RISE AND SHINE COMPANY.

Otago Witness, Issue 2879, 19 May 1909, Page 29

RISE AND SHINE COMPANY.

The ninth annual meeting of the Rise 'and Shine Gold Dredging Company was held on the lltb inefc., and there was a fair attendance of shareholders. The .chairman of directors (Mr Robert Gilkison) presided. In ' moving the adoption of the annual" report and balance sheet (already published), the Chairman pointed out that the reserve fund of the company stood at £850. "It would have been considerably larger but that the directors had been getting ready ior the new elevator. The elevator on No 1 dredge had never been satisfactory, for the reason that it had a bottom drive — ;whicn was not the best. Now the company was driven to put in a completely new one, the cost of which, a© stated, would be about £850 It intended to pay the cost of this improvement out of current cash, and had sufficient cash in hand now to meet the outlay, so thai it would not have to go to the reserve fund at all. It had "paid 11 • dividends last year, which represented to shareholders a return of 57^ per (Sent, on their capital — and he trusted that -fhey were satisfied. If everything ' paid at that rate they would soon be millionaires. The dredgemasters and their crews had done very good work dur•ing the -year, -and it was very gratifying to the' directors to find how satisfactorily the •two dredgemasters worked into each other's hands. They had only one engineer, and things were accordingly so arranged that only one dredge was repairing at one time. Many years ago Mr William Fenwick, the then chairman of directors, had inaugurated the 'system of paying the company' 6 employees a' bonus whenever dividends were declared. The system had worked very well indeed, and he considered that it was to the advantage of the directors and the shareholders to continue it.

Mr Duthie seconded the motion, which was unanimously carried.

It was resolved that the number of direofcors be four.

Mr James Milne was the retiring director. He was unanimously re-elected to the position It was resolved that the directors' remuneration for the forthcoming year be £80, instead of £60 -as formerly. Mr Thomas Chalmer was reappointed auditor, at a fee of 10 guineas. The Chairman, in reply to a question, said the directors expected No. 1 dredge to be laid up for a month. The elevator would be renewed, and the ladder would be thoroughly repaired. A vote of thanke to the directors, and to the secretary for his efficient services, closed the proceedings.