OTAGO GOLD DREDGING COMPANY.

Otago Witness, Issue 2671, 24 May 1905, Page 29

OTAGO GOLD DREDGING COMPANY.

The .annual meeting of the Otago Gold Dredging Company was held in the Stock Exchange 011 Friday evening, Dr Martin (chairman of directors) presiding, and there being about a dozen shareholders present.

The Chairman moved the adoption of the report (previously published) and balance sheet, and, in doing so, mentioned that he had greater pleasure in being present on tha>t occasion than he had had in previous years, because in the p«st there had been few, if any, dividends, and now they had began to make a return to shareholders, besides having* a reserve fund and two good dredges working on the claim. He thoitght that in the coming year they would be able to do better than they had done in the past, and mentioned that a further dividend had been declared that day. Mr Stratton seconded the motion for the adoption of the report and balance sheet. Mr Short suggested that the chairman should give his opinion as to what might be expected in tha coming year. The Chairman said he had been at the claim about two months ago, and had gone over the claim with -the dredgemasfcear. He thecugrbt that for a good long time to come th*y would have satisfactory returns-. In the top claim there was at least two years' work, and there might be far more. He thought they would have icguJar dividends for. a good while. Tfaa re"turns might be patchy, as they were a while ago, but they would coxae all the same.

Mr N««s said he also had visited the claim 10 or 12 days ago, and he heartily endorsed all the/ chairman -had said. The top claim was not going to give them as large returns as the lower one, but there was nothing to indicate that the river between the two places would not continue good all the way. Although during last yeaT only 5s had been paid in dividends the net profit almost amounted to 12s per share. There was every indication that in Ihe coming year they would be able to pay far more dividends than they had in the past. Mr Short endorsed tie remarks that had fallen from tha chairman and Mr Nees. The company had been for a number of years in a straggling condition, but to-day they, had two first-class up-to-date dredges, and unquestionably a good man in Mr Bennett, to I whom, with the drew, credit was due. A thing 1 that should be mentioned was the saving over ', the coal being taken by a different route. Hitherto it used to go through Lawrence; now it went through Edievale Station, which meant p, saving of 7s ox 8s a ton. The Secretary (Mr A. G. Fenwick) said that was » saving of about £400 a year. Mr Bennett (the - dredgemaster) said at present the prospects of the company were very favourable, and indications for ths future ' very good. The report and balance sheet were then 1 A Dr'Martin and Mr H. F. Nees were re-elected directors on the motion of Mr A. Sligo, the directors' remuneration being fixed at the same sum- as previously, and Mar E. R. Smith was j re-elected v auditor at the same remunasation as formerly. - Votes of thanks were passed to the dredgemaster and orew, to the secretary (Mr A. G. Fen-wick), and the directors were congratulated upon the way they had managed the affairs of the company. The votes of thanks were -acknowledged, Mr Smith paying a high compliment to Mr Fenwick for the method of bookkeeping.

UNDATJNTED GOLD MINING COMPANY.

The following is a copy of the report of the Undaunted Gold Mining Company for the half-year ended March 31, which was to have been presented to shareholders at a meeting of- the company to have been held at Matakanui recently, but which lapsed for want of a quorum: — " Your directors, in presenting the balance sheet for the half-year ended 31st March have tJ congratulate you upon the improved position disclosed. From this balance she^t, and that for the previous six months forwarded in October last, it will be seen that during the year dividends to the amount of JE1125, or 7£ per cent, on the company's paid-up capital, have been paid. The gold obtained brought JE2772 15s 3d, and, with sundry receipts amounting to JE2I 14s 2d, the revenue totalled £2794 9s sd. The expenditure for the same period was, £1,495 6s 2d, and the restrlt showed a profit of £1299 3s 3d on th« year's operations. The ground being worked is not as remunerative as your directors would like, but they cannot say more than that they are confident that what has -to be operated upon during the current 12 months is at least as good as that worked during -the past year. The weather since Christmas has been unusually dry, and since the beginning of February there has not been anything like a full supply of water. There is, however, nearly always an improvement in the autumn. If an increased supply of water comes anyways soon, your directors hope to declare another dividend of five shillings per share before winter sets in. The company's operations are being carried on farther and farther away from the hillside where its water races terminate and* it<s pressure power is obtained, and an. addition of 1000 ft of its main line of pressure pipes will soon be required, costly probably £250. It is expedient that the getting of these pipes should be set about ere long. Your directors regret to have to announce the death during- the year of Mr John Mellor, who has been a director of the company since its formation, and they desire to place on record their appreciation of the services- rendered by him to the company. Mr J. P. Maxwell was appointed in his place, this being done in compliance with the expressed' desire of the North Island shareholders to have another representative on the board. The new appointment will, your directors think, be advantageous to the more efficient working of the company, as so few shareholders now live in the Otago district that there is a difficulty in getting a sufficient number to form a quorum of th© board; while for the past two years it has been found impossible to get together — the number necessary to constitute a general meeting."