NEW ROXBURGH JUBILEE DREDGING COMPANY.

Otago Witness, Issue 2556, 11 March 1903, Page 25

NEW ROXBURGH JUBILEE DREDGING COMPANY.

The directors of the New Roxburgh Jubilee , Dredging Company will submit the following report to shareholders at the first annual general meeting :—" Your directors beg to submit for the approval of shareholders theattached balance sheet and profit and loss account for the year ended January 81, 1903. Your directors report that after sundry delays the dredge started work on July 16, 1902, and - has worked continuously, with only slight , interruption, down to tie date ,of balance, yielding » return of 1G240z 15dwt 15gr. gold, equal to £6290 8s 9d. Out of this sum share- ■ holders have received four dividends, equalling 10s per share, and amounting to £3740 lis. During part of the time the dredge has worked in very rough ground. This proved trying to the lips of the buckets, necessitating their being re-lipped; and while this is going on .the dredgemaster suggests a general overhaul, which will take place shortly Instead of lighting with kerosene, which proved expensive and ineffective, your directors have had an installation of acetylene gas introduced, which is proving very successful, besides being economical. Your directors have every reason to -believe that the future prospects of the claim j are encouraging. In accord«nce with the i articles of association of the company, two ! directors— Messrs Hugh Adam and Edward : Hart— retire at this time, but, being eligible, j they offer themselves for re-election. Mi D. Gr. Davidson, auditor, also retires, and offers himself for re-election." The total revenue of the company during the ' year wis £6421 17s 3d, while the working expenses were £1879 2s 4d, leaving a surplus of £4542 14s' lid, out of which £3740 lla was paid . in dividends 'and £802 3s lid was carried forward to the credit of profit and loss. At the end of the year (January 31) the company had ' £1027 9s 5d on deposit and interest and £271 2s 3d in the bank, while the liabilities con- * sisted- of £131 9s lid due to sundry creditors.