MASTERTON DREDGING COMPANY.

Wairarapa Age, Volume XXXII, Issue 3157, 7 April 1909, Page 7

MASTERTON DREDGING COMPANY.

at the annual meeting of shareholders in the Maaterton Company, held at Dunedin, Mr William Hessey, chairman of directors presided. In moving the adoption of the report and balance sheet, the Chairman said he thought they could congratulate themselves on last year's operations. By the report they would see that the amount of gold won during the year was 2,2950z, valued at £9,035, and the dividends again amounted to £5,000, making £1 a share returned to shareholders. In addition they had had a new boiler, which raw away with a good deal of money. They had hoped that it would bring about a considerable reduction in the consumption of coal, but though the fuel account had been reduced it had not been reduced to the extent they had hoped,. This was to the fact that the high river had lorced them to cart the coal round the township at considerable expense. Negotiations were going on now between the three companies— lYlyci'-ery Flat, Welshman's, and the Mastertoi; —for the construction of a new ford across the river to enable them to convey the coal across direct, as formerly. The dredge had not been doing very well lately, but indications pointed to things looking up again shortly. They still had the lead just as well defined as ever.

Mr John Hes-sey, in seconding the motion, said the result was a little disappointing after spending £6OO on the boiler, but still there was a saving of about five tons a week in fuel, and in addition the dredge was putting through more material, Mr Lawson, a previous dredgemaster, contended that the present method of gold saving on the dredge was deficient, and urged a return to the system he had used. Mr John Hessey thought that the recent slow returns were attributable to want of gold.in the ground rather I than to defective gold-saving. Mr James Brown referred to tho astonishingly successful career of the Masterton Company. He had attended the last five annual meetings, and at every one of them the report showed that the return in dividends had been at the rate of 100 per cent, per annum on the v capital invested. The motion was carried, Mr John Hessey was reelected a director and Mr James Brown was reappointed 33 auditor at the same fcGS as before. On the motion of Mr Love a very hearty vote of thanks was accorded to the dredgem aster and crew for the loyal way in which they had worked for the company.