THE CLYDE DREDGING COMPANY.

Otago Witness, Issue 2426, 12 September 1900, Page 23

THE CLYDE DREDGING COMPANY.

The directors, in submitting the balance sheet for the year, report that the dredge and machinery account has been allowed to stand at the =.ame figure as last year, so also has the mining property account. The latter is, oi course, woith much more than the actual cost at which it is retained in the books. The dividends declared during the past year have amounted to 7s 6d per share, and now make a total of £2 ISs per share returned to shareholders in four years. The average weekly expenditure of the company has been £70 8s 6d, and is a considerable advance on previous years. This, however, was to be expected, as, in addition to the much higher charges ruling for foundry work generally, we have had several stoppages foi' oveihaul, with heavy expenditure in providing new main and elevator buckets. The wood work of th 6 dredge has also been renewed wherever necessary. With a view to testing the Italian Bend, an alteration was made in the ladder, whereby about 21in was gained in lciigth." The diedge was then taken down to that portion" of the claim, and work started under favourable conditions as regards river Itvel. The ladder was, however, still too shoxt, but the dredgemaster was able to touch a layer of wash. From the gold obtained both above and below this portion of the river, it is reasonable to expect rich returns whenever v/e are in a position to have it effectively worked. Jn his annual report to the board, dated Ist inst., Mr W. Nicholson, the dredgemaster, writes, inter alia, as follows: — "The future outlook of the company I consider very promising and lasting. There are three stretches of river to my certain knowledge that contain virgin ground, which will continue to pay us handsome returns for some considerable time to ccme. . . . The large beach, Frenchman's, yon arc all doubtless aware will pay well under a good system, as likewise must the Manuherikia part of our claim."