RISING SUN GOLD DREDGING COMPANY.

Otago Witness, Issue 2840, 19 August 1908, Page 28

RISING SUN GOLD DREDGING COMPA NY.

Annual Meeting.

The annual meeting of the Rising Sun Gold Dredging Company was held in the company's registered office, Cromwell, on Saturday, 15th inst. There was a gocd attendance of shareholders. After the minutes of the last annual meeting had been read and confirmed, the Chairman of the company (Mr James L. Scott) read the following report, which, with the balance sheet, was adopted nem con. : —

Your directors have much pleasure in meeting you this evening, -especially, as forecasted by \hem Ht the last annual meeting, this year has been a most successful one. A reference ib the balance sheet shows that 10s per share, or half the subscribed capital, was paid in dividends, and that for 46 weeks the dredge worked she made the splendid average of 550z 6dwt per week. Moreover, tb© repairs account is £415 15s less than last year's, notwithstanding th« splendid dredging time made. Your directors make a study of keeping the dredge well equip --ed and in a thorough stale of efficiency, in which they are ■ably assisted by our dredgemaster and engineer Included in this year's repairs account are 12 new buckets, the ablaaice of the 30 ordered fron Messrs Johnson and. Sons, Melbourne, who supplied us with a splendid article, which has given unbounded satisfaction. Six of these buckets Ixave not yet been used, and. with four others jhoroughly repaired, give us a reserve of 10 spare buckets. The dredge has just undergone a thorough overhaul, and has been supplied with a new ca9t-ateel bottom tumbler, and is now in. splendid working order. Your directors intend installing the electric light on board before next winter, as after careful investigation of the relative merits of electricity and acetylene gaa have decided on the former. As the claim has been so well proved at -the top boundary by the Punt dredge and towards the bottom by the Rise and Shine No. 1, your directors are of opinion that the present prosperous year is the precursor of rpany more, and that our company will pay steady dividends for many years to come. We canot oonolude without a word of praise for our dredgemaster, engineer, and crew, who on« and all take such an active interest in keeping the dredge in firet-class order. Tlie retiring directors are Messrs Scott and Jameson, who, being eligible, offer themselves for re-election.

The two retiring directors (Messrs Scott and Jameson) were re-elected, and Mr Porteous was reappointed auditor at the usual remuneration of £5 ss.

It was resolved that the remuneration of the directors be the same as last year.

On the motion of Mr Jolly, which was seconded by Mr Jameson and carried, the secretary's salary was increased bj £lo 10s per anaum.

Mr Pocock moved the following resolution, which was seconded by Mr Renshawi and carried — " That a hearty vote of thank® be accorded the directors, secretary, dredgemaster, engineer, and crew for the able and' conscientious manner in which they have one and all looked after the interests of the company." A hearty vote of thanks to the chairman closed the meeting.