THE HOKITIKA JUNCTION COMPANY.

Greymouth Evening Star, Volume XXXI, 9 August 1901, Page 4

THE HOKITIKA JUNCTION COMPANY.

The annual meeting of the shareholders of;the Hokitika Junction Gold Dredging Company was held at Christchurch on Tuesday. ■'Mr W. Wardell, chairman of directors, presided, and there were nine shareholders present. Proxies representing 1320 shares had been handed in. A sbfjgeholder considered that the directors had dom right in stopping the proonedmgs, and were to be commended for their action.' If the Hjkitika River Company's dredge proved, unsatisfactory they could go on with the boring on their claim, and if the boring was not satisfactory they could stop altogether. Mr A. P. Harper asked what information the directors had to go on as to the depth of the wash before any contracts had been let. He thought more definite steps should be takoa than boring to prospect the claim. He considered that the claim would not be properly tested unless tested on the Kanlori side. The results from the Hokitika Rifer Company's dredge would give them a very good idea of the river as a whole. In reply to a shareholder it was stated that the cost of the boring would be £73 3s 3d. The dep h reached by the two bores put down was 50 feet, one bottoming on blue clay ; drift gold had been got in the upper layers. The Chairman said that the previous dredge that worked on the Hokitika River bad bottomed at 23 feet, or 25 feet, and they had considered that they would be ■ife in providing for a depth of 40 feet Jrlor to the result of the boring operations eing known. He stated that the company had paid £SOO to the contractors for the machinery—Messrs Lucas Brothers, of OhicUtchuroh, and suspended the contrack for three months. If it was deaided not to resume the contract the com pany would get out of it for the sum mentioned; if not the £SOO would be part of the payment for the machinery. He moved the adoption of the report and balance sheet. Carried. The Caairman inreply to a sharehalder, ■%ld that assuming the present claim S roved worthless, a meeting of shareholera would be held before another claim was taken in substition.