MYSTERY FLAT GOLD DREDGING COMPANY.

Otago Witness, Issue 2527, 20 August 1902, Page 25

MYSTERY FLAT GOLD DREDGING COMPANY.

1 ' The--followirrgTeport for the year ended -July 31 will be submitted by the directors of the Mystery Flat G.D. Company at the second annual general meeting of shareholders: — ■ " The directors, in submitting the second annual report and balance sheet, have to state that the dredge was taken over from the contractors (Messrs Morgan, Cable, and Cb.) in .December last year, but owing ~to the Christmas and New Year holidays and the usual -'delay in opening out- it was the 18th. of Jami--ary-before the diedgemaster was able to wire ' the first return of lOoz odwt for 87- hours' dredging. Very few stoppages have since taken place, and for the six and a-hah" months ended 31st July over lOOOoz of gold have been, obtained. Tho lower western end of the claim, being river, the dredge had to be built on tho bank outside the boundary of the olaim, aitd as go:d was got immediately on operations being commenced the directors deemed it advisable to procure a small portion of the cdjoining freehold. An agreement was entered! into with Mr William Fewings, farmer, whereby the company acquired the right to eutei ujion and dredge for gold a strip of 6J acres, at £20 per acre ; end an option over ai further five acres has aiso been- acquired, £1,00 to be paid tp Mr Fewings before entering upon the land. The directors consider their action has been fully vindicated by the gold won. The company's claim is under protection of tiie court until next January, and^thera is yefc about 1J acres of the 6J-acre block to work. The directors have great pleasure in recording their appreciation of the services of the dredgeninster (Mr Lawson). Ho reports that tho dredge is doing good and hearvy work, and, with the exception of the bottom tumbler and! ladder rollers, which are -worn, new ones having baen ordered, everything is working splendidly, and will most likely last for some time. The balance sheet is somewhat unique, in that the claim, dredge, and dredgemaster's hut coed exactly the amount of available capital. The profit and loss account shows that-, over and above working expenses, the balance at debifa at the beginning of the year (£624 3s 3d) and the management expenses for the second year (£l9O 14s 7d) have been wiped off; £400 has been placed to the credit of the reserve account, and dividends to the amount of £828 168 (3s per share) have been declared. The account now stands £90 8s 3d in credit, andi this amount, with £30 13s paid on 388 shares forfeited, is held in cash, and at the credit of the company'B current account with the National Bank of New Zealand. Tho retiring directors are Messrs Alexander Cowie and Johrk Heßsey, and ' the auditor (Mr James Brown)' also'Tretires, but all are eligible for re-election."