MINING MEETINGS.

Greymouth Evening Star, Volume XXXI, 3 September 1901, Page 4

MINING MEETINGS.

Foley’s Creek Gold Dredging

Company.

The annual general meeting of shareholders in the Foley’s Creek Gold Dredging Company was held at the Company’s office Dunedin on Friday afternoon. Eight shareholders were in attendance, and Mr J. C. Thomas presided. Tue report and balance sheet were adopted. Mr J. N. Lawson, retiring director, was re-elected, and Mr James Scoular elected in place of Mr Q. Winslow, resigned. Mr T- K. Harty was appointed auditor at a fee of £5 5s per annum.

Grey River Consolidated Gold Dredging Company.

The annual general meeting of shareholders of the Grey River Consolidated Gold Dredging Company was held in Messrs Mercer and Mitchell’s offices, Bond Street, Dunedin, on Thursday. There were thirty shareholders present, and the chairman of Directors (Mr Charles Fraser; presided. The Chairman in moving the adoption of the report, regretted that the dredge had not at once got on to payable gold. Although this had been anticipated by some, it was perhaps not fair to expect this at the start. The directors hoped within a week or two to be able to report an improvement. When the dredge was approaching completion the directors found that the the money provided would be short of requirements, and it was decided to issue £IOOO worth of debentures, only i£625 was taken up, and as there were some liabilities to be met the directors must —unless the dredge got better returns—call on the shareholders to assist by taking up the balance of debentures. After explaining the position where the dredge was built, and indicating on the map of the claim the place where the dredge is at present operating, the Chairman said that the objective point was ground that had been shown to be rich, and where it was believed regular returns of from 40oz to SOoz might be expected. With a view to ascertaining the speediest way of getting to this rich ground, the directors sent Mr Kyle, one of their number to the claim, and instructed him to get all information regarding the amount of work being done by the dredge, the consumption of coal and other matters.

Mr W. Sligo seconded the motion to adopt the report and balance sheet. An informal discussion oh- various points ensued, the Chairman, 'with the assistance of the map referred to, explaining to the meeting, as far as he was ab|e, the lay of the claim and the movements of the dredge. ‘The Chairman said the directors would be pleased to communicate the report to shareholders on its arrival. He did not regard the discussion as unprofitable, as it was desired to give shareholders every information possessed by the directors, and clear up any point they were able. In answer to further questions, he said that so far as he was aware there was no danger of the dredge’s course to the river being blocked by a bar. As to the present financial position of the company, most of the liabilities shown on the balance sheet had been paid. If the debentures were taken up the company would be free of other debts, and have a fair amount in hand to go on with. Before proceeding to the election of directors, tha Chairman said he was very anxious to be relieved of the duties. He invited shareholders to say whether the number of directors should be reduced, and suggested that possibly the best way would be to elect one director that evening. leaving the board to select another colleague if it was found that the business could not be carried on with four directors. There seemed to be a general opinion that the board in Dunedin should consist of five directors, and, after some pressure, the chairman consented to be nominated again. Messrs Kyle and Fraser were accordingly re-elected directors, and Mr Geo. Blyth was reappointed auditor.