FIRST CHANCE GOLD DREDGING COMPANY,

Otago Witness, Issue 2686, 6 September 1905, Page 26

FIRST CHANCE GOLD DREDGING COMPANY,

The annual general meeting of the Firs* Chance GoH Dredging Company was held oa Wednesday afternoon. Mr A. James (chairman of directors) presided, and in moving tho adoption of the report and balai.ee sheet fou the year ending 30th June last said he regretted the operations of the company had not been as successful as could be wished They had a rich claim beyond doubt, btit the ground was so very rough that their engine and appliances were not powerful enough to dredge the hard bottom crust, and there was very little chance of getting good returns vmtil they foci

the necessary machinery. There was no doubt their ground waa - rich, but owing to- the breakages and-loss- of 20 buckets the directors »nd-dredgenuißter had had a. most trying time. The damage-had -been made good,~and the late Teturns had-i»aid the:"debsnture money raised ; consequently they- had done" very- well since work was sorted .again.- Financially their position waa a.good one, for .there was a credit balance of £607, so that they were in a position to repay their borrowed money. There had been proposals made for amalgamation with some of the other companies, but that •was a matter for the shareholders to consider.

Mr Gr. R. Smith seconded the motion, which ■was carried.

Some general conversation took place as to the best means of strengthening the buckets by the use of clips or other appliances. The Chairman said "their dredgemaster, who was one of the best on . the river, had tried to strengthen the machinery by putting a. cable round the buckets and over the tumblers.; He assured the shareholders that the matter ■would receive careful consideration in order thai the dredge might be made more effective. Messrs -Kyle and Shrimpton were re-elected directors, and Mr G. ., M. Mac Lean auditor. Votes of thanks terminated "the proceedings.