ELECTRIC GOLD DREDGING COMPANY.

Otago Witness, Issue 2849, 21 October 1908, Page 28

ELECTRIC GOLD DREDGING COMPANY.

AXNTTAL MEETIXG. The annual meeting of fche Electric Gp!d Dredging Company was held in th© office of the secretary (Mr G. A. Harlow) yesterday afternoon. Mr W. T. Talboye (chairman of directors) presided, and there were ■several other shareholders present. The Chairman, in moving the adoption of the annual report (already published) and balance sheet, stated that the position of the company was fully set out in the report. Be was sorry to be in a position, to have to bring before them a balance sheet such as the present one. Hitherto the Electric Company had maintained a very high standard with regard to returns. During the past 12 -months they had only been able to pay a dividend of la 6d. Mr James Horn, the local director of the company, who was thoroughly acquainted with the ground, and some of the other directors had, however, every confidence in the ground in front of them, and every hope that the company would yet pay good dividends. He could aceure Jho shareholders that practically avone of the directors were selling people. They were far mow inclined to buy the company's shares. That should give shareholders confidence. Particulars of the ground which remained '■ to be worked had been given in the report. Ho trusted. that in future years they would bo favoured with some of the dividends | that they had secured in past years. ! Mr Mitchell said that some years ago he had pointed out at ona of the annual meetings of the company the advisability of reducing the number of shares of the j company. The directors had 6tated then that they would consider the matter. He wanted to know if anything had been done in this direction. With the present large number of shares the company was unwieldly,~and it meant that a large amount of money had to be accumulated before a dividend could be paid. The Chairman replied that the directors had gone into tihe matter, when it had been found that to divide up the shares of the- company would have resulted in considerable give-and-take, and there woard have been so many odd shares in division that things would not work out equitably. Tho i expenu€6 of altering the number of eh.ar.s9 ' bad also appealed to the direetore. He

stated, h'owercr.tha* if the directors saw their way to do it, they would pay a Is dividend, or even a 6d dividend, instead of trying to pay 2s, Messrs James Horn and Alexander Horn were re-elected directors. Mr P. H. Power was reappointed auditor. <Votes of thanks to the chairman and the directors closed the meeting.