MONTGOMERY'S TERRACE HYDRAULIC SLUICING COMPANY.
The second annual meeticg of the Montgomery's Terrace Jiydraulio Sluicing Company was held last night. Mr G. B.- Ritchie, chairman of directors, presided, and there were five shareholders present «nd proxies representing 750 shares had been received. The annual report, of which a precis has already been published, was tukeu us read. The Chairman, in moving the adoption of the report and balance-sheet, said shareholders were aware of the necessity which had arisen for the Company's capital being increased, and he was pleased to say that the applications for the preference shares had been confined to the shareholders. It hod been proposed to raise the money by debentures, bearing about 15 per cent., but their banker had Been his way to assist them by advancing the money on current account at 7 per cent. This had resulted in a great saving u> the Company. Owing to a slip on the Company's work* a director had to visit tho claim and adjust matters as between the Company 'and the contractor. Work had been delayed owing to the weather experienced on the West Co&st, but this had proved an advantage, aa portions of the race partially completed had to be repaired. The cost cf this waa borne by the contracture, otherwise it would have fallen on the Cosnpany. Both Mr Gillies {the Company's engineer) and Mr Hey (the mine manager) were of opinion that operation* would be commenced about the end of February or the beginning of March. The prospects of the Company w«re very brigtjt, and nothing had arisen eiaee the last meeting to discourage them. On tbe other hand, two men who had been working c claim at the bottom cf ttw Company , * ground had recently
washed up with very goo<3 wsnHs. There was every prospect of the Company Ijeing a success from the start. Ho regretted that Mr Grave*, who had offered hiniarlf for re-election, hid -withdrawn, as he had accepted a position in Auckland. Mr Graves had done a large amount o£ good work tor tho Company. Referring to the balauce-shcet tho Chairman said that the amount at the Company's credit would be about sufficient to meet requirements up to the time of operations commencing. Mr Me Nab seconded the motion, mid rsferred to the amount of calls in arrears (£337 ITs 6d.. Ho considered that the shares should bo forfeited or the shareholders in arrears should pay their arrears. The secretary said that of the sum owir.g, all but £75 would be collectable. The motion was agTcod to. Mr G. B. Ritchie was re-elected a director. and Mr Charles Clark was elected to tho directorate in place of Mr Grkvea. Mr E. O. Duncan wa* re-appointed auditor.
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Press, Volume LX, Issue 11496, 31 January 1903, Page 5
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455MONTGOMERY'S TERRACE HYDRAULIC SLUICING COMPANY. Press, Volume LX, Issue 11496, 31 January 1903, Page 5
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