MINING

Hokitika Guardian, 7 December 1928, Page 3

MINING

OKA RI TO FIVE .MILE BEACH COLD DREDGING COAIPANY. LTD. DUNEDIN. Dec. -I, The stall'forv meet ing of the Okarito Five Aide -Beach Cold Dredging Company was hold on Alondav in Hie Chamber of ,'Common e Ixnird room, some of) shareholders being pi'c-sonU The chairman. AH' Robert Lee, m moving the adoption of the statutory report, referred .to the rapid manner in which the company was floated, the whole of the contributing <-nniln! offered having been over-subscribed by some 10.000 shares within four dav* from the time print.ef! pro.-oeetusoM became available. This helped materially to reduce the establishment expenses which, including brokerage, amounted to only 4] per cent on the company’s issued capital. The chairman ah'o stated that to emurc of t'm best quality of materials being n ed in the company’s pipe line and to on-"re that the plate wmdd he shipped by the British manufacturers before Christmas, the directors had already placed the order for peddled iron plate’, and tenders had already been called for its manufacture into iron pipes.

The following were elected to the directorateAles-sr* .Robert Leo, J. Af. Stewart, J. E. W heeler. G. A\ . I tow ron. Y. Ellis and -1. A. Alnt,howson. Air G. E. Richards was appointed the company’s auditor.