GOLDEN TERRACE DREDGING COMPANY.

Otago Witness, Issue 2399, 22 February 1900, Page 19

GOLDEN TERRACE DREDGING COMPANY.

The following is the second annual report of the directors of the Golden Terrace Dredging Company, which will be submitted at a meeting of shareholders to be held on the sth March: — "Ihe 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 woiked, having proved veiy poor. Prior to this, good profits were earned and distributed in dividends. The gold obtained from the dredges during the year amounted to 10920z 6dwt 1-lgr, of the value of £4140 17s 3d. The cost of working, repairs, etc., amount to £4122 16a Id, leaving only £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 capital to sha-reholdeis, and at the same time leave the company with one diedge and an umvorked claim of S&l 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 th" directors iope for payable returns therefrom."