CENTRAL ELECTRIC GOLD DREDGING COMPANY.

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

CENTRAL ELECTRIC GOLD DREDGING COMPANY.

Tht 1 following repsrt for the year ended April 30 will be submitted by the directors of the Central E'.ectnc Gold Dredging Company at thn third annual meeting of shareholders — "Your directors in placing before you tho third annual report and balance sheet regret that the affair* of tho company are not more satisfactory. The gold won from May, 1901, to November, 1901 (2370z 15dwt lOgr, valued at £917 Is 7d), was obtained on the lower claim. On November 26, 1901, the dredge was shifted to the upper claim, where about three weeks' crtdging was clon<-, with <-uch poor results that ycur directors had to clo=e down, only getting 12oz sdwt 2gr of gold for that period The company's funds being ejdisuistedj the deb.eri.tu.re-

holders in general meeting resolved, to allow their trustees to advance up to £150 for carrying on the operations of the company. In April last arrangements were made with the RGyal Maori Conipauy to -work the lower portion of their claim, adjoining the Junction Electric Company's No. 2 property, on tribute, the Central Electric Company to get 17oz pelweek and one-third of surplus gold. This your directors considered a very good arrangement, rs the Junction Electric No. 2 dredge was getting exceptionally good returns wilhin about a chain of where the Central Electric dredge was to start. The dredge started work on the Royal Maori claim on the 13th May, and for the period ending 26th June, 1902, 82oz 15dwt 23gr, valued at £317 7s, were obtained. The results did not fulfil th° expectations of either company, and your directors terminated the tribute agreement and moved the dredge back to the company's lower claim to give it another trial. Dredging was resuxnpd again on the lower boundary on July 1 last, and for the period ended 16th inst., comprising five weeks' dredging, 1390z fidwt 7gr, valued at £573, were obtained. The retiring directors are Messrs Adams and Solomon, who offer themselves for re-election. The company's auditors (Messrs Barr, Leary ,Bnd Co.) also offer themselves for le-election."

At the beginning of the financial year, April 30, 1901, the profit and loss account showed a debit balance of £745 3s 2d, and during the ei-suing 12 months the expenses, including £500 for interest on the debentures, amounted to £2197 0s 6d, or a total of £2942 3s Bd. The dredge 'won 2500z Odwt 12gr of gold, valued at £354 2a 2,d, bo that there wae a debit balance of £1988 Is 6d to be carried forward. The liabilities comprise £500, the accrued interest on the debentures, and £207 16s Id owing to sundry creditors, while, in addition to the plant, there was h bank balance of £6 12s 2d.