THE SUCCESS DREDGE.

Wairarapa Age, Volume XXV, Issue 10713, 15 March 1913, Page 5

THE SUCCESS DREDGE.

ANNUAL MEETING. The annual general meeting of '.ft© shareholders of the Success Go-.d-dredging Company, Ltd., was lie-id in. Murray's Hall, Masterton, last ingMr John Hessey, sole presided, and a|bout twenty 'jsLa-re-holderg were present. The report and •bala)nce-sh©9t (windi appear elsewhere in this moniiiig s issue) were read. . The chairman, in moving tlie adoption of the report and balance-siioet, brieby outlined the position of uie company. Had it not been for a chapter of accidents to the dredge,. the company would have beeiv " n - a. very different position to-day. Tihe ground had bsen worked had proved much harder and deeper than was anticipated.' Had t,lie urd'ge. been able to work for the full year, the position of the company wii'ld have been very different; but as ib was, tilings were about tlie same as last year. Considering that fully <*netliird of the year had been wastel in* break-downs, the position was vary, satisfactory. The dredgemaster reported that the ground weald b* miiWii) easier to work in future, and every indication pointed to - increased returns. Personally, he had every confidence in the dredge, which lie believed- would produce good resultsMr W. E. O. tlie secretary of the Company, said that at a low-estimate-the dredge had lost quito 1000 hours, which meant a less of over £IOOO to tlx© Company. ,Mr E. Richards seconded the motion for the adoption of the report,, and in doing so expressed every confidence in the future operations. The motion was carried unanimousV- . The next business was thi? election of a director, Mr J. Hessey having: intimated that he would be unable to accept the position again, owing to his projected visit to the Old Country for about 12 months. Aft:r wine discussion, it was unanimously decided that Mr \\ illiarro Hcssey. cf Dunedin, the director of the Masterton Dredging Company, be appointed to tlie posit-on at a remuneration of £25 pei* annum..' (Mr James Brown, of Dunedin, wa.g •re-elected auditor for the •eais'uingS year. * At the conclusion of tlie business, Mr W. M. Cole moved a hearty vote of thanks to the retiring director. Mr P. L. Hollings seconded the motion, and on behalf of the shareholders extended to Mr Hessey their good wishes for a pleasant trip Home. They all hoped, lie said, that he would return in the best of health and spirits. The district owed a great deal to Mr Hessey for the many mining ventures he had been successful 'in establishing. The ■speaker had tried to compute how much money,had been introduced into the district through the enterprise of Mi- Hessey. and he had come to the conclusion thatrno other i ndustry had been productive of so •nnicli wealth in this district as the enternrise.s of Mr Hess?y. To conclusion hf> wished Mr Hessey a prosperous trip Home. Mr Hessey. in returning thanks, said that nothing gave him greater pleasure than to see the people of this district profiting from the mining ventures which he had established. On his "return, he hoped to be able to devote his attention to further ventures in' the mining world.