PAPERSPAST

GABRIEL GOLD DREDGING COMPANY.

The following report for the yeax ended May 31 will be presented to shareholders in the Gabriel Gold Dredging Company at the fifth annual general meeting: — " Your directors regret, owing to causes stated herewith, that during the post 12 months they have been unable to declare aary dividends, but hope that during the current year the present prospects will -have materially improved. The company has had to meet some very heavy outlays in shifting the No. 1 flredgo to the new claim above the Beaumont load, vhich necessitated the jnaMng of a new Toad to the satisfaction of the Tuapeka County ■Council's engineer. Tour directors have sold a portion of the company's Tucpeka claim, at the low«r end, which they are unable to take ihe dredge back to. The amount due is £200. fciit, owing to the delay in the syndicate obtaining the grant fox its claim, a settlement of this amount was held in abeyance. Tha purchase of No. 2 dredge at N-al&on Creek has been very disappointing, as the, returns •yere never payable, and your directors de«<med it expedient to close it down after a. few months' work. The dredge was then let on -tribute, "but after about two months' trial the •feributors gave notice of surrender, as they eculd not make it pay. The dredgo is now ■advertised for sale, and any offer received '~yiiH be submitted to the shareholders at the '-Annual meeting. During the year No. 1 •■3redge (at Lawrence) has won 6360z sdwt 9gr, »H<3 ths No. 2 (West Coast), 13Boz 18dwt 2gr."

Tho value of the gold -won by the two Sredges during the 12 months ended May 31 -"was -£3013 "16s -Jd, and-the expenditure during -the same period £2343 9s sd. On May 31 there "was cash in hand and in -the bank to ■the amount of £24, and sundry debtors to the extent of £218 Is 4d. As against this there •were aundry creditors to the amount of £592 Ss 8&

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