NO TOWN CREEK GOLD DREDGING COMPANY.

Otago Witness, Issue 2803, 4 December 1907, Page 30

NO TOWN CREEK GOLD DREDGING COMPANY.

A meeting of shareholders in the No Town Creek Company was held las* ev«nrng to consider the following circular. Dr Robert Martin occupied the chair, and ther« was ft fair attendance. , „ _ The following is tibe circular:— The company's No. 2 claim not having proved goldbearing, the directors have been carting aboufl what kudo with No. 2 dredge. Hearing tha« there vm gold-bearing ground to be oH"™"* ga the Ahaura River, situated aboui 11 milas

from their No. 1 claim, the directors have •ecured an. option over an area of this ground, at one' time known as the Daylight claim, and although, the ground has never been tested by a dredge, it is well regarded in the district, and is considered as. likely to prove quite equal to our No. 1 claim. Gold is j Icnown to exist in payable quantities in the neighbourhood, there having been extensive workings on both banks. The option is for two months from October 17 last. If the ground is acquired, the price is £400, payable out of the first gold won from the claim, s>ftef deductiong 17oz gold per week for working expenses. Mr J. P. Smith, one -of the _ directors and a mining engineer, has gone into the matter of dismantling, removing, and re-erecting the dredge, and he estimates the probable cost «t £3650. Shis amount includes new steel pontoons, at a cost of £1650; also a new string «f buckets, at a cost of £500. The old buckets would then be available for the No. 1 dredge, where the buckets at present in use are nearly done. If second-hand material from dredges now in course of dismantling on the coast can be secured, the cost wilfbe reduced. To provide the necessary funds, the directors propose to utilise the £1900 now at the credit of the reserve, the balance to come out of the surplus e^nings of the No. 1 dredge." The Chairman read the circular, and. after making a few remarks in regard to the proposed claim, moved the following resolution — That the' directors be authorised to accept the option they hold from the present lessees to acquire an area of ground known as the Daylight claim in ihe Ahaura River (price, £400) to be paid out of the first gold won from the clairiJ * after deducting 17oz per week for -rroildn-g expenses. r Mr Ahden seconded. > Mr Smith having made a statement re cost of removal in _ accordance with terms mentioned in the circular, Mr Kingsland moved, and Mr Parfitt seconded, the' following amendment—" That the directors be instructed to obtain the option they at present hold for an additional six months, and that in the meantime the claim be thoroughly prospected and that a report of the result be brought up at the general meeting to be held in March." The amendment was put and lost, there being three votes for ana six against. The motion was carried by six to three. In addition to this the directors held proxies from 36 •hareholders representing 4430 shares, of which 2881 were for the motion and 1550 against.