MINING NOTES.

Mataura Ensign, Issue 1416, 26 November 1904, Page 4

MINING NOTES.

CENTRAL CHARLTON DREDGING COMPANY. f Tlie Central Charlton Company's financial year closed on October 81, and the report and balance sheet submitted to shareholders shows very satisfactory progress. The company was at one time in sore financial straits, but by good management and perseverance on the part of the secretary and directors it managed to pull through all right, and the affairs are now in as healthy a condition as could be desired. The company commenced dredging operations in November, 1900, with fully £2,000 liabilities upon it, including some payments to be made to land-owners. It was in such financial difl&culties that a petition of bankruptcy was filed to prevent the dredge being sold under distress .warrant. Satisfactory arrangements were made to pay off all creditors, and the first two years' work saw all the debts paid off, as well as 5s in the pound bonus and 10 per cent, interest on the debentures raised. The returns from the dredge have increased each year and are as follows : To October, 1901 (broken year), 5730z, valued at £2,13116s lid ; 1902,8730z 16dwt, i' 3,496 9s 9d; 1903, 1,0200z 17dwt, £3,989 4s 2d; 1904, l,loGoz, £4,559 13s 6dtotal, £14,177 Is 4d. During the past two years the dredge j has done good work. In 1903 the dredge gave 47 weekly returns, and during iast year Las given 48 weekly returns and worked 6,538 hours, giving an average of 136 hours per week, which is the best indication of tlie state of efficiency the dredge is kept in, as well as reflecting great credit j upon ihe dredgemaster (Mr James M'Corkindale) and his crew. The claim has been opened out from one side of the boundary to the other, and and is divided into five sections, as per sketch plan of the claim sent to the shareholders. There is every appearance of the balance of the claim, which consists of some 70 acres of dredgeable ground, yielding as good returns as any yet obtained ; so, wiih the dredge in good repair, the outlook is hopeful. The first dividend of Is per share was declared on June 17, 1903, and that year's accounts closed with two dividends of Is each. This year's accounts show five dividends of Is each paid, and since the issuing of the balance sheet another dividend of Is per share has been paid, making a re urn of eight dividends of Is each paid to shareholders, or a total distribution of £2,800 in dividends. The balance sheet shows that on October 31 there was a sum of £2Ol 10s placed on deposit to the credit of reserve fund, and a further sum of £252 15s lid in excess of liabilities. The dredge and machinery are in first-class order, and a number of duplicate parts are on the claim in case of accidents, and the whole affairs of the company appear to be in such a satisfactory position tha' shareholders can congratulate them selves on the claim they hold and upon the management it receives.