CLAUGHESY'S FREEHOLD GOLD DREDGING COMPANY.

Otago Witness, Issue 2513, 14 May 1902, Page 24

CLAUGHESY'S FREEHOLD GOLD DREDGING COMPANY.

The directors oi the Claughesy's Freehold - Gold Dredging Company will present the foL- . lowing report for year ended April 30 to the second annual meeting of shareholders: — " Your directors have not deemed it advisable to proceed with the construction of a dredge to work tlie claim, as the result of the boring showed^ that part of the claim was very shallow* and that it was very doubtful if dredging would! . result in success. Negotiations are now in piogress whereby the freehold portion of tha company's property may be worked by sluicers, and in. this way the company will probably recover the inrge sum paid to the owner of the claim. The fre&hold claim is eminently suited for sluicing. Your directors hope to make satisfactory arrangements with adjoining dredgingciaim holders to work the part of the compacy's 1 claim which is suitable for dredging. 'luia course would be preferable to expending a large Film on the construction of a dredge. Two of* the directors retire — Messrs Alfred James and! William Claughesy, — and also the auditor, Me F. W. M. Jonea. These gentlemen are eligible for re-election." The balance sheet shows that at the comluencement of the year there was a» debit balance of £535 19s 9d, and the expenditure daring the 12 months amounted to £250 12s 2d, thus making a. -debit balance of £786 11s 1165 to be carried forward. The greater part of the expenditure was incurred in boring the claim, the cost being £129 Bs. The nominal capital is £9000, but 300 shares have been unallotted. The calls in arrear amounted to £2174 16s when the books were closed. The company has £250 on deposit and £48 12s Id m the bank-