PRINCE ARTHUR GOLD DREDGING COMPANY.

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

PRINCE ARTHUR GOLD DREDGING COMPANY.

The directors of the Prince Arthur Gold Dredging Company will submit the following report to shareholders at the annual general meeting .—. — " Your directors beg to submit herewith the balance sheet for the period ending 31st May, 1902, and are plea.=ed to be enabled to state thai the dredge started work on the 9th of this month. The machinery is running very smoothly, and with the exception of a slight list on the dredge, which caused the dredgemaster two or three days' delay putting in ballast after he had started dredging, the contractor, Messrs J. M'Gregor and Co., have furnished you with a really first-class machine. You.- directors regret that, owing to the iar=e 1 umber of shares that had to be forfeited, there will be a deficiency of some £509 to £600: but having every confidence in the claim. 1 r cy hope it will not be necsssary to borrow any money. Mr J. H Bethune retired from your board owing to pressure of business, and ;ou will be asked 1o eloct another director in hia place. Mr W J. Guthne also retires by ballot, but being eligible offers himself for re-election. Mr George Blyth, the auditor, also retires, and 15 eligible for re-election." Tho profit and loss account covers a period of 14 months for the Moke Creek Company andsix months for the Prince Arthur Company, the former having a debit balance of £516 18s •Id on March 31, 1900, and the latter a debit balance of £590 2s 3d on November 23, 1901. The expenditure since the above-mentioned dates amounted to £393 4s 2d, making a total of £1500 4s 9d, against which £327 10s was received from 5530 forfeited shares, leaving a debit balance of £1172 14s 9d to be carried forward. The nominal capital is £16,000, but 1000 vendois' shares have been written off. whil 5530 have bren forfeited. When the books w.-re closed the arrears amounted to £795 103, but portion of this sum has since been recovered, while £25 has been paid in advance for calls, lucre are liabilities to the extent of £2260 0a 9d, against which the cash in the bank and in hand amounts to £259 2s.