FEDDERSEN GOLD DREDGING COM

Otago Witness, Issue 2516, 4 June 1902, Page 24

FEDDERSEN GOLD DREDGING COM-

The following report will be snbmitted to shareholders in the Feddersen Gold Dredging Company at the first annual meeting : — " The directors beg to submit their annual Tcport ajicl balance sheet for the year ending 301b April, 1902. As ivill be rernemhered, the registration or tbc company took place in March, 1901. The clneetcrs decided not,-to enter into any contiacls for machinery liil they were satisfied as to the financial portion of the company. As well as this, the titles to the company s uroporty were assailed oa two occasions p'id ilie directors v;pre not prepared to go on with the •company till these ivere in order. For the pbove rea°on=, the contract for jnachiiieiv wps jiot finally entered anto till January of this year. Exception was .taken to the delay bj some shareholders, but jlhe directors feel satisfied that the majority .of shareholders would uphold the course taken (by them. The diiectors also satisfied themselves that o!-1he di edges that v.ere oiTJreJ tfor sale none iilled t!ie requirements to Ftuttably work the company's ciamj. The inspector .entrusted with the building oi the pontoons, areports that fie expects to have them in the .•water by the end of May. A good part of the mtachinery is already on ihe company's claim, sjid tenders are now being called for its erection. While it is not safe to make any promise, jlhe directors hope to sse the dredge at work (early in August. Every care has been taken to enpply the dredge with the latest iinproveancnts, and it is safe to say that when the dredge is ready it will ba as complete a machine ps has yet been built. Referring to the balance sheet, the company has been put to considerable expense by some shareholders in collcct'dng calls, and this must account for a considerable portion of " legal cost's." Added to that, 'Ac cost of resisting the attack on the cluim fii»s been considerable. It is noi possible to jriye the" exact figures as' to how the company •will stand on the day that work is commenced, {but, in nearly all cases, the cost Jias been under Viur engineer's estimate, and there is good gibund for saying that the company will start work free of debt. In conclusion, the directors y'eguest those shareholders who sire in arrears /with their calls to forward same as early as ifossible.to enable the company to keep faith ;with its engagements. Following is a report cErom Messrs Cutten Bios., engineers to the •company: — 'We have pleasure in reporting that the various contracts for your dredge are progressing most satisfactorily. The uiachii'ery is practically finished, and a considerable amount is now on the claim, and the balance d% being shipped in. convenient qupntities for (the carters. Messrs Burt have niade a &plen- , 'did job of the machinery, and have oiute upheld their reputation for good workmanship. CThe pontoons are rapidly uearing completion, and Mr Freeman, who 13 in charge, is making j an excellent job, and hopes to have the ship afloat by the end of May. The steel gearing and tumblers ordered from Home are due (here by the end of May, and unless something quite unforeseen happens your dredge should i)e in working order early in August, as we are |iow v calling for tenders for erection. In this «2redge we have endeavoured to give you all the Patesl improvements with the beat material and h-he strong-Jst of gearing, and when complete ithe machine will undoubtedly be the best of ther type we have had built to our desigiis, and '-•ye feel satisfied, judging from the prospects ,«nd splendid returns now being won from the ,C3uller River, thr.t rich returns will be forthcoming fiom your claim.' The letiring diiec--•tors s>re Messrs A. G. Fenwick and T. A. 'Hunter, and Mr A. Bartlemau is the retiiing auditor. All are eligible for re-election." The preliminary expenses amounted to £319 3.6s 6d, and the cost of boring the clnim was k£l3l 12s sd, while current expenses, etc., came ,to £325 5s Gd, making the aggregate expenditure t£779 16s sd. Against this the company re(ceived" £33 6s 10d in interest, thus leaving a kVebit balance of £746 9s 7d to profit and loss. (When the books wdre closed the arrears of calls tamounted to £874 103, but part of this lias eiuce been paid. The amount of calls paid in advance 13 £135. There are sundry creditors jto the extent of £151 2» 7d, and there is £39 'debited to the expsnse account. The sum of (CHS3O 3s was expended on plant up to April 80, and the cash in hand and in the bank ivas £1279. while there were debtors to the amount of £36.