GOLDEN GATE DREDGING COMPANY.

Otago Witness, Issue 2520, 2 July 1902, Page 36

GOLDEN GATE DREDGING COMPANY.

The annual mcetirg of shareholders in tha Golden Gate Dredging Company was held m Wood's Hotel, Rattray street, on Wednesday, evening, and was attended by seven shareholders, Mr B. Hart (chairman of directore) presiding. The following report was submitted by tha directors. — "Your directors have pleasure m presenting the company's statement of accounts for the year ended 31st March, 1902. The dividends paid during tiio year amount to £1 2s per share, as well a-s a sum of £150 set aside ns a Teserve fund. Dividends at the rats of £5 183 6d t>er share have been paid since the formation of the company, and the incoming year gives promise to be a successful one. In accordance with the articles of association, -tiro of the directors retire — namely, Messrs Ka't .and Borland, — also the auditor (Mr L. K. Haines), and, being eligible, offer themsclvca Jor re-election."

At the beginning of the year the profit and loss account showed a credit balance of £171 15s lOd, and ths gold won during the year wa3 valued at £5610 14s 7d, in addition to which! £26 53 3d was also received from sundry sources. r j ha expenditure amounted to £2493 10s, and the sum of £2750 was paid in dividends, thus leaving a credit balance of £560 8s lOd at the end of the year. The company had tundrv creditors to the extent of £214 9s 9d, again- . which there was a reserve fund of £450 r. - I a balance of £324 18s 7d in the bank.

Ihe Chairman, in moving the adoption <f the report and balance sheet, stated that a dividend of 2s per shaTe had been dec'r.ied at a meeting of directors held that day, Voicti made 7s 6d per shnie since the balance sheet wes printed, and a total of £6 7s 6d per tharo since the company was incorporated.

The report was adopted. The retiring directors {Messrs Hart and Bor-" land) were re-elected, as also was the auditor (Mi Haines). Mention was made of the services of the dredgemasteT (Mr Ballintyne) as being second 1 to none on the Molyneux River.

Votes of thanks to the directors, drrclgemaster, and secretary were carried unanimcu«ly.