GOLDEN TERRACE DREDGING COMPANY.

Otago Daily Times, Issue 11658, 15 February 1900, Page 6

GOLDEN TERRACE DREDGING COMPANY.

The following is the second annual report of the directors of the Golden Terrace Dredging Ccmpany, which will bo submitted at a mectin" of shareholders to be hold on the o-.h March: —

" The directors, in submitting their second ai.nual report, regret they have not a more satisfactory statement of accounts to place before you. The yield of gold very materially fell off in the month of June, the ground then entered upon by both dredges, and subsequently worked, having proved very noor. Prior to this, good profits were earned'and distributed in dividends. The gold obtained from the dredges during the year amounted to 10i)2o7. Gdwt 1-igr, of the vnlue of £1140 17s 3d. The cost of working, repairs, etc., ainountto £1122 16s Id, leaving ojily £18 Is 2d us the profit for the year. The directors have sold the No. 1 dredge to the Shotover Gold Dredging Company (Limited) for the sum of £2250, and have also applied for abandonment of the upper claim to save needless rent. The sale of this dredge will enable a substantial return of capita! to shareholders, and at the fame Ulll3 leave the company with one dredge 'and an unworked claim of BGJ acres. Mr Ford has lately visited the claim, and, in reporting on the same, advises the prosecution of dredging on this lower claim. Since his visit the No. 2 dredge has been moved'on to, this claim, and tli» directors hope for payable returns therefrom." .