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MYSTERY FLAT DREDGING COMPANY.

The ninth annual meeting of the Mystery Flat Gold Dredging Company (Ltd.) was held in the Stock Exchange Hall on August 31. Mr Alex. Cowie occupied the chair, and there were, seven shareholders present. In moving* the adoption of the annual Teport and balance sheet (already published), the Chairman congratulated the shareholders upon the success of the years' opera- j tions. The dredging returns since the last , annual meeting resulted in dividends amounting to 24s per share to shareholders, this result being obtained by steady working. With the advent of the railway local :3oal had been reduced in price, and the dredgemaeter had made arrangements for ; coal supplies at reduced cost. A new ford i had been made, which had materially reduced the cost of cartage, and he fully expected that the' results next year would 'be quite as gocd as those of the present one. The general expenses were less this jrear than last. The directors were making arrangements to acquire additional' ground, and when the,surveys are completed" the shareholders will be fully advised of the transaction. Their dredgemaster (Mr W. i J Ayson) was generally regarded as being J one of the best masters on the field, and he had a good crew, most of whom had ■been on the dredge lor a long time. The machinery was all in good working order, and everything' was working very smoothly. The motion was seconded by Mr R. Rutherford, who said the dredge had worked 34 hours more this year than last, «nd there was every prcepect of coal getting cheaper in future. Replying to a shareholder, tho Chairman -explained that a good deal of extra co6t had been entailed by having to cart coal about four miles farther for a period of about three months, but this would be obviated by the new ford over the river. The motion was then put and carried ■unanimously. It was resolved . that the nvravber of directors remain as before, and the retiring director (Mr Rutherford) was reflected, and Mr James Brown was re-elected auditor. A vote of thanks to the secretary (Mr W. T. Monkman) and the dredgemaster and «taff concluded the business. THAMES TELLURIDE DISCOVERY. The discovery of telluride ore on the Tellurid^ Syndicate's property in the Thames district (Auckland) has resulted in a number of assays by Mr A. T. Firth, who has supplied the following results to the Thames Star: — No. 1 sample, taken from Boomerang outcrop, X reef, 6dwt 12gr gold and 540z 7dwt 19gr silver per ton; value per ton, £6 14s Sd. No. 2 sample, from dioritic structure of above, lldwt Bgr gold and 790z Bdwt 22gr «ilver per ton; value per ton, £10 5e 9d. No. 3 sample, Irving claim telluride ore), 7dwt gold, 1730z 15dwt 7i?r silver per ton; total value per ton, £18 15s 6d. No. 4 sample, picked ore from above, 19dwt 14gr gold, 9700z 16dwt 16gr silver per ton; value per ton, £101. No. 5 sample, taken from surface cf Whakainoehau Creek, sylvanite (telluride of gold), 370z 4dwt 19gr gold, 3790z sdwt 4gr silver per ton; value per ton, £186 17e Bd. No. 6 sample, from small leader in Gordon claim, 2oz 4dwt 2gr gold and lOoz 2dwt 12gr silver per ton; value per ton, £9 163 6d. No. 7 sample, from Volunteer reef, 29dwt 14gr gold and 3oz sdwt Bgr silver per ton; value per ton, £4 4s lOd. No. 8 sample, from new reef, Gordon claim, sdwt sgr gold and 7oz Bdwt Bgr silver per ton; value per ton, £1 15s 7d. No. 9 sample, reef in Gordon drive, 4dwt lgr gold and loz lOdwt 4gr silver per ton; value per ton, 19s 2d. No. 11 sample, hessite bitelluret of silver, picked up on surface, loz ldwt 14gr gold and 850oz lldwt 4gr silver per ton; value per lon, £90 11s 5d Mr Firth states that all the samples, with the exception of No. 7. were obtained from the surface of the syndicate's property, ami that the ore will increase in value as depth is attained. PILEY'S REVIVAL GOLD DREDGING COMPANY The annual meeting of shareholders in lliley's Revival Gold Dredging Co. .(Ltd.) was lield at the company's office on ihe list inst. Mr D" A^ Jolly presided, fnd in moving the adoption of the report and balance sheet, .stated that shareholders would note that the expenditure for the past year had been peculiarly heavy—namely, £1337. This was caused owing to the heavy nature of ihe ground the dredge had to contend with. In Deeeuy^gj the dredge obtained 180oz

T gold, valued at £703, and the company's - liabilities were then reduced to £400, but, unfortunately, soon after this a disastrous accident happened to the ladder and pontoons, which entailed large expenditure and consequent stoppage of work for a considerable time, with the result that by July tho indebtedness had increased to £1500. The directors naturally had a hard ! struggle to finance, but they had since ' been rewarded by the dredge obtaining exj cellent returns, and the compamy was now getting to a sounder finacial position. For the last (our weeks the returns had totalled over 1740z gold. The gold had been traced well into the bank, and the directors had purchased an occupation license of about 2£ acres at a satisfactory price. This was now being dredged, and the future prospects of the company were very bright. 1 The report and balance sheet were adopted. Messrs D. A. Jolly and W. T. Talboys were re-elected directors, and Mr W. Vivian, auditor f6"r the ensuing year. ■ : s > [ : :

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/OW19090908.2.188

Bibliographic details
Ngā taipitopito pukapuka

Otago Witness, Issue 2895, 8 September 1909, Page 28

Word count
Tapeke kupu
931

MYSTERY FLAT DREDGING COMPANY. Otago Witness, Issue 2895, 8 September 1909, Page 28

MYSTERY FLAT DREDGING COMPANY. Otago Witness, Issue 2895, 8 September 1909, Page 28

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