GOLDEN RUN DREDGING CO.

Tuapeka Times, Volume XXIV, Issue 1904, 15 June 1892, Page 3

GOLDEN RUN DREDGING CO.

[Communicated.!

A meeting of the above company was held at the claim on Saturday last, Mr B. Hart" being in the chair. A statement of the affairs of the company was submitted, showing its progress, methods of working, expenditure on* labour, etc., as well as the gold returns, all of which g^ve the highest satisfaction to the meeting. The dredge has been working 22 | days without encountering a single difficulty or stoppage of any kind, everything running in the smoothest and most satisfactory manner. During that period there had been a yield of 68oz of gold, of the value of £261 165. The monthly expenses in wages amount to £73 12s ; coal, £23 ; oil and lights, about £4; provision to the amount of £10 being made for general wear and tear, etc. The total expenditure for the month amounted to £110 . 12s, leaving a balance of £150 Bs, equal to 9d a share on 4000 shares. Shares to the number of 1045 have been forfeited, which has resulted in reducing the income from calls, and so rendering it necessary to borrow £1000. A proposal was made by one of the directors to sell these shares and with the proceeds clear off the liability of £1000, but the suggestion was deferred for further consideration. Were this proposal acted on, it was pointed out, the shareholders would have a dividend next month on the whole of the capital of 5000 shares.

The manager stated to the meeting that there were two runs of gold to be operated on, and if he worked on them separately he could rely on a yield of 50oz per week. The directors, however, were of opinion that it would be better to take all payable ground as he went along, and from this method of conducting operations it is expected there will be good average returns. It should be explained that a return of 61oz per month will provide for wages, coal, oil, lights, wear and tear, etc., and pay, besides, a dividend of 6d per month on 5000 shares. A move simple way of explaining the position is by saying that 7oz per week will meet all expenses, and the balance will go into the pockets of the shareholders in the form of dividends. For instance, the last week's returns amounted to 21oz 16dwt, deduct from that 7oz, and you have left 14oz 16dwt, of the value of £58, which belongs exclusively to the shareholders. Then four times this sum equals £232, which will pay 9d per share on the whole capital, and allow of a sum of £44 10s being carried to a reserve fund.

The bottom of the claim is pipeclay, and the wash is light and easily worked, being altogether free from large stones, so that the strain on the machinery will be light, and its repair will in consequence not be an item of any consideration in the working expenses. Tne dredge is really a first-cla3s one, and has not shown a single defect or drawback during tbe time it has been working the claim. The dredgemastcr also is giving the highest satisfaction, having proved himself to be a man of judgment and experience, thoroughly qualified for the position, with an appreciative regard for the interests' of the shareholders. The directors, it may be explained, have up to the present given their services without fee or reward, and so have given the company ia its infancy free play to grow and expand and develop its resources.

It was stated that one enfc of the dredge furnished the material for the last returns, it being two chains wide, taking the dredge the whole week to work it. Calculating the dimensions of each cut made by the dredge, it will take the manager about seven and a-half weeks to take out the length of the dredge herself. This is reckoned to be good working, and it will undoubtedly pay well. The last return gives the value of the ground for the length of the dredge, which is 90ft, at 1630z lOdwts, equal to £629 9s 6d current coin of the realm.