DREDGING.

Tuapeka Times, Volume XXXIV, Issue 4893, 21 September 1901, Page 2

DREDGING.

SALES ON 'CHANGE. t [By Tblbgbaph.] ~ [ The following sales took place on the Dane* , din Stock Exchange up to 3 p.m. yesterday : > Bendigo, 14/9, 15/, 15/, 15/ Cromwell, 64/6 i Electric, 37/6 I Fourteen Mile, 17/9 - . , Halfway House, 12/, 12/, 12/, 11/9 1 Junction Electric, 28/ I '^ eaD J? g BoCk> 14/> 14/6> 14/9> 16 '» 16 * 15 '» ; Olrig, 12/, U/9, 12/, 9/, 9/6, 9/9. 10/, 10/ 1 Sixteen Mile, 5/ ' ' THIS WEEE'B BETUBNS. ' Oz dwfc gr i Waimumu Extended ... ... 81 12 0 > Central Charlton ... ... 24 7 0 Alpine No. 2 ... ... ... 33 5 0 CentraTElectric ... „.- v j o Alpine Consols ... ... ... ]2 11 8 i Enterprise No. 2 ... ... io 14 0 Dunback ... ... „, 8 0 0 MAJESTIC DREDGING CO. ' Tbe third annual meeting of members of the Majestic Dredging Co. was held in the company's office, Lawrence, on Wednesday evening, when there waa an attendance of 15 shareholders. The Chairman of directors (Dr J. A. Newall) presided. ""wrs BEPOBT AND BMIANCS-BHBET. The Chairman, in moving the reception and adoption of the directors' report and balance-sheet, congratulated shareholder! upon their extremely satisfactory character. Their dredge and equipment had cost £938 more than the capital at their disposal, but thoy would be pleased to notice from the i. a r7on C £ Bhe /' - that havin « ™»da a pwfit of ±-720 17s Id since commencing operations in February their indebtedness wan, at the'date of tbe balance reduced to £217 odd, and bo waa pleased to farther inform thtnvtfiatj i n consequence of satisfaotory retarnabiing XO t, tbe 'present week's return should Bee them entirely free from debt. This, they must acknowledge, was a very satirfaotory-state of affairs, and he thought it might safely be predicted that the company would shortly be dividend paying. Their dredge was a firstclass one and suitable in every way for«the requirements of the claim. The dredge had started on the sth of February at the top end of the claim (near wh-re she was bniftt in shallow ground suitable for workitfg when the river was high and she had got as high as 430z.' When the river rtcedrd to its winter level the dredgemaster had removed the dredge to the lower boundary, where she ' was at prf a-iQt working with most BatiflfMtory. results, their last return b<rog 48oa 15dwt. This mode of working- had praotioally proved -the whole of their daim to b* I rich. .&

Mr John Thompson seconded the motion, oomplimenting the direotors upon the very oareful and business-lik* way in whioh they had managed the affairs of the oompany, •(so tor the skilful manner in which they had tided the oompany over its initial financial troubles without increasing the capital as so many other companies had done. Several other shareholders having expressed their Batisfaotion with the prospeots of the oompany, The motion was pat to the meeting and carded unanimously. KLKCTION OF DISECTOBS. •"Messrs T. Filling and H. Stokes (the retiring directors) and H. Winmill were nominated for the two vaoanoies on the direotorat«. On a ballot being taken the retiring directors were re-eleoted. BSMTJNKRATION OF DIBECTOBS. On the question of payment of directors for past years' serviaes being brought up, Mr Winmill moved that they be paid at the same rate as daring the nrcqcftng yew— m»> 108 <M per meaiiog, Mr John Thompson seconded the motion. Mr G. O. Taylor characterised this amount as altogether ioadt quate for the services rendered and moved as an amendment that they be paid at the rate of a guinea per meeting. Mr B. M. Wake field said he would support the amendment if the payment were confined to 12 meeting's per year. Mt Taylor would not give way on the point and no shareholder being prepared to second the amendment it lapsed. The motion was then put and deolared carried. The question of the remuneration for the onrrent year was brought up and after some discussion the the sum of 60. guineas was voted. ..?,:• ' . * ATOITOB. "Mr Andre VM'Leao was appointed auditor at a fee of £2 2a. The meetiog then adjourned. ECLIPSE GOLD DREDGING CO. * An extraordinary general meeting of the above oompany was held in the Borough Counoil Chambers last evening for the purpose of confirming a special resolution to increase'the capital by the issue of 2,000 ' 1 preference shares passed at an extraordinary meeting held on Monday, 2nd September. JBighteen shareholders were present. The i ebalrman of directors (Mr E. Herbert) preBided. i The minutes of the previous extraordinary general meeting having been confirmed, i - "Mr John Thompson moved the oonfirma- i tion of the special resolution increasing the 1 capital by the creation of 2,000 preference i shares, with special privileges and conditions < as set out in a ciroular oonvening the meet- < ing. ' Mr H. L. Dartorr seconded the motion, t srhieh was then put to the meeting and i SttriedtMJanimoaBly. - I . -„ "v.i , ..■ '■ ,— — . < t^The ordinary general, meeting of share- t J&oiderßr.of the company 4 was held at the close i jlof ttie above meeting- The same members I * V«to?isß«uti Mi Htabert pteeidiDg. : ] ' ObMtmftn ma* the cliteetofs' i&poit i and asked those presen to accept the balancesheet as read. He expressed himself as pre- { pared to answer any question any shareholder i might wish to put in regard to the balance- c sheet or report. In moving their adoption he c said their experience had been an exceedingly \ bad one, and it was no satisfaction to them t that they were^not singular in their position i in not having won much gold, The residents i of the Kawarau had told him they had never t during tbe*paat 20 years known the river to i be so high and continue co for so long at a £ time* They had had a visit from the j . manager, who was still sanguine in regard to the subsequent success of the claim. He had •xpreesed a wish, when the dredga recommenced, to pull ahead a little to where he believed fhere was a soft reef. The experience ot most companies was that where they struck hard rook bottom they did not sue- ' ceed in getting much gold. There was also < on the Claim a splendid beach, whioh had i yielded the splendid prospeots from boring | and- raised their hopes so high. This, the , direotora.- (who had visited the claim) con- ] " rfdered should yield good returns and would , at the lowest computation give them two years' dredging. They had erery confidence in the ezaerieaae aad airiiie r of (be dredgemaater, ' who was a man who did not endtavor to paint the prospects in exceptionally glowing terms. ' Be spoke in a very cautious manner as though « he had a reputation to maintain. Conolud- < ing, the speaker regretted they were not In a < better position at their Becond annual meet- j ing, but they could rest assured it was ( through no fault of tbe directors. ; Mr Wakefield seconded the motion for the < adoption of the report and balance-sheet. I Mr Thompson asked what were the intentionß of the directors regarding recommeno- ( ing dredging operations. '' ' 7* The Chairman replied that if the river ' continued favorable the directors would have dredging recommenced at once; Mr Crooke asked whether the dredge- ' master was under instructions to resume ( work immediately he got back ?. The Chairman replied that he would not , reoommenoe work till he had received inBtruqtionsi ( No further questions being asked, The motion was put to the meeting and carried unanimously. ELECTION OF DIBECTOBS. Messrs B. Hart and E. C. Browne (the retiring directors) were unanimously re-elected, and thanked the shareholders for their rein- ■ 'Statement. AUDITOR. Mr 3. 0. Arbuokle was re-appointed auditor •- At a remuneration of three guineas* - '•; wnTOOTBmON OF DIRECTORS, ,---;- The question of the remuneration of direo* ■■• tors for the onrrent year was raised, when it . - : wai pointed out that this had been fixed by -J"- -resolution at the previous annual meetiDg. -3«6ome discussion took place as to whether it waji competent to fix the payment for direo- *<■ tors for more than a year. Mr Hart explained that in a great many of the companies with whioh he was connected this course was followed, and a motion re-fix-ing the amount at £50 per year was withdrawn and the matter allowed to stand. A hearty vote of thanks to the direotors lor their past services, proposed by Mr Thompson, brought the meeting to a close. .. The Waipori Consolidated dredge gave Mr O'Brien's patent water-power a severe test ast week. They got among timber in virgin ground one log being do less than 18ft in leagtb and 4ft ia diameter; Toe. dredgemaster was at first inclined to ride over this a huge obstacle but as the wash was too good to miss, he risked it and succeeded in lifting it. , -.-, - : . Th«uDart Biver Dredging Co. has gone into voluntary liquidation. Messrs H. F. M. „ Mercer and J. N. Lawson were appointed liquidators. , . '?> An extraordinary meeting of members of tsiMerrimae Gold Dreding Co. will be held ; ' &nhMonday 26th inbtant at 8 p.m. to consider i .Uub question of going into voluntary liquidaTBotb. - , i ? The Golden Falls Dredging Co. is endeavoring' to reconstruct.- A new oompany (£BOOO capital) is being projected in which the present shareholders will receive one £1 share te every two £1 shares in the old company. . This will absorb 3750 shares, the balance ! (050) being offered as preference shares till us earn of 20s pet share has been retained. jL/numbei of shareholders present at the Meetiog^expressed the utmost confidence in ISe claim. , 4 ';- "<The Gibba Beach Co. have resolved to make • levy of Is per share in order to assist them to farther test their claim. ' V The Vincent Extended Co. have succeeded . in : raising an addition £1500 by means of debentures. .- 'Tb«* Banklebnrn Amalgamated Cq.'s dredgemaster writes on the 14th:— "I have to report having got the tables finished, and am ready to start to shift on to the claim. I hav^ot everything, in iair working order. jibiiV'ljwl hope to have a fair ran. - ' ' I~Th#di rectors of, the Clyde Dredging Co. luweleeUred » diridand /the 27th) of 2s per j jfor» r jp*y*bU to-A*f- Alter paymeok ol the. ftbjmu'ftiYidend the company has a reserve , Tlttjmm £500. • The annual meeting j>L the Canadian Flat * filuioing Co. was held in Duoedin on Wednesr^day, about % dozen shareholders being A motion to inorease the number ->. of direotors to six was orrried. Mr J. Laffey ' ppeai^og of the prospects of the oompany .said that before the. oompany acquired 'the* claim he had thoroughly pros-, expected it at a cost to himself of over ■i £200, and since then the direotors had satisfleji.themselves of its -value by means of They sank cix bores, and found the an average depth of 32ft, oarrying pf gold per yard. The company's water were one of the best properties of the ; *kin3'in the colony, the length of the race preosare gf 600 ft. Ttts water to irniob, the -„« . «ompany were entitled amounted to 125 Got* t^TOW I , ol^ le *^ B> en 0E ohaini had been (ak«o np below their property, and, owing to

, (he gorgy nature of the Taieri Elver at this r plaoe, these olaima would have to rely on the r Canadian Flat Co.'s water power to work their , holdings, using either electricity or O'Brien I patent bydraulioking system. They would [ have a sufficient surplus, after providing for i their own wants, to run a great many dredges, and he thought the Dunedin City Counoil might very well avail itself of this supply as the distance was only 50 miles the cost of transmission would be small, and the loss in transit infinitesimal.— Mr Shaw suggested that the incoming dire otors shonld approach the City Counoil in this matter. The Chairman drew attention to the faot that out of a contributing capital of £7000 only 4375 shares had been allotted, and some of these, which had been taken up by unreliable men, might have to be reallotted. He trusted that in this event shareholders would take them up. Directors had in the past been oompelled to borrow — he hoped this would not again become necessary. MuGh Gav.mßOod«oflft h&% t&ton nkoe to the daily press about gold leakage on dredges and as a result the timidity of shareholders has been further increased. We consider that the insinuation made by some of these anonymous scribblers are perfectly unjustifiable and we think that the proposal to treat dredgemasters and dredgemen as if they I were a lot .of light-fingered gentry, addioted I to pilferiog, ia an unwarranted insult to as i honest and upright a body of men as the colony can produce. It ia not to be wondered at that considerable , indignation has been aroused among the class attacked. To treat every man as if he were a rogue is the best and shortest way of producing* rogues, and if the shareholders or directors cannot trust a dredgemaster without mpzzling him as it were, they should advertise for a new man. When some people speculate and lose, tbey fancy that they are the only honest, people left in the world.—" Cromwell Argus " The cyanide plant for the treatment of the tailiogg of the Cromwell Mine is now at Frankton. Mr Jaa Ritchie has the oontraot for carting it to Bendigo. There was* a sitting of the Conciliation Board at Roxburgh last week to consider the matters in dispute between the dredgemen and their employees. ' At a meeting of Grand Junotion shareholders held last week a resolution to increase the oapital was carried, so that the company will not be liquidated. Both ttlQ local directors, Messrs J. Horn and A. Ait* ken, were very strongly against liquidating. A Goldfield's contemporary says the great deficiency of the gorge dredges is in length of ladder. These dredges should from the first have been provided with ladders capable of dredging to nearly 60ft. If they , can only smell the bottom at low river we cannot' see that it is possible for them to i work more than a few weeeka each year. A layman would have thought that by working out speed of flow, breadth of river and the body of water (the latter could be computed from places' where it is quite easy to separately measure the bulk of water in each river) our engineers oould have proved by figures that the ladders were too short. But no one can find the depth ef a iAaAAy river, by sitting oo a stone on the bank. The following ig from the Sydney " Bulletin " of September 7th : — " Last week's dredging returns : Araluen Valley Consolidated 48oz, Araluen Proprietary 28oz, Macquarie No. 1 (a fortnight) 390z, Colombo 7oz 17dwt, Kiandara 41oz. It will be seen that two dredges only of this lot are worked at a good profit. Others only pay expenses, a few work at a loss, and for the poor ones the usual excuses are-being made, save that in one or two instances, floods have been seized upon to account for the small gold yields."