MINING

Hokitika Guardian, 18 May 1932, Page 2

MINING

GILLESPIES BEACH CO. Hie statutory meeting of shareholders of 'Gillespies Beach Gold Dredging Company, Ltd., was held at the end of last week, and was largely attended, about 80 shareholders being present. Air James Park presided. After the adoption of the report, directors were elected as follow:'—James l J n<rk, A. J. Campbell, N. K. Sligo, A onion C. Smith, J, Fowell (Dunedin), and Alichael Sullivan (Weheka). The laist-named will act as local director. Al.r A. J. Thompson wa,s elected audi-

Messrs Sligo, Williamson, and Sullivan addressed the meeting, outlining progress to date, and expressing their opinion of the value of 1 the claim, which they unanimously consider to be an excellent proposition, with a life of at least 25 years. Air Williamson, who bored the claim, Afr Sligo, who had recently visited it, and Air Sullivan, who was born in its vicinity, wore all highly appreciative of its future prospects. It was explained that the directors favoured an electrification scheme, the power to he supplied from a lake that had been recently discovered some miles beyond the claim. "In answer to questions as to dredge construction and material, and in regard to the suggestion that the company should purchase a complete new dredge, it was explained that some good second hand machinery had been purchased which could be utilised in conjunction with new parts and pontoons to advantage, and to a greatsaving of expense.

It had not vet been definitely decided whether stool or wooden pontoons would he used, nor had the electrification contract boom completed, hut estimates of cost had been obtained. The directors were unanimously of the opinion that the company would have sufficient capital to see it through the cost of construction. At the conclusion of the meeting the nowlyolooted directors mot and discussed matters portaiiiinc to coinstrurtion. Air ,1. Fowell wag elected chairman.