NOKOMAI HYDRAULIC SLUICING COMPANY.

Otago Witness, Issue 2561, 6 May 1903, Page 25

NOKOMAI HYDRAULIC SLUICING COMPANY.

The directors of the Nokoraai Hydraulic Sluicing Company will present the following report for the year ended March 31 to shareholders at thf fifth annuil general meeting —

" Your directors report that during the week work has been carried on at both claims with fair success, though with a g-ood deal of interruption owing to the wet season : the ground along the course of the race (indeed all over the district), which carries the water to No. 2, became so sodden that frequent large slips cams into the race, entailing much waste of time and expense, the cost of niairtenance being the largest in the history of the company. But for this more dividends would have been paid. The gold obtained from No. 2 was Po3oz 12Jwt lSjr, and S&m 17dwt 22gr from No. 2. Just at present the grojnd at No. 1 is not so rich as previously, the valley at this point opening out ronsiJ°rably, and the gold becoming more distributed. At the commencement of the work the dam caused your directors much anxiety and trouble, but they are glad to report that good progress has beea made of late. The walls, back and front, are now ur> to a height, perpendicular, of about 20ft. The intention is to continue it ultimately to 30ft and stop at that. The e=timate of the engineer was so much exceeded that, to provide funds, the ba'.ancp of th° \inissaed shares were sold at par. A' ready the dam has nroved of considerable advantage. At th» first trial 10 hours' storage gave a n-e of about sft, and this suoply, with not less than five heads, which are beinir rontinuallv augmented from the Nokomai Creek, enabled continuous work to be carried on at No. 2 for 105 hours at a time when it was most acceptable — washing up time. With a storage of 25ft you can imagine the immense benefit the dam will be in future. For the financial position of the company you are referred to tie appended, balance sheet,"

The value of the gold won during the year was £6364 13s Id, and the expenditure, under tho heading of profit and lo3S, was £4186 18s 7d. The sum of £1728 2s 6d was distributed in dividends during the 12 months; the total amount returned to shareholders since the formation of the company bemg £11,783 lls. When the books of the company were closed the compaDy's liabilities amounted to £1070 9s 7d, as against which there was £274 83 deposited as a reserve fund, £946 19s 7d in the bank, and gold in transit valued at £313 163 2d, or a total of £1535 33 9d.