OKARITO GOLD DREDGING COMPANY

Hokitika Guardian, 23 December 1930, Page 7

OKARITO GOLD DREDGING COMPANY

ANNUAL MEETING. The annual meeting of the Okarito Five-mile Beach Gold Dredging Company was held last Friday in the Cham_ her of Commerce Board Room, Dunedin, the chairman of directors (Mr J. E. Wheeler) presiding over a good attendance of shareholders. CHAIRMAN’S ADDRESS. The chairman, in moving the adoption of the annual report and balance sheet, said that the part which concerned shareholders most was the fact that the company had come to the end of its finances. This was attributable to the difficulties encountered in the work of getting the machinery to the claim. It had been decided to put in better, pipes than had been estimated for, and this had cost an extra £SOO. The company had counted upon carting the sup plies over the beach, but it had been found that this route was extremely unreliable. The machinery, in consequence, had had to be carted over the hill on which there was only a track. This work then had been one of the most .substantial reasons for the present lack of finance, the amount spent in this direction being £ll7O. The engineer had made an excellent job of laying the pipe line. There had been difficulties in getting the timber for the pontoons, which had been lnnched early this month, and this also had cost a great deal of money. With the completion of the pipe line sluicing operations had been commenced with the double object of trying out the ground and opening out ft paddock for the dredge, This work had been done in the neighbourhood of bore 25, which was one of the richest parts of the claims, It was then found that under this part old mining works existed. The elevator had been shifted and good prospects were being obtained. The decking and superstructure of the dredge were now receiving attention. Mr J. M. Stewart seconded the motion, and said he was confident that the dredging w'ould prove extremely satisfactory.

Mr R. Lee said that the difficulties of working the claim had now been practically overcome. He spoke of the great amount of work which had been incurred in tnking in the pipes and machinery. They now had excellent pontoons for the dredge and it had been found that a very high percentage of the gold could be saved. The prospects to-day were undoubtedly better than they had been when the conlpnny was formed. A tribute was paid by .several shareholders to the excellent work which had been done by the company’s engineer in getting the machinery on to the laim under suoh great difficulties Appreciative mention was also made of the manner in which the directors had handled the affairs of the company in a difficult time, elections. The retiring director (Mr J. E. Wheeler) was re-elected. Mr C. E. Richards ws re-elected to the position of auditor. ISSUE OF DEBENTURES. The chairman hW v ed the adoption of the fojlfiwng resolutions- _ “That for the purpose of issuing the £SOOO fo debenture stock the nominal capital of the company be increased to £35,000 by the creation of 20,00 ordinary shares of 5h each (£5000), ranking pari passu with the existing shares of the company, and that these shares be first offered for subscription as hereafter provided.”

“That tho proposed notion of the direc tors tq issue 10 per cent, debentures stock to tin* total value of £6OOO be approved, and that these debentures be convertible at the option of the deben-ture-holder into ordinary shares at any time up to January, 81, -193§>’’ Alter ft short discussion, the motion was carried. TALK BY ENGINEER.

At the conclusion of the business meeting, the company’s engineer Mr R. T. Stewart) gave a very interesting talk op the work being done at the claim ,the whole lecture being copiously illustrated with lantern slides. The difficulties of transport and the building of the dredge pontoons were all shown on the screen, and Mr Stewart al«o explained the work which was being carried on at present. The la ter p was operated by Mr W. Simpson.