NELSON CREEK GOLD DREDGING COMPANY.

Greymouth Evening Star, Volume XXXI, 30 September 1901, Page 3

NELSON CREEK GOLD DREDGING COMPANY.

The annual meeting of the above was held at Dunedin last week. A bare quorum (10) of shareholders was secured. The following report was presented :

The dredge commenced work on the 15th December last, and since that date and up to the 31st August the dredging time was twenty-seven weeks. The gold obtained daring that time was 1,8140 z, or an average yield of 48|oz a week. This return has enabled the directors, to wipe off all liabilities, and to pay three dividends, amounting to £1,275, to shareholders, Much to the disappointment of your directors, the screen on the dredge gave out in the month of June, having lasted only six months—much too short a time, This necessitated an expenditure of £174, and a new bottom tumbler and bushes were also found to be required, costing in all about £BOO, so that the item for maintenance has been raised far above what it ought under ordinary circumstances to have been during the past twelve months, and gives rise to the question: Was proper material used in construction ?' Your directors would specially bring under the notice of the shareholders the efficient management of the dredgemaster. The scene of operations being on the West Coast causes a great deal of responsibility to be thrown on the dredgemaster, and the directors have much pleasure in stating that they have found him on all occasions equal to the work and worthy of their full confidence. Durum the year two of your Dunedin directors —Messrs Simpson and Brydone—visited the claim. The local director —Mr O’Kane—visits the dredge weekly, and advises with the dredgemaster.’*

The Chairman, in the course of liis remarks when moving the adoption of the report, said that they had paid £1,275 in dividends, and they were in funds, and had declared another dividend, but personally, and he believed the other directors were of the same opinion, he thought they should form a reserve fund, so-as to have something in hand as a stand-by in ease of the necessity for renewing the plant. The directors were also of opinion, with all due deference to the engineers, that some of the gearing should have been stronger and heavier in character, as the stuff to he worked was packed closer than on many other claims. They bad got a remarkably good manager, in whom they had great confidence, The motion was carried.