ahead of thedredge, as the result of sluicing opeiations earned on at the adjoining terraces for many years by successive parties of Chinese miners. The return from the Golden Gate dreclge for the past week is Hoz 14cl\vt. The river was falling. The First Clianco dreclgemaster reports

washing-up for a return of 260z for 153 hours' work. He also wired that he had been troubled with drift.

The secretary of the Chicago Company reports a return of 28oz 17dwt for 119 hours' work. The dreclge is stopped for repairs to the lower tumbler, but will resume work tonight. The secretary of the Manuherikia Company reports a return of 490z 12dwt for 236 hours' work. The dredgemaster wired that he could not bottom the deep ground, and that he was shifting- on -Saturday. _ v