ELECTRIC GOLD DREDGING COMPANY.

Otago Witness, Issue 2902, 27 October 1909, Page 27

ELECTRIC GOLD DREDGING COMPANY.

Asvuil Meetixg. . j The tenth annual meeting cf the Electrio { Gold D'.-od«in<r Company (Ltd.) was held I j on Thur-day afternoon in the secretary s j office. Hi~h street. TL°re w<.e f a pood) ;) attendance of sharehokbrs, and the olieir j ' uas ocrupie-dJ by Mr W. T. Talboys, chair- J <; man of directors. i *' In mo\in<r the adoption of the report ( £ and balance sheet (already published), the i Chairman said that tho directors reavettctl ' * the fact, tliat substantial dividends had & rot h?*2n forthcoming 1 during the year. ' They had purchased the New Alpine Con- n sols drtdrjo and claim during the year P at a cost of £1000 ; consequently the com- o pany -«as that much to thy good. The , t cii icctor." liad been eubjecled to a certain j tJ amount of licilile criticism, but they had 6'

} kept their eyes upon the property foi! i some time, and believed its purchase wag , in thi-> best interests of_ shareholders. The^ , had been asked why they did not send! [ one of the Electric dredges up to thati i claim, but that had not been possible diir-" inff *he past four years owing to the heavyi I expense tod cost of fuel. The ground! j they had in view was part of the Hartley I and Riley ground., and although it proved! to be dearer than the direotore antici-" pated they still thought they had got o» good 'bargain. As the river wae too bad! to shift one of the Electric dredges on j to the new ground they had put tshe- Newt i Alpine dredge on to it until it was convenient to supersede it with Electric No, 2 dredge, and they proposed to add sft to the locfer of the latter in order to work the deep ground with advantage. The directors had been fortified) witE the, opinion of an expert dredgemaster, who; ©aid that a hur»e part of the new olaimi had never been worked effectively or systematically, and tho prospects" he hadt obtained showed that the claim was s} valuable one. There was a. hairck false* bottom, and when once that was broken) through - experience showed that good rev J turns resulted. Electric No. 2 wae a strong I dredge, and well able to test the gToundr ; thoroughly, that bein^the reason for shift-.' j mg the dredge from bar present olaimU . ibe Chairman then formally moved the ; adaption of the report, the "motion beingi seconded by Mr Anderson; Mr Ford remarked that there had beetf , a big draw on the reserve fund, and the' , balance sheet showed that they "had been- | working at a loss He questioned the wis- ; ct<-»m of lns'irnr.g such expense in connect ! tion witii the No 3 dredge. Shifting No';' <5 dredge from its claim, where good re* turns 'vcre bring won, appeared to him like leaving sure ground for a problematic cal return. In lenly, the Chairman said that after lr pL}n°- WanC€ , for e^eryt^ing they had over £2000 in hand now, and they expected" to rea hee from the sale of the New Alpine Consols about half of what they paid for zM%v» Ot> mu c daim and dra<J ge having cost tIUUO. The new ground required -a strongdredge, and No. 2 was the best for that purpose, and about a year would see her claim worked out. They proposed to shift the No. 1 dredge from her present unj profitable ground to the No. 2 claim, which I had been worked for the last 15 years j and it was not to be expected that thtf j latter dredge could get such good results j from the old claim as from new ground I Replying to a shareholder, he said that all the plant had been kept up to a high; stats of efficiency, although the cost had been less this year than last. [ Mr James Horn spoke in support of the purchase, which was ji stifled in several ways The ladder of No. 3 dredge was too short to bottom during a 7ft rise in the river, tnd having lost the lips of 1* t buckets in two hours owing to the hard wash work had. to be stopped. Dredges -No. 1 and No. 2 were duplicates, and by using parts of one, the other dredgo could be run for three years without any cost for renewals, which would mean a savins of over £2000. The report and balance sheet were then adopted unanimously. Messrs Talboys and M'George, the re-* tiring- directors, were re-eleofced, and M* f. hi. lo.ver was re-eleoted auditor

DUXEDIX STOCK EXCHANGE. A fair amount of busings has been transacted durimg the pasfc week. The market in investment stocks has *ho\vn a firming- tendency generally. Bank of New Zealand 1 sharos firmed considerably, and National Banks • also hold firm — buyers £5 18s 6d, with a seller at £6. National Insurance shares changed hands at £1 fts during tho week. Sales weie effected 'in Union Steams at £1 14s, closing quotations being £1 13» 3d buyer and £1 14s spller. No quotations were recorded in Wcstports or Stocktons* Now Zealand Ooal Oil shares are wanted a( Is 9d, with no better seller thart Is 9<l. Buyers' offer of £1 2s for D.1.0; pr-pfs., and Dtmedin Slock Exchange Pro* r>rietarvs are in demand at £2 13a 6d, with-* >ut sellers. National Mortgage shares hava Irmed slicrhrly, buyers £2 18s 6d, sellers £5. Milbun Limes are wanted at £1 7s for oaid ups, and 13s 3d for contributing, but; he market is apparently bare. New Zeaa.nd Drugs are also firmer, .ex div. Port-». and Cement's are neglected, with a- eellei* it £2. Mosariels are wanted at £2 16s? md Donaghy's at £1 If, with business re-^ sorted at £1 Is 6d. New Zealand Paper 3 ; re still quoted (cum div.) at the rate ofl ' per cent, per annum for the half year^r , ,n<l business was reported at £1 2s QdJf" .lining 6tocks have been quiet during 1 the£ reek. Wai hi Grand Junctions changed ands on Friday at £1 5s 3d, with, a re.-* ortcd sale at £2 6s 6d, yesterday's saief n 'Change being the lowest for & loujb. i-me, and so far as can bo eeoertainedi here is nothing to account foi the pre* ent slump. Talismang have, been "airly

steady at £2 10- 9d, closing with £2 9s 9d buyer, £2 10s id sailer Consolidated Goldfields changed hands at 18s during the week, and closed 'with sellers firm at 18s 9d. There were gales of May Queens at up to 4s, and there was a reported sale of Paetolus shares et 9», easinig back to 7s 6d buyers, 83 3d sellers. TJhere were three reported sales of Waihis during the week, £9 16s bein^ the figure in each case, yesterday's selling quote being £10, with no buying offer. May Queems have figured in reported sales cut 3s 6d, Saxons up to 7 s 3d, and Watohmans at 2s 7d. Dredging fjfcocks have been negtecbed during the week, a sale of Golden Beds at 10s 7£d being the only one recorded. Some brisk quoting took place yesterday, but buyer and seller did not meet at a selling quotation. Mystery Flats were wanted 1 at £1 4-s, and Sailor's JBenJs at 4s, without a selling quotation .* lh.->i!frh some rlose juoting was recorded for various stocks, there were no sales on 'Change on Monday. Only two sales we-e reported— National Bank shares at £5 18s, and Tasmanian Coppers at ss. R'6« and Shines were wanted, buyers offering 345, but there were no sellers. Waibie were quoted at £9 15s buyers, ■with no sellers. Investment stocks were in demand, but se-veral offers failed to tempt sellers. Bank of New Zealand shares were wanted at. £9 13s 6d, Standard Insurance at 22a, Union Steams at 33s 9d, and West-port-Stocktons' 'at ss, but there were no selling quotes for any of these stocks. T-ho folowing are Monday's latest quotations, subject to the Msual brokerage:— Dbedging Stocks. Blackwatsr— Buyers (con.) 3s Gd, sellers Ss 6d. Golden Bed — Buyers 11s, sellers 11s 9d. Hartley and Riley— Buj-ers 15s 6d, sellers £1. I Rise and Shine— Buyers £1 14 s. , Rising Sun— Sellers £1 18s 6d. I Sailors' Bend — Buyers 4s, sellers ss. Mining Stocks. Nokomai Hydraulic— Sellers £1 3s. 1 Consolidated Goldfields— Sellers 18s 9d. j N.Z Crown— Sellers 6s. ! Kurunui Caledonian— Sellers Is 6d. ' May Queen— Buyers 3s lid, buyers 4s 2d. Waitangi— Buyers 3s 9d, sellers 4s 2d. | Watchman— Sellers 2s 9d. j Tasmanian Copper— Buyers 4s 9d. Talisman Consolidated— Buyers £2 10s, sellers £2 10s 9d. | Waihi— Buyers £9 15s. 1 Waihi Consolidated— Sellers 5s 2d. Waihi Extended— Sellers 5s Waihi Grand Junction— Buyers £2 bs, Sellers £2 6s 3d. Waiotahi— Sellers 5s 2d. Oct 19. — Waihi Grand Junction, £2 6s -d. Reported Sales.- -Pactolui. 9s; Bank 01 Kew Zealand. £9 7s; Ttonaghys Rope, £1 le 6d; Golden Bed. 10s <£d; >.ew Zealand Papor Mills, £1 2s 9d Oct. 22.— Sailor's Bend, 4s 6d, 4s 6d ; Waihi firand Junction, 46s M, 46s 6d, -'6s ■6d 475; Talisman Consolidated, bOs 6d. Reported Sale?.— Watchman, 2s 7d ; N.Z. Drug 475; Con^hdaW GokUiekls. 18s. Oct. 21.— Golden Bed.lOs; Waihi Grand Junction, 46s 66, 46s oc] ; Union Steam, Report-tl 55ab<'.--Wa ; hi Gr.-.j.d Ji.nciion, 47s 3d; Consolidated Gold. 18s: Waiotahi, 4s lOd; Waihi. £9 17s 6d : Du:^dm Corporation lias Dentures. 19%, 4 per <vni., £94; Waipori Fall,, 1922, 4 p 3 r cent., £S2 10s. Oct. 22.— Waihi Grand Junction, £2 5s 3d, £2 5s 3d, £2 6s 3d. Reported tvalos : Talisman Consolidated, £7. 10s 4id ; Waihi Grand Junction, £2 bs <6d. Oct. 23.— G«5d---n Bed. 10s, 10s 3d. Wain Cir.md J<- nr-tloii, Ab% 6cl, 45s bd, <*.->, Ui, 45s 60 October 25. — National Bank, £5 l€s ; Tasjiuunaan Copper, ss. AUCKLAND STOCK EXCHANGE. (Pee United Pbess Association.) AUCKLAND, October 25. Tho follow* tig busin-efs was done ar the affcernoon call to-day :- Waihi Grand Junction, £2 7s 6d, £2 7.s Sd, £2 7s 6d ; IJank of New Zealand, £9 15s; May Queen. 4s 4d ; Dixon's OonsoliHjlo<l (cor t rib ), 9d : New Sylvia. 4s 7d ; Old Aiburaia, (paid). 2s Id: Old Alburnia (contrib.), Is lOd , Southern Queen. Id : Waiotalii, 4s I'M ; Waitangi Consolidated, Zs lCd ; Watchman, 2-^ 7d ; Prog re fs M:n's, IK i.3% 7d : Old Hauraki, 2-. 6d ; Kapanca, 6d : New Z<\-iland Crown. 5s 7d; Golden Bnlt (paid), Is 2d, Is Id; Golden Bait (contrib.). 6d : Phoenix. 5d ; Waibi, £10; Waihi Extended, 4s lOd, 4s lid. WELLINGTON STOCK EXCHANGE. WELLINGTON, October 25. Mining Quotations were called on the "Wellington Stock Exchange to-day as follows:—Dixon Consolidated (ccntrib.)— sal'ers Is : Dominion (Karangahake)— eelle.rs sd ; Kisranui — sellers Is ; Kuranui Caledonian — "buyers Is, snlkirs Is 2d ; May Queen— buyers 4s, sellers 4S4 S 3d ; Maoriland — sellers Is Id ; Mountain King (paid)— -sellers Is 5d ; Mountain King (contrib. I— sellers Is 2d ; New Zealand Crown — Buyers 5s 3d ; New Sylvia— sailers 4s 8d ; Old Albwrnia (paid)— sellers 2s 2d ; Old Alburnia (contrib.)— sellers Is lOd ; Reliance — buyers 3d, sellers sd ; Saxon— sel lens Is 3d ; Tairua Broken Hills— buyers Is Id, sellers Is 3d ; Talisman Consolidated— buyers £2 10e. sellers £2 10s S<l ; Tangiaro— sellers 6d ; Waihi Extend- d — ibuycrs 4s Bd, sellers 4s lOd ; Waihi Grand Junction— buyers £2 6s 6d, sellers £2 7s; Waiotahi— sellers 4e lid; Waitangi Conpolidal»d—buyers 3s 9d, =ellei-s 4s; \Vatchman — sellcs 2s 7d ; Blackvvater Mm*»s — buyers £1 3s 6d ; Consolidated Goklfirlds— buyers 19". sellers 19s 6d ; New Alpine (paid) —buyers ss ; New Alpine (contrib.) — buyer's A^ 9d : Projrr<»s6-— buyers 12s 6cl, sellers 13s ftd ; Ross Gold-field?'— buyers 9s od, selleire 10- 6d. Ross Goldfields, 10s. Sales Reported. — Kuranui Caledonian, Is Id; Waihi Grand Junction, £2 7s; Watchman, 2s sjd. LONDON STOCK EXCHANGE. LONDON. October 24. Waihi: Buyers £9 12s 6d. sellers £9 15". Waihi Grand Junction : Buyers, £2 5s 9d, ssttovs £2 os 3d.

As a- proof of the- recent inton^e he it in a oentral State of America, it is ir...-n tioned that a box of eggs which arinpJ in Chicago was literally alive with the newly-fledged chickens. It requires a temperature of over 100 degrees to batch out the eggs, according to incubator exports, so tiiat things in that tt&iji must haro bean pretty warm.

Rise and Shine No. 1. Upper Clutha, 132hrs ... ... Rising Sun, Cromwell, 128hr3 Manuherikia, Alexandra, week Golden Hod, Miller's flat, week Electric No. 1, Cromweil, 5 da\s Masterton, Waikaia, 137hrs Waikaka United No. 2, Waikaka, I24hrs Rise and Shine, No. 2, Upper Cluiha, 182 hr« ... ... Muddy Creek No. 1, Waikaia, 260hrs Mysfery Flat, Waikaia, I32hf-i .• New Roxburgh Jubilee, Roxburgh, 132hrs Muddy Crock No 2, Waikaia, 260hrs Golden Treasure, Miller's Flat. 138hrs . ... MolyneuK Hjdraulic, Alexandra, week ... Koputai, Waikaia, 129hrs Alexandra Eureka, Alexandra . . . Entr-rririse, Alexan.i-a, 130hrs ("hicasro. Alexandra, 138hrs .. Otago No. 2, Island Black, \vk Waikaka United No. I, Waikaka, ' I 3oh)s Central Charlton, near Gore. 128 hi! South Waikaia, Waikaia Olri^-, Mar.uhoriKia, week Waikaia, Waikaia ... ...> ... Vz. dwt. gti 72 13 0 61 16 0 58 0 0 56 2 0 48 5 0 46 2 0 41 0 0 40 12 0 40 12 0 ■ 30 3 0 26 0 0 40 12 0 24 10 0 23 15 0 21 12 0 20 10 0 18 3 0 17 14 0 17 0 0 16 4 .0 12 11 0 10 3 0 7, 1 0 5 14 0 Total ..i ... .-. 741 17 0

I DREDGING RETURNS.