MINING

Evening Star, Issue 12624, 2 October 1905, Page 7

MINING

The report for the year ended August 51 to be presented to shareholders in the Alexandra Lead Dredging Company states, inter alio, that although the results of the year s work have been disappointing, the directois feel assured that the improvements mid additions lately made to tho machinery nil' enable the dredge to overcome all the difii- ! critics that have besot her since starting work into the high bank. The dredge bar received a thorough overhaul, in addition to all the new parts that have been added and the extensions that have been made, so that everything riion'.d work w. 'I for a lour time. A reference to tbe balance-sheet shows that the whole cost in connection with the erection of the elevator, as railage, carting, fitting, and procuration of new parts, etc., Ims been charged direct to profit and loss, and not to capital. The director: believe that the dtorTtre will have a long and steady jrun before her, and that tho work will'be profitable. They also with to • say that they have full confidence in the dredge-master (Mr Simonson). The amount ui gold wont during tho twelve months was 5450z 18dwt Igr, of a value of £2,120 89d. which, with interest to Gut amount of £4O, makes a total revenue of £2,160 8c The oraount expended during the year was £3.263 15s, of wirigh £1.530 was taken tt| with railages, cartages, erection of elevator, repairing screen, silt wheel, etc. On August 31 there was cash at the hankers to the amount of £745, and a sum of £4 on hand. At tho same date sundry creditors totalled £894 18s. The annual report of tho directors of tin Junction Electric Dredging Company, to be presented at tho annual general meeting, states that the total amount of gold earned iun been 2,1540z 13dwt 22gr, and by smelting and assay this has realised £8,276 15;* 9d. Inclusive of interest on deposits, the net profit for the year hits been £1,709 2;Id. Adding the balance brought over from Inst year (£1,694 15*1, there has been available for allocation Die sum of £5.403 17s Id. Of this amount the payment of a dividend of Is absorbed £1,300, and tho purchase of ono of the Cromwell CompanyV dredges, and the taking up of an extended bank claim, absorbed £737 19s—a total of £2,037 19s; the balance of profit and looaccount therefore is now £1,365 13s Id. No special-reserve account "has been opened in the books, and the surplus shown above must not, therefore, he regarded as all avail able for division. It would be prudent to set aside at least £I,OOO as a reserve to provide against emergencies. During the year the company bought tho No. 2 Crora well, which ia now known as the company's No. 3 dredge. Tbe purchase of the third dredge and "claim has been justified by the returns obtained by her. This dredge hat contributed 3850z of the above total since she itarted work on March 7 of this year. Her cost has been charged direct to profit and loss, and tbe property account remains unchanged. The company have taken up some ground adjoining the No. 2 claim. Tbe No. 3 dredge was put to work on tin upper part of the claim, and tbe No. 2 was sauted to below tbe junction of the Kawaran and Chit ha Rivers, whore she has won fair returns in ground worked before. Th - . prospects of tho future are considered good, the directors feeling that there are several years’ work for the three dredges. At last urinnAl meeting a resolution was ;toured recommending the directors to consider the Snestion of a reduction of the capital, but jey have not seen their way to any practical method of carrying this o»t. If at any time the shares were getting into fewer hands, with larger holdings, the matter would be more practicable, and could be again considered. The directors conclude the report by expressing the confidence they have w their three dredge-masters. The annual - general meeting of shareholders in the Clyde Dredging Company was held on Friday afternoon, Mr John Blair (chairman of directors) presiding. The Chairman, in moving the adoption of the report (already published) and bal-ance-sheet, said that at their previous annual meeting it was pointed out that there was a considerable quantity of ground tbs payable nature of which was uncertain. The records supplied to' tho office by some of tho earlier dredge-masters had beer proved unreliable, hence there arose a doubt as to whether all marked as worked really was worked, and whether the bottom had in all cases been reached. Ho had ventured to say that it might prove payable, and the guess had proved correct. During tne past financial yeqr -the company had been able to pay 7s per share in diridends. The. dredge-master gave it as bis opinion. that (here was still about three months* werk in the immediate vicinity of his present position, and he strongly urged that steps be taken to secure another property which he had indicated. With this object in view, the directors thought it advisable to maintain a strong financial position. The acquisition of the present dredge in May, 1902, had now been fully justified, as. since that data' £6,000 bad been paid in dividends, besides which there was now £I,OOO on deposit. The report and baiaaoe-aheet ware arnktoe-Ghair-

mnn stated that at the present time they had, apart from the reserve lund, safficient in hand to pay a shilling dividend, but thought it advisable to wait until the next directors’ meeting, when they would probably be able to declare a dividend of a larger amount. Mr Xhos. Black, the retiring director, was re-elected, Mr A. Gv Fenwick being re-elected auditor. The sixth annual meeting of the Threemile Greenstone Gold Dredging Company was held on Friday afternoon. The chairman ot directors ‘{Mr H. Adam) occupied the chair. A report was read, wnich stated that the operations of tho year hod not been attended with the success hoped for. There nad been, no dimmatkai in expenses, and no increase in the amount of gold won. Tho value of the gold won daring the vear was £3,219 17s 4d, which was £3l leas than the amount won for tho preceding year. The report of the dredgemaster attached showed that ho was more pleased with the prospects, and he hoped the returns would show a decided increase. Tho ground was not so hard to work now, and the directors hoped that in future there would not be such a heavy strain) on the machinery, and consequently a smaller expenditure on maintenance. The dredge on one occasion during the year narrowty e soaped foundering, and but for tho prompt efforts of the dredge-master and the crew nothing could have saved her.—The Chairman said they were dear of debt, and, in addition to the dredge and claim, the company had £123 to their credit at the bank. Owing to the very heavy nature of the ground their working expenses were heavy, being equal to dii average of 608 per week during the past year. So far they had only been able to declare one dividend o. Is per share, and he was sorry that prospects wore not better in that respect.—Mr Isaacs asked if the diroctora had considered the advisability of winding up the company. They were simply paying their way and no more. —Mr Oakdcn said they had just managed to pav expenses, and it was owing n a large measure to the sterling qualities and capableness of their dredge-master (Mr <l. G. Donaldson) that they had been enabled to carry on. Tho directors had considered the position, and thought it would bo better to carry on for a whilelonger rather than go into liquidation.—Tins report and balance-sheet wore put and curried.—Mr 31. Tierce was a retiring director, and was re-elected, the remuneration remaining as before —l2 guineas. 31r James Brown was re-elected auditor.