MOONLIGHT GOLD DREDGING COMPANY.

Otago Witness, Issue 2565, 13 May 1903, Page 25

MOONLIGHT GOLD DREDGING COMPANY.

I The following is the third annual report, for the year ended March 31, to be submitted to shareholders in the Moonlight Go'id Dredging Company at the annual meting: — ■" Your director.? regiet that they cannot report the dredge in active operation. This has I been occasioned principally through the diifi- • culties of finance, and your directors are pleased ! to report in this connection that they succeeded in arranging for a mortgage of £1250. This relieved the shareholders considerably, who were called upon to provide £750 by the issue of preference shares created from ordinary share 3 forfeited. Of this issue of preference shares 583 have been taken up, and, with the proceeds from these and the mortgage, your directors anticipate being able to start the dredge with some £400 in hand, which should give the claim a fair trial. The contract for erection of machinery is in the hands of M'Millan and Thompson, of Hokitika. They are making good progress, and it is anticipated the dredtre will be off their hands by the end of May." On March 31 the arrears on the ordinary shares amounted to £'213 4s 9d. and those on the preference shares to £105 9s 6d, but both have been slightly reduced since. On the abovementioned date the company had £221 3s in cash, in addition to which there were sundry debtors to the extent of £150. while the liabilities were £137 fis Sd, and the contingent liabilities £1391 10s.