MACCHARLTON GOLD DREDGING COMPANY.

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

MACCHARLTON GOLD DREDGING COMPANY.

The following report -was to have been sub rnitted to shareholders in the MacChailton Gold Dredging Company at the second annual meeting at Gore on Friday evening: — "In November last, at a meeting of shareholders, the action of your directors in making financial arrangements with the Bank of New Zealand was approved. .At that time it was

expected that it would be necessary to call up the balance of the capital, but owing to the improved returns obtained by the dredge, -which Lave enabled the -directors to reduce their liabilities, this may in all probability be avoided. The dredge is working very satisfactorily under the management of Mr Brand, who is well supported by his crew. As you are aware, the water difficulty on the creek has been satisfactorily settled during the past year, and the company has nearly paid all its share of the cost of construction of the race. Your directors confidently report that great improvement will shortly take place in the returns, and aie satisfied that their actions in the' past are justified by the results so far obtained. The jretiring directors are Messrs F. Wall is and D. Collins, who are eligible and offer themselves lor re-election. The auditor (Mr R. Dewar) "Viso retires, and offers himself for re-election."