GREY RIVER DREDGING CO., LTD.

Dominion, Volume 32, Issue 259, 31 July 1939, Page 12

GREY RIVER DREDGING CO., LTD.

Report Of Directors The directors of the Grey River Dredging Company, Ltd., in their second annual report, state that the dredge commenced digging operations on December 3, 1938, and operated satisfactorily through the end'of the year. As staled in the first annual report of t.he company, it was anticipated that the dredge would coujmence digging aibout the middle of September, 1938, but final completion was delayed owing primarily to shortage of skilled labour. During the period December 3 to 31, 1938, the dredge dug 218,49!) cubic yards, from which 439 crude ounces of gold were produced, having an estimated value of £3749. The volume excavated was below anticipated normal because of opening out of the pond, Christmas holidays, and causes incident to the commencement of a dredging operation. During this period- the dredge operated in ground outside the area originally included in the gravel reserves. Due to the delay in completion of the dredge, .together with the rising cost of labour and ma I erials during the period of construction, it was found necessary f-r the company to arrange an overdraft with the National Bank of Now Zealand, Ltd., in order to complete the dredge and to provide for working capital and property payments. As shown iu the balancesheet, at December 31, 1938, £11,931/5/3 had been borrowed from the bank on overdraft. As the 1938 production figures and operating accounts cover a period of less than one month, it is the intention of the directors to give at the annual meeting a summary covering operations and estimated finances for the first eight months of 1939. The retiring directors, Messrs. S. A. Lewisohn and J. L. Greenburgh, of New York, offer themselves for re-election. AUCTION DIARY TODAY. At Rooms. Ward Street, Daunovtrke, 11 a.m.—Salo of Rural Laud, 1799 Acres at Weber, acc. Guardian Trust and Executors Co. (Williams and Kettle Ltd.). On Farm, Beach Road, Waverley, 11 a.m.— Clearing Sale Sheep, Cattle and Implements. 2 p.m.—Household Furniture, etc., acc Messrs. F. and C. Johnston (Farmers’ Co-op. Organization Society). On Farm, Moreton Road, Cartenon. 12 noon.—Clearing Sale Dairy Stock, etc., acc. Estate 'ate M. Johnson (Wright, Stephenson and. Co. Ltd.). Woodville Sale, 12 noon.—Mixed Stock (Abraham and Williams Ltd.). 343 Main Rond. Karorl, 1.30 p.m.—Household Furniture, etc. (Davis Bros.). 8 WHleston Street, 1.30 p.m.—Household Furniture, etc. (Johnston & Co.). TOMORROW. Levin Sale. 11.30 a.m.—Mixed Stock. At Fordeil Saleyards, 1 p.m.—Clearing Sale of Dairy Stock, etc., acc. Mr. W. A. McDonald. Mangamaliu (N.Z. Loan and Merc. Agency Co. Ltd.). WEDNESDAY. Johnsonville Fat Stock Sale, 1 p.m.— Mixed Stock (Wright, Stephenson & Co., Ltd.). 06 Hobson Street, 1 p.m.—Sale of Contractor's Flaut, Machinery. Motor Vehicles, etc., a/e Messrs. Chrlstinnl & Neilsen Ltd. (Johnston & Co., Ltd.). 22 Brandon Street, 2.30 p.m.—Sale of Dwelling at Porirua. n/c Mortgagees (11. Ernest Leighton Ltd.). 11l Customhouse Quay. 2.30 p.m.—l2-room-ed Guest House. 18 McDonald Crescent, a/c Est. late Mrs. L. A. Smith; also Building Site at Koiburn (S. George Nathan & Co.). 1.11-15(1 Foahheirton Street. 2.30 p.m. - U<-hJ-Teutial Property with J-aere, 320 The Terrace, Wellington (J. H. Bethune & Co.),