MINING

Hokitika Guardian, 15 December 1931, Page 6

MINING

OKARITO GOLD DREDGING COMPANY.

, Ait the third annual meeting of the 'Okarito'Five-mlfe Beach Gold Dredging Company the chairman of directors (Mr J. E.' W heeler) presided over a large attendance of .shareholders.

In moving the adoption of the annual report and balance-sheet, the chairman said that before giving a resume of some of the activities of the company during the past year he wished to speak on the Okarito claim itself as an alluvial deposit. The company had sixteen to twenty years’ work ahead of it, and they could look forward with the greatest of confidence to the obtaining of satisfactory returns throughout the life of the claim. The directors considered that (the company had the richest dredging claim in New Zealand. After referring to the returns which had been secured, the speaker went on to state that the water supply was abundant for the • company’s needs, and most of the time since the pipe line had been in use the water had been going over the top of the dam. The dredge had started operations on June 16 and started winning gold right away. The machinery generally was in good order.

The motion was carried. Mr R. Lee was re-elected a director of the company. At ithe conclusion of the annual meeting a special meeting was held. The chairman said that the meeting was being held for the purpose of considering the following resolutions : ‘‘That the articles of association of the company be amended as follows : (1) That there be added to article 14 the following words, viz. . —The directors may also from time to time pay to the members such interim dividends as in their judgment the position of the company justifies. (2) That clause 108 of table A shall not apply.”

Mr G. W. J. Bell explained that the company was now in a position to pay a dividend in a short time. It was necessary to have shareholders give the directors the power to pay such dividends.

The resolution was carried unanimously.