THE A1 GOLD DREDGING COMPANY.

Greymouth Evening Star, Volume XXXI, 2 December 1901, Page 4

THE A 1 GOLD DREDGING COMPANY.

The second annual meeting of the Al Gold Dredging Company was held in Christchurch on Monday afternoon. There were about 20 shareholders present. Mr 0. Hi ■ ■', h ■• ' n ? !iroc >n, pr.;; ijicbd.. In i-.ii.-ic e o -he penalty of £'36J deducted by ifessrs Cutteu Bros., from the contractor for delay in the noncompletion of the machinery, the Chairman explained that on submitting the question to their solicitors, Messrs Stringer and Crosswell, they had been advised that to all intents and purposes they had appointed thsir consulting engineers umpires between themselves and the contractors, Messrs J. Anderson and Sons, and th refore the compan was bound by their assessment. The d.rectors' report referred to the considerable delay in the commencement of the operations ! which had been occasioned by the noncompletion of the machinery contract, so that it was May last before the dredge started. Sinco then con-istrntiy good work had been done, and from June 8 to November 2 619 oz 41wt Ogr of gold, valued at £244114s 7d, had been obtained. The lease of 12 acres previously hold by a party of Chiaeso at the upper end of the claim had been secured. The company had been under the necessity of borrowing on their assets to meet their liabilities, but the amount had been repaid since the elose of the financial year, and there was now a credit balance. The directors congratu'ated ibe shareholders on the near prospect of dividends. The dredge was working satisfactorily, and there was but little wear and tear showing for the time it had been at work. The company wa3 now able to obtain coal at 10i per ton The balance-sheet showed that the cash and bank balance totalled £H 13s 2d. A motion that the directors be instructed to pay a dividend as early as possible was lost, and an amendment that the question bo left entirely ia the directors' hands was carried. The Chairman said that, reokoning on a weekly return of 350 z, they would have sufficient in hand in the third week of December to pay a Is dividend and carry forward £2OO or £3OO to fhe reserve fund. It would take £425 to pay a dividend of Is per 3hare. Mr «'. Bcverby, the rething director, was reelected.