DAVIS'S BEND GOLD DREDGING COMPANY.

Otago Witness, Issue 2528, 27 August 1902, Page 24

DAVIS'S BEND GOLD DREDGING COMPANY.

The second annual meeting of the Davis's Bend Gold Dredging Company was held at the registered office of the corupanv on Monday afternoon, and attended by Mr J. C. Thomson (in the chair) and five sluireholdeis. The Chaiiniau, in moving the adoption of the icport (already published), said that as shareholders wera aware they had been enabled to )>iu chase a dredge and claim at what was then a very moderate price, and the dredge had been since then working on the Cairnmuir claim. Tho reault Imd justified the directors in keeping the dredge on that claim. The returns had been steadily improving, and the dredgemaster expected still better results. Later on they anticipated working the dredge on their own claim. It would be necessary to lengthen the ladder of tho dredge on going on to their own claim, and probal/y a!^o on the present one. The dredge had been found to have a good many defects which would require attending to The position of the company was improving. Since tho end of the year, June 30, £152 of arrears had come in, leiving tho total arrears at present at £30, which would be very shortly got in. Since June 30, 2240z of gold had been won, valued at £842 The bank balance was now £'501, and creditors amounted to about £160 (allowing for wages), which left a net balance in hand of £431. The recent reports fiom the tli?dgemabter indicated that the returns would be better still, and in a very short time they should be abo to establish a reserve fund, and bc'for^ long, he hoped, begin to pay dividends.

The report and balance sheet were adopted.

The retiring directors — Messrs C. F. Sunclstrom and J. N. Lawson— were le-elected, as was Mr "W. E. C. Reid as auditor. There was no futhcr business.