MALONE'S BEACH DREDGING COMPANY.

Otago Witness, Issue 2520, 2 July 1902, Page 37

MALONE'S BEACH DREDGING COMPANY.

The following Teport for the year ended May 31 w,ill be submitted to shareholders in the Malone's Beach Dredging Company at the second annual general meeting • — " Tho directors, in submitting the ar.nual report and balance sheet of Malone's Beach Dredging Company (Limited), have to say that no contracts or negotiations as to the purchase of a dredge have been entered into. That this policy has been a right one is amply borne out by the present low prices ruling for dredges sold lately. It is expected that the company's claim, will be tested by one of the adioining dredges shortly, at small cost to shareholders as compared to purchasing a dredge even at present prices. The retiring directors are Jas. Scoular and Jas. Craig; both being eligible, they offer themselves for re-election. The auditor (Mr Jas. Brown) also retires, and is «ligible for a further term, for which ha offers himself."

On June 30, 1901, the profit and lo3* account showed a debit balance of £596 6s lid, and the expenditure during the 12 months brought the total tip to £718 16s 7d, but as £29 16s lOd was received in interest the debit bplance to be carried forward is reduced to £698 19s 9d. When ihe books were closed the arrears of calls amonnted to £3486 ss; while 500 shares, on which £25 had been paid, have been forfeited. The company has cash on deposit to the extent of £936 2s 7d, in the bank £43 8s Bd, and accrued interest £9 7s Bd, while the sundry creditors represent a liability of £39 3s Bd.