MYSTERY FIAT GOLD DREDGING COMPANY.

Wairarapa Age, Volume XXIX, Issue 8228, 4 September 1906, Page 6

MYSTERY FIAT GOLD DREDGING COMPANY.

The annual general meeting of shareholders in the Mystery Flat Geld Dredging Company was held in Htokes' Buildings, Dnnedin, on Thursday evening. Mr Alexander Cowie (chairman of direotors) presided, and twenty shareholders were present. . The Chairman, in moving the adoption of the report (already published), said that 7s per share had been paid iu dividends during the year, which eaded on June 30th, and since theD the directors had declared two 2s dividends. The new boiler was doing really good work. It was n first-class investment. He had drawn up a report about his last visit to tho dredge, and he would ask the secretary to read it. The report stated that "the dredge was putting through a lot of stuff. A goo-J many cf the buckets were done, and were not worth repairing. He would recommend ordering new ones at the rate of two a month until tho whole lot had been replaced. Since the present dredgemaster had taken charge he was doing with three men less. Tho dredgemaster (Mrrtyson) whs to be complimented on the work he was doing." Tie Chairman moved the adoption of the report and balance-sheet. The motn n was seconded by Mr Frost, and carried. Mr Cowie haudel round for inspection a sample of gold which was taken from oho of tho buckets at the time of his visit. If the shareholders were agreeable he thought they might sell the gold and hand the proceeds to the Kirfcy fund. The sample was sold for 31s, aud the amount banded to the Otago Daily Times reporter, to be put to the credit of the Kirby fund. Mr Love thought that seven days notice was not sufficient to give shareholders with regard to meetings. A number of shareholders lived in the Worth Island, and he would move that fourteen days notice fce given in future. The motion "was seconded by Mr Rutherford, and agieed to. In answer to a shareholder, the Chairman said the amount standing on fixed deposit bad not been increased during the 3 ear. The deposit was for two years. / Mr «J. Thomson moved that the reserve fund be inoreased each time a dividend was declared by £25 for each Is dividend until the fund reached £I,OOO. Some of the shßreholders thought there was no necessity for suoh a large reserve fund. Eventually it was resolved, on the motion of Mr Rutherford, that the reserve fund be trade up to £SOO, by adding £IOO straight away with the first money they got. Mr Erost moved that the number of direotors be increased to five, but several of those present thought that three direotors were sufficient, and pointed out that the gentleman who had aoted in that capaoity during the year had done their work in a very satisfactory manner. The Chairman mentioned that so fir as he could remember no director had beeL abßeut from a single meeting during the year. Mr Frost's motion was lost, and the present number of directors was retained. Messrs Houston, Rutherford, Christie and Love were nominated as directors, and on a ballot being taken Messrs Rutherford and Christie were declared elected. Tho directors' remuneration was fived at the same figure as last year. "Mr James Brown was re-eleoted auditor. Mr Beason moved, and Mr Grave seounded, with regard to the waterrights of the oompany—"That no interest be parted with until a general meeting of shareholders had been called." Carried. A vote of thanks to the ohairtnan concluded the business.