CENTRAL MATAURA GOLD DREDGINGCOMPANY.

Otago Witness, Issue 2549, 21 January 1903, Page 25

CENTRAL MATAURA GOLD DREDGINGCOMPANY.

The following is the report to be submitted to the annual meeting: — " In submitting the report and balance sheet for the year ending 30th November, 1902, being the second year of the company's existence, your directors regret that the results have been ' so unsatisfactory and that the anticipations of impi'ovements with which the year was entered have not been realised. The dredgernsister's report appended shows that the tight nature of the ground has caused great tear and wear, involving many stoppages and heavy outlay for repairs. The frequent recurrence of floods causing the river to Temain at a high level, has also hindered work very much. Tho screen having become worn out, it was decided to replace it with sluice boxes, as not only being more economical, but more efficient. The result of the year's operations is as follows—Bl4oz gold won, of the value of £2951 12s 2d; sale of parts No. 1 dredge, £3; wages, coal, cartage, and repairs, £2386 3s 9d; general expenses, interest, rents, and taxes, £634 0s 9d; resulting in .\ deficit of £65 12s 4d. Shareholder.? will notice that the increase to tha debit of piofit nnd loss account, in addition to (he debit resulting from the year's work of £65 12s 4d. is £1127 12s, representing tho amount written off on account of the loss of the No. 1 dredge by sinking and the smithy bys fire, referred to in the first year's report. They wilt a,lso observe that the sum of £1150 has been paid off the mortgage account, which now. stands at £1350. Last September an attempt was made by Mr E. P. Graham, a relative ofl the vendors, to deprive tho company of theiu No. 3 claim, by lodging objection to its being granted And making an uwllcation for,, hxmm,

jelf. Fortunately the company's claim was Recognised by c the ■ warden, and renewal of license issued; but the incident indicates one of the difficulties the board has had" to deal with, and involved the company in considerable expense. The dredge may now be considered in very good working order and repair, and should run for a considerable length of time without the need of much expense being incurred. The future entirely depends upon the ground, in which point the dredgemaster considers the outlook satisfactory, and the ability to be able to work free from interruptions, accidents excepted, is largely climatic. Copy of dredgemaster report: —'l beg to submit herewith the following report on the year's operations. For the first quarter the xeturns kept at a very encouraging average, the dredge doing good -work. The bottom being shallow, we were able to put through a greater amount of gold-bearing wash. Unfortunately the dredge came against » shallow coal bar, and in consequence I had to abandon the greater part of the paddock. This meant opening out again, wing dams had to be erected, and returns just reached to paying point, but improved on reaching the No. 2 claim. This claim turned out fairly successful, but the .work has been hindered by the continuous high river and the tailings of No. 1 dredge having to be again treated, which meant reducing the returns considerably. Repairs were required, as, the wash being of a hard cementy nature, .breakages were frequent. The screen being very much worn, it was replaced by a sulice ■toox, which is working satisfactorily, and stacking the tailings at a greater height than the screen would do" without an elevator. This is .necessary, as, the upper half of the claim being 'dry land away from the river, the tailings must be stacked a good height to enable the 'dredge to work satisfactorily. The dredge is now about 250 yards from the lower end of the claim, and as the No. 1 dredge got good iprospects ahead of where the dredge is now •working, the outlook for the future is very The upper tiimbler is being repaired, and a new lower one placed in position, and other necessary repairs carried out, which '•will make the dredge in good repair. During the year No. 1 claim-being worked was abandoned, also No. 5 was abandoned. Nos. 3 and 4«were repegged, and are now held by the company. — ,Williau Shore, dredgemaster." Owing to the numerous special meetings held last year, your directors have all decided to retire. Messrs Barr, Leary, and Co. are the letiring auditors. All are eligible for re-election."