THE ENTERPRISE GOLD DREDGING COMPANY.

Otago Witness, Issue 2710, 21 February 1906, Page 26

THE ENTERPRISE GOLD DREDGING COMPANY.

The annual general meeting of shareholders in the Enterprise Goia Dredging Company, lield at the company's offices, Yogel street, on Thursday, was attended by *, dozen shareholders. 3tr "W. T. Talboys, in the absence of the chairman of directors through illness, presided. The Acting-chairman, in moving the aoopiKon of the report and balance sheet, said Ithat although the balance sheet tvas not np to the .usual standard, of the company for many years past it -was still very fair, ana" they ihad been able to pay 7s 6d per share in 'dividends during :he year. During the tiruo the, company Jiad been working a total sum of £26,537 had been distributed to shareholders in dividends— not a bad recosd,— and Ahey -would now perhaps have to depend iipon past glories. The last report from the .dredgemaster stated that a cut wgs being taken across part of their old ground, and it WM anticipated that good returns would be

obtained in thr-ee or four weeks' time from ground where the No. 1 dredge started dredging They had, in addition to this prospect, a big thing before them in the Golden Point gTound. There was good gold there, he had no doubt, but it was heavy ground to work. The ground now being worked had been vrorked before, but for the past three years they had been working ground that had been previously gone over. From the report it •would be observed that the No. 1 dredge had been closed down, and in this connection he had to state thai when- the -dredge was on the market for sale the Black's Flat Company had made an offer to take over the dredge and .give in payment 700 fully paid-up shares in that company. The capital of this company, which had all been subscribed, was £2250, and the -directors thought it advisable to accept this offer.

In reply to a question from Mr Brown, the Chairman stated that the reserve ot £1000 was a cash reserve in the P.O. Savings Bank for repairs and other contingencies.

The adoption of the report and balance sheet, as read, was then agreed to.

Messrs J. Mitchell and W. T. Talboys were re-elected «s directors, and Mr G-. Blyth -was x*appointeol auditor at the same remuneia"tion as previously. After discussion, it was resolved, on the motion of Mr Brown, seconded by Mr Wilson, 'that thp fees of the five directors, in consideration of only one dredge working, be reduced •from SO guineas to 60 guineas.

It "was also resolved that the matter of the manager's salary be left in the hands of the directors.

The Chairman asked for some direction from ih<» meeting as to how shareholders wished the 700 shares in Black's Flat Company dealt with — whether they should be placed in the hands of trustees or divided pro rata over the shareholders of the Enterprise Company. In connection -with a pro lata division, he suggested that some difficulty might arise over fractional parts of shares.

Mr Timson suggested that an objection to ths shares being t-eld for the company by a trustee might arise if a shareholder wished to sell out. Such a shareholder would derive no benefit from his proportion of the shares.

The Chairman.: The shares of the Enterprise Company would be more valuable owing to the asset represented by the 700 shares.

It was resolved, on the motion of Mr Wm. Brown, seconded by Mr 'Wilson — " That the shareholders approve of the action of the directors in selling the No. 1 dredge to the Black's Flat Gold Dredging Company for 700 fully paid-up shares in that company, and they approve of the nomination of Mr Talboys as a director of -that company and trustee for the 700 shares to be allotted to the Enterprise Company." During a discussion which followed a general opinion -was expressed that, if thought necessary, ihe Black's Flat shares could be shared and the proceeds added to the reserve fund.