DUNSTAN LEAD GOLD DREDGING COMPANY.

Otago Witness, Issue 2686, 6 September 1905, Page 27

DUNSTAN LEAD GOLD DREDGING COMPANY.

The seventh annual meeting of the Dunstan Lead Gold Dredging Company was held at the Stock Exchange on Thursday. Mr A. Sligo occupied tlie ' chair, and 10 shareholders were nresent.

The Chairman, in moving the adoption of tiie annual report (already published) and balance sheet, said the report dealt pretty fully with the finances of the company, so he need not enlarge 'on that subject. He might say that during last July and August they had an almost blank period, the river being then in a very bad condition, with a great deal of drift running, the returns on that account being very small indeed. In June they had to put in a new tumbler andbvickets. Last May he visited the claim with Mr NeeSj and found everything in as good order as could reasonably be* expected, and at that time they decided to drop out of the worked portion of the river, and to pay a small amount of money to secure portion of the bank, reserving only as much bank frontage as "would give access to the river where it was desired, and the cost to the company ■would not be more than £60 or £70. He hoped the results to the Dunstan Lead Company, when it started to work the banks, would, be as satisfactory as could be desired. During the year three dividends had been paid (seven having been now paid altogether), and he trusted they would keep this up during the year now being entered upon. H« hacT to apologise for the unavoidable absence of Ma* H. F. Nees, wlio had written regretting that his presence in Wellington prevented his attendance. The company was not a little indebted to Mr Nees for the active interest he took in its affairs. The dredgemaster had reported that he expected a. very good wash-up this week. The report and balance sheet were adopted without discussion. Messrs R. M. Thomson and .H. F. Nees were re-elected directors, and Mr James Brown was re-elected auditor, Mr Thomson returning thanks on behalf of himself and his co-director (Mr Nees). A vote of thanks to the directors, dredgemasfer, and crew for their services during the year, and to the chairman for presiding, brought the meeting io a close. GOLDEN RUN DREDGING COMPANY. | The fourteenth annual meeting of the j Golden Run Dredging Company was held in j Wood's Private Hotel on Thursday, and was ; attended by 15 or 16 shareholders. Mr B. Hart (chairman of directors), who presided, proposed the adoption of the report (already published) and balance sheet, and in doing so said he had to congratulate himself upon being able to meet shareholders under fairly satisfactory conditions, though not quite so good as could be wished. A 2s dividend had been declared that day, which would be a source of gratification to shareholders. Of course they were aware a pipeline had been constructed across the river, and this line had been erected in a very satisfactory manner indeed, and was working up to expectations. The rent they had been paying was now a thing of the past, as they had purchased the land for all time, so that expense was wiped out. Thero had been a letter in the paper condemning th© working of the upper portion of the claim. They could not work the loweT end, nnd if they had left the top portion it would have been very quickly jumped. By working the top of the claim it had given them sufficient funds to erect the pipeline. The upper portion was new worked out, and they had nothing to do but attend to the bottom. Then there had been some letters about water-power, and lie

might state that the directors had no idea of putting in water-power. It would come before shareholders. Mr Adams would later on give them some figures as to water-power compared with steam-power. Both the directors and the dredgemaster had been very anxious that the dredge should be working at the present time, but it was not possible to carry on.

Mr Dall seconded the motion for the adoption of the report and balance sheet, and drew attention to the fact that last year £1500 had been written off the dredge and £500 ofl: the claim. This year ■'here had baen nothing written off the dredge.

The Chairman said elevators had been erected, and he did not know that the dredge had really deteriorated in value.

Mr Dall then mentioned that £3000 for repairs for two years seemed to him an enormous item, the Chairman rep'ying that they could not avoid these expenses.

The Secretary (Mr J. Burton), replying to Mr Dall, said the pipeline had cost £1509, which, it appeared, included the purchase of land.

Mr Dall said he had gone into figures, and found it cost over £100 a week to run the dredge, which was equal to 260z of gold. Shareholders' did not say the directors were not doing their best, but there was a want of management somewhere.

Mr Wilkinson suggested that they were keeping a white elephant in the dredge, and questioned whether it would not bs better to abandon dredging as the Island Block people- had done. They were sluicing, and they had paid off their liabilities, and also paid a dividend of 2s.

The Chairman said it was not similar ground, and objection was taken by a shareholder to discussing the Island Block. Mr Wood made a lengthy explanation's to the working of the Island Block, and a good deal of general discussion of a conversational nature followed. Mr Dall referred to what he -considered tha bad management of the directors, and said while he had not the power to get rid of the directors, he had power to get rid of his shares. Mr Wood said if shareholders were not satisfied he was willing to resign, and he believed other directors were willing to do the same if shareholders were prepared to appoint another board. — (Shareholders: "No.") Mr W. H. Adams asked if there was sufficient to pay the dividend and also meet the expense of repairs. The Chairman said one party's account was not in, but the other accounts were all paid. ' Mr Adams: Is the money in hand to pay the dividend and expenses? The Chairman: Yes, up to the present date. Mr Adams: All you are incurring? The Chairmsn : No, I don't say that. Mr Dall : The dividend is a sop to shareholders. Mr Wood : That is a piece of " cheek " and impudence. I will resign at once if you arc going to talk that way. Mr A. Anderson said he thought some present had a ■ lot to say against the directors. He was one of the largest shareholders, and he had every confidence in them. He certainly objected to the rpmarks about the management- of the claim, and direoted attention to the fact that the directors themselves were shareholders. They attended to the busi-i ness of the company, and once a month they visited the claim, and he was sure they had done more for the Golden Eun than a body of directors knowing nothing whatever about dredging would have done. It was a simple matter for shareholders who were dissatisfied to sell out. Great difficulties had beset the directors, and tha 6 did not seem to be recognised. The motion for the adoption of the report and balance sheet was" then carried. Mr B. Hart was re-elected on the motion of Mr Dall, and Mr L. E. Harris was reelected auditor. Mr .Wm. Adams then made a few remarks on the subject of the introduction of water power, which he was convinced would effect a saving of £1500 a year. By means of it they could dispense with two men, and bring down the wages' account. He did not think in introducing water power it would be necessary to lay the dredge up for more than a month.

Some discussion on this subject followed, Mr Grigg's remark that the directors had done nothing in the matter yet, and that when the. time was ripe they would bring it before shareholders, being received with evident approval. Before the close of the meeting a vote ot thanks was passed to the directors, the dredgemaster-, and the secretary.