DEEP STREAM AMALGAMATED HYDRAULIC SLUICING COMPANY.

Otago Witness, Issue 2672, 31 May 1905, Page 25

DEEP STREAM AMALGAMATED HYDRAULIC SLUICING COMPANY.

The annual general meeting of shareholders in the Deep Stream Amalgamated Hydraulic Sluicing Company was held in the secretary's office, No. 17 High street), on Thursday afternoon. Mr G-. Fenwick (chairman of directors) presided, and six other shareholders were present. The Chairman, in moving the adoption of the leport (already published) and balance sheet, stated that he regretted the directors were 3iot able to place before the meeting a more favourable report, the year having been a. very unsatisfactory ..one. The ground had proved to be very poor indeed, and had not come up to expectations. During the year a lotal of nine acres of ground had been worked', and of this a large proportion was high reef, fthus causing operations to be very unprofitable. The depth of the ground varied from about 6ft to 18ft, and a total of 14 paddocks tad been taken out, which was a larger numIjer than in any previous year. The consequence was that the elevator had to be shifted more frequently than previously, thus involv- ] ing a loss of time. The water- sun»ly had been very good throughout the year, and had the ground been as good as in former years the past year would have been a profitable one. Some very heavy work required to be done chjring the past 12. month 3, ths main line of

pipes having been shifted and 28£ chains relaid. The race and plant in general were in excellent order. The race had given very little trouble, and the plant was in good working order. The manager reported that the prospects at the claim are now a great deal better than they have been for some months past and j the ground has a much better appearance. As there was now a large flat to work on, there would be very much less shifting of the elevator than before. The motion for the adoption of the report and balance sheet was seconded and carried unanimously. In reply to a question as to present prospects, the Chairman stated that they were now very much better. In one of his recent reports the manager stated that there was a seam of better wash showing. The remaining ground would take- from a year and a-half to two years to work. Operations at the claim would inevitably be stopped in two or three weeks owing to the frost. The retiring director t,Mr G. Fenwick) was re-elected, as also' were the retiring auditors (Messrs Crawford and Bartleman). A" vote of thanks to the chair brought the meeting to a close.