GARDEN GULLY DREDGING COMPANY.

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

GARDEN GULLY DREDGING COMPANY.

The annual meeting of the Garden Gully Dredging Company was held at the office of thp secretary, No. 1 Moray place, on Thursday, Mr H. Adam in the chair. There were also present Messrs G. E. Elder, J. E. Elder, "VV. A. Stuart, K. S. Eamsay, C. W. Stuart, John Emerson, and C. G. V. Leijon. The Chairman, in moving the adoption of the report (which has already been published in the Otago Daily Times) and balance sheet, said he was sony tlie transactions of the year had not turned out as profitable a1?a 1 ? had been anticipated. Reference to the profit and loss account would, however, show members that the expenses had been veiy heavy. It had cost them £2746 to run the dredge, and they got gold to the value of £33J& Icay-

ing about £600 as profit. They started the year with a debit balance of £487 15s 2d, and closed with a credit balance of £8 14s 3d, after payment of dividend. The expenses were £52 14s a week, which was pretty stiff for a dry land claim ; but owing to the hard nature of the ground the cost of maintenance had been very high— over £10 per week. Wages were £21 per week, and coa! £12 10s p-er week. They had stopped work during the last month and put the dredge in thorough repair. They weie about to start work again, and they hoped that the condition of the dredge wou'd enable them to give a much better account of the claim than they had ever been able to give since they took it over. Acting on the suggestion of shareholders at the last annual meeting, the directors were obliged to make a change in the dredgemastership; Mr Stuart left, and another master was appointed. His management did not piove successful, and about a month ago Mr Currie was appointed. Mr Currie brought good testimonials, but he had scarcely got going yet. It was hoped that success would attend his management. By his latest report the ground was very hard, and the dredgemaster said that a new and more powerful dredge was really required. Of course they must do with the machine 1 that they had. They could not afford another dredge, and it was questionable whether the claim would justify the extra expense in any case. Mr C. W. Stuart supported the motion. Mr Leijon said what had been said about a new dredge might tend unnecessarily to frighten shareholders. A new dredge was really not required. The fact was that the claim had hard patches in it, and the dredge would probabiy be able to work perfectly well when the hard patch was got over. The new master, having just come to the claim, was probably not fully aware of the nature of it.

The Chairman said the dredge was of the average power for that class of ground. All the companies now recognised the advisableiiess of having stronger machines. In the past the dredges had bean made too light; it was a general error. Mr C. W. Stuart agreed with Mr Leijon. He understood that the dredgemaster had been going down tco far, trying to break through the lignite. They all made the same mistake. In all these valleys the gold was on the top; there was no necessity to go deep. The whole Waikaka Valley was of that lignite formation. The report was adopted.

The retiring directors (Messrs C. G. V. Leijon and K. S. Ramsay) and the retiring auditors (Messrs W. Brown and Co.) were declared re-elected, there being no other nominations. CLYDE DREDGING- COMPANY. The annual general meeting of shareholders in the Clyde Dredging Company was held in the Stock Exchange Hall on Friday afternoon. Mr John Blair (chairman of directors) presided.

The Chairman, in moving the adoption of the report (already published) and balance sheet, said that at their pervious annual meeting it was pointed out that there was a considerable quantity of ground the payable nature of which was unoertain. The records supplied to the office by some of the- earlier dredgemasters had been proved unreliable, hence there arose a doubt as to whether all marked as .worked really was -forked, and whether the -bottom had in all cases been reached. He (the chairman) had ventured to say that it might prove payable, and ho was pleased to add that the gxiess — for in mining matters there \vas a goofcf deal of guessing — which was then made had proved correct. During the past financial year the company had been able to i>ay 7s per share in dividends. The dredgemaster gave it as his opinion that there were still about three months' work in the immediate vicinity of his present position,, and he strongly urged that steps be taken to secure another property which he had indicated. With this object in view the directois thought it advisable to maintain a strong financial position. The acquisition of the present dredge in May, 1902, had now been fully justified, as siace that date £6000 had been paid in dividends, besides which there was now £1000 on deposit. The motion for the adoption of tlie lepori; and balance sheet was seconded and carried unanimously. In reply to a question from a shareholder as to when the next dividend would be declared," the Chairman stated that at the present time they had, apart from the reserve fund, sufficient in hand to pay a shilling clivi-. dend, but thought it advisable to wait until the next^direc tors' meeting, when they would probably be able to declare a dividend of a larger amount. ' fir Thos. Black, the retiring director, was re-elected, as was also tlie retiring auditor, Mr A. G-. Fenwick.