OLD DUNSTAN GOLD DREDGING COMPANY.

Otago Witness, Issue 2436, 21 November 1900, Page 22

OLD DUNSTAN GOLD DREDGING COMPANY.

The following is the directors' report', to be presented at the annual meeting : — " The first annual report of 3'our directors is not so cheering as could have been desired, hut the delays in getting the dredge in a more forward state is no greater in our case than Sn many of our neighbours. The causes of ."these delays happily are now reduced to a iminrmuin, and we may fairly look forward to greater progress being made in the future than in the past. Indeed, we do not consider ourselves over sanguine when saying that the •dredge, will be completed and in full work, say, an April next. All contracts are let — for the rpontoons, to Mr Ritchie, ih the sum of £1597 ; *o -the Austral Otis Company, Melbourne, for tnachinery, £2640 ; - Marshall and Sons, for engine and boiler* £715; Tartgye and Company, ittor pump, £40 15s. It will thus be seen that .^everything has been done that could be ; and as [lit was never contemplated being a-ble to work \the "river claim before the winter season, if ( ithere is nothing to congratulate ourselves upon; Ahere is no ground for complaint. In the '{matter of finance your directors have hitherto .acted with leniency in not calling up money When jt was not wanted; however, in the Vuture, _when payments will be frequently required by one or other of the contractors, calls will have tcr*be v made regularly. By the balance sheet ii will be seen thtft the calls in arrears utre quite out of proportion to the capital of jhe company. Your directors, therefore, while .Werse to taking extreme meastires, must retadnd shareholders in 'arrear that the money ijnust be had to meet engagements, and they must not be surprised if pressure is brought bear to enforce payment. Messrs M'George wnd M' Arthur retire from the. directorate. .Both ijentlemen, as also Messrs Buchanan and Gye, \he auditors, are eligible, and seek re-election."