DREDGING IS MANILA.

Otago Witness, Issue 2805, 18 December 1907, Page 30

DREDGING IS MANILA.

PARACALE GOLD DREDGINGCOMPANY. The first annual meeting of shareholders in the Paracale Gold Dredging Company (Limited) was held at the offices of the company on the 13th inst. Mr W. J. Love, chairman of directors, presided, said about 12 shareholders were present. The" directors repotted 1 that the work of getting the dredge dismantled, transported, and re-erected on new pontoons on the Paraoale Biver had been, satisfactorily carried out under the supervision of Mr Joseph Pearson. The cost of the works had exceeded estimates, due to unforeseen difficulties in connection with freights, supplies, etc., in * comparatively new country. The dredge commenced regulsr work in October, and large quantities of black sand, valued at approximately from £40 to £50 per ton, were already stored at Paracale; also 40o* of retorted gold. Unfortunately, word hod arrived that * new boiler was absolutely indispensable, the old boiler having, according to the cable, "burst." A new boiler was being procured in v Manila, *nd> they ewmited- • letter now in the post as to full particulars. The directors bad used every endeavour to keep the company's expenses within the limits of available capital, but at date of completion of tiie dredge it was found- necessary to raise money to get a start, and it was arranged for advances to be made, in Manila up to £1500 on security of the dredge. The, future I of the venture being now practically assured, i k rested with shareholders to consider the advisability or otherwise of making arrangements to olear off all indebtedness to outside sources. In moving the adoption of the report Mr Wilkinson said that painting, packing, and transport of the dredge piecemeal to Manila had bean a work of some difficulty, as had been the getting of the dredge from the seaport to the olaim. People of all nations had Msiofced m yetting- ixp ti«. pontoon*, and tt« scow which contained the machinery bad narrowly escaped being wrecked by a typhoon. The dredgemasier (Mr Kane) deserved and possessed the confidence of the directors, and of the men who were under his orders. Directly the dredge started working the claim was found to be rich, but since Mr Kane had been down with fever" the returns nad not been quite so good. The directors were satisfied that the goldproducing qualities of the claim were very good, and Government experts were of the opinion that the black sand, of which there was an abundance, was oapable of yielding from £30 to £40 worth of gold a day. A good deal of this could be crushed and amalgamated on the dredge. Improvements had, however, to be made, and l the dredge had to be got into thorough working order. Tbe accident to th» boiler had probably occurred during the illness of the dredgemaster. Mr Chiaroni seconded the motion, and the report was adopted. After some discussion, it was decided, that the necessary steps be taksn by ths •directors 1 to increase the capital of £he company by I £2000. instead of £1500 on mortgage [ in Manila; also to support the directors in sending a business rep2asen*»tive t° **■* country at the e«zli«et opportunity. The offer of Mr Blair Mason to impart to the outgoing agent what he knew of th© treatment of black sand was accepted with alacrity. Mr William Grey (the retiring director) ! ana Mr W. E. C. Reid (the retiring auditor) were re-elected.