NELSON CREEK GOLD DREDGING COMPANY.

Otago Witness, Issue 2690, 4 October 1905, Page 29

NELSON CREEK GOLD DREDGING COMPANY.

The "annual general meeting of shareholders in the Nelson Greek Gold Dredging Company was held "at the office of the company (No. 17 High street) on Thursday. Mr W. It. Simpson (chairman of directors) presided. The Chairman, in moving the adoption of the report (already published) and balance sheet, said that during the past year they hadj unfortunate^, not been so successful m the winning of gold as in the previous year. At the sanie time 1 , however, expenses, it would be observed, had been greatly reduced, and for this great credit was due to their manager. Last year they had paid away sonia £8000 in dividends, and although this year they had paid nothing, a very fair amount of gold had been won, its value being about £4980. As shareholders were aware, they were now getting ready to work the Terrace claim, and the directors regretted that their expectation to have been at work on. the Terrace at this time had not been realised. They had, however, been determined not to get into financial trouble, nor to appeal to shareholders for assistance, and had managed to get along and still have money in hand to' carry on with. They were now" within about £700 of having sufficient money to complete the works at present prices/ and profits had been made this year had 'gone towards ."preparing for the working of the Terrace claim. Some weeks they had, t not earned more with the river dredge^than would really pay expenses, but they had turned the corner now, and were 'making a "profit, which, though small, had encouraged .them to proceed "with the work in connection with the No. 2 dredge, and they had now let tenders for the completing of the pontoons, and were, calling for tenders for the erection of the machinery, which was all on the ground; also> for the supply of some missing parts in connection therewith. The expenditure in connection with the No. 2 dredge would be seen in detail on the schedule attached to the balance sheet. In conclusion, he hoped that the current year would be a more prosperous one, and there was every reason to believe it would be so. The motion for the adoption of the report and balance sheet was seconded and carried. Mr Sutherland asked what was the number of men employed on the dredge, and the Chairman explained that, irrespective of those engaged clearing timber, etc., seven men were engaged on the dredge. At one time expenses had been about 17oz per week, but were now about looz, the wages account last year being £2462 and this year £1862, or abotit £600 less. The retiring directors (Messrs Fisher and O'Kane) weie re-elected, as was also the auditor (Mr T. Chalmer). Ihis concluded the business.