PADDY'S POINT.

Auckland Star, Volume LXIII, Issue 302, 21 December 1932, Page 4

PADDY'S POINT.

FOURTH ANNUAt, MEETING. At the fourth annual meeting of Paddy's Point Gold Mining Co., held in Dunedin last week, the chairman of directors, Mr. R. Moen, after dealing with sluicing operations over the past year, said that the company was in a stronger financial position than it had ever been. All of the company's old debts had been paid, including Hie £1000 which had been owing for several years to the Dunedin Engineering Company, Ltd., and the company had approximately £000 in hand after providing for current liabilities. The directors had considered carefully the question of paying a dividend, but they were reluctantly compelled to accept the view that a. dividend at the present time would not be opportune. The profit and loss appropriation account had a credit balance of £3 788, which was sufficient to write oft preliminary expenses and to cover a 5 per cent dividend: but as part of this profit was tied up In the purchase of McCuw's freehold it was not available- for the payment of a dividend. If. however, the ground now being sluiced came up to expectations there should bu no difficulty in the company paying its first dividend some time before March, 1933.