NOKOMAI SLUICING COMPANY

Otago Witness, Issue 3509, 14 June 1921, Page 51

NOKOMAI SLUICING COMPANY

The twenty-third annual meeting of tho shareholders of the Nokotnai Hydraulic Sluicing Company was held at the company’s office, Stafford street, on Friday, Mr H. Crust presiding. iue following were present: —Messrs J Craig, H. K. Wilkinson, and L. D. Ritchie (directors of the company), and A. Black, R. C. Rich, A. M. Love, and Blum Poy (secretary). Tile Chairman, in presenting the annual report and balance sheet, stated that there had been a heavy drop in the quantily of gold produced by the company’s claims during the past year, the principal failing off being at No. 3 claim, which, in addition to being on poor ground, had to stop work for rine weeks while repairs v ere effected to the water race which had been damaged by slips. The secretary (Mr Kum Poy) supervised this work during the v, hole operation, and the job was a credit to him. The thanks cf the company was due to him for his- service. Ho regretted that the hillside at Foster’s Creak where tho big syphon was situ Ped was moving and giving some trouble, and it may have to ho shifted from its position. On No. 2 race also there had been some slips and subsidences, which have been temporarily repaired to enable work to continue. These would have to be thoroughly overhauled as soon as weather conditions were favourable. The report showed that the expenditure for rare maintenance, etc., this year was £1824 IBs 3d, as compared with £llsß for tho previous vc-ar, and which was an increase of £565 1c ' ' his increase was accounted for by circumstances already detailed. Owing io the removal of the embargo on the exportation of gold, the company was enabled to ship to the host, markets with the result that on 22760 z it realised over £2BOO more than it would have done had it been compelled to sell the gold in the dominion. This enabled the company to pav 10 per cent, in dividends and add £1.646 10s Id to the reserve deposit account, which now stood at £1954 4s sd. The report and balance sheet were adopted. On the motion of Mr A. Black, seconded by Mr T. 11. Dalton, the retiring chairman (Mr FT. Crust) was re elected. Mr R. T. Wlseelei was appointed auditor, and the directors’ rciruner ition was fixed at the same amount as last year. Mr JT. L. Gill was elected to fill a vac ancy on the board Mr Dalton, in proposing a hearty vote of thanks to ihe directors and officers of the company, stated that it seemed to him that the- right men were in the right place. Mr Black seconded the motion, which was carried r.n ani mon sly. Mr Tj. D. Ritchie- stated that tho shareholders would probably feel a little disappointment that, there were no dividends paid, but. thev did not realise the difficulty of running such a claim. The races were the difficulty, as water was brought 40 to 50 miles, and great credit was clue to the secretary (Mr Kuril Poy) in arranging to have the races kept clear. He paid a tribute to the past directors who had purchased machinery from time to time. The shareholders should recognise that the directors had adopted this policy and placed the company on a firm basis.