NELSON CREEK GOLD DREDGING COMPANY (LTD.).

Otago Witness, Issue 2744, 17 October 1906, Page 26

NELSON CREEK GOLD DREDGING COMPANY (LTD.).

The fo"lowing report will bo submitted to the foithcoming annual genertl meeting of shareholders in the Nelson Creek Gold Dredging Company : — "In presenting the annual report and balance sheet fo r the year ended August 31. 1906, your directors would point, out that the financial position of tho company was fully dealt with in August last, when a proposal was made that the capital of the company bo increased by the creation of 3000 preference shares of £1 each. Your directors have pleasure in stating that the response of shareholders over the issue of such preference shares has been most gratifying, and, so far as can be seen, the board has every reason to believe that the position of the finances is satisfactory. The new dredge is now completed, and has started work. Up to tbe present tho work done has been conducted iv ground already sluiced, aud from, which nothing was really expected. Since a starl was made (two weeks ago) 30oz of gold have been won — a result which, under the circumstances already indicated, shareholders should consider highly satisfactorily. The manager is very pleased indeed with the prospects, and expresses his continued, confidence in the payable nature of the ground. The dredge is woiking well, aud ia, your directors aro assured, quite capable of successfully treating the ground contained in the new claim. After the meeting at which the shareholders authorised the increase of capital, your directors considered it advisable tjiat the claim should be visited by an official of the eom- • pany, and accordingly sent _ tho secretary, v.hose leport confirms tho opinion expressed by the manager as regards the suitability of the dredge and the prospects generally. ' The balance sheet attached to the report shows that at Aifgust 31 last the company had cash at the bank amounting to £24 39 lOd. Sundry creditors and bills payable totalled £668 7s lid, whi'e thei mortgage granted by the company in respect of loan, together with accrued interest, reached £1535 19s lOd. The gold won during the year was of a va'ue of £1835 4s Bd. and the expenditure reached £2056 Is lid (including £335 19s 2d as general expenses, £920 123 9d for wages,, £321 18s lOd for fuel, and £477 11s 2d for maintenance and repairs). During tho year £161 6s 6d was written off as irrecoverable, and £3672 18s 9d was written off tho No. 1 dredge. MEETING OF MINERS AT ALEXANDRA. The following report is condensed from the Dunstan Times: — The meeting convened for the purpose of forming a Miners' Association f.t Alexandra. was attended by some 30 residents of the district. Owing to the unavoidable absenco of Mr S. Cameron, one of tho convenors of the meeting, Mr L. Ryan was voted to the chair. Mr Ryan explained that tho object of tho proposed association w:\s to further the interest of rumrng generally throughout the district. R-ccfs wcro known to exifet in tho neighbourhood, and there were also thousands of acres of untried alluvial country which required deve^piug. The whole cuuntiy fioni tho Manorburn to the Serpentine was auriferous. They should make representation to the Government and get hxil>sidies for &ystcmatic prospecting of the^o localities. Tho introduction of capital was urgent y required, and people had been altogether too lax in furthering the mining industry. The dredging bad been very suocessfu , but since its inception the other branches of mining bad been sadly neglected, and the formation of a Miners' Association offered great possibilities to the bet'er advancement of these. — Mr Bartholomew paid that though a great deal of work had been done in the pa&t, things had now reached a sta<e which might bo described as an impasse-?, and a thoroughly organised effort was necessary. Similar associations had x :rove d useful in other place', particularly go in Mount Ida, where a very largo amount of Government money had been expended in the construction of huge reservoirs and water races to assiat the mining industry. — Mr Muiphy asked if the meeting was fot the purpose of encouraging the bona fide miner or private enterprise. By the bona fide mineT he meani the man. who used the tools. — The Chairman explained that the object of the meeting was to further mining interests generally throughout tho district. — Mr Murphy referred to the Dredgeowners' Association formed a fewvear-s apo in that town. It had done good work ior a time, bu* as soon as it got *o a < ertain i pitch it was transferred to Dunedin ard managed by a lot of qm'l drivers who knew . nothing about it, and who ware not bona fido '. miners. Under this management i*s useful- ! ness had soon ceased. — It was suggested J that an association might endeavour to secure the estabUshmenfc of a battery in some central position to prove samples of any lodes of quartz discovered, and also that : provision might ba made for an outlet to those alluvial claims at the back of the railway line adjoining the Manuherikia, and which it would be impossible to work under the present conditions.— -The motion was then ] put and carried, there being two dissenting ] voices. — Sir Ryan then moved that a small 1 committee, consisting of Messrs S. Cameron, < J. Pattison, T. Cahill, aud J. R. Barthak*

mew, be appointed to get information relating to similar associations and caH a meeting, to be held in about a fortmight's time. Ay tho request of several speakers Mr Ryan'« name was added to the committee.. — Tie meeting then rose.