MAORI KING GOLD DREDGIXG i COMPANY.

Otago Witness, Issue 2565, 13 May 1903, Page 24

MAORI KING GOLD DREDGIXG i COMPANY.

The following report for the half-year ended March 31 will be presented to shareholders in the Maori King Gold Dred-ging Company at the annual general meeting. — " The Maori Queen dredge was put into commission, and started work on the 19th of November, 1902, and has since worked fairly eatis-

factorily, there being only two serious stops caused by damage to ladder and breakage of the lower tumbler shaft; but, as will be seerc by reference to the balance sheet, the total cost of maintenance compares favourably witk similar charges on other dredges. Mr Cowia is proving himself a capable dredgemaster, and the shareholders- are to be congratulated on having secured his services. The company's interest is being well looked after by your local director (Mr M'Kechnie), who 13 close at hand to confer with the dredgemaster when necessary. The total gold yield amounted! to 202J ounces, valued at JE774, and the^actual dredging time 1030 hours, the ground being fairly hard. A perusal of the balance sheet wiil show shareholders that the company is in a satisfactory position, now possessing two valuable claims and a dredge estimated to ba "worth over £1000. In order to adjust accounts after the purch.ise of the Maori Queen claim, tlu directors have deemed it advisable to wTita v? the value of the dredge as shown.'' On September 30 the profit and loss a.?;ount showed a debit balance of £1099 10s Sd, arc! the expenditure under that heading during the ensuing six months waa £819 4s 6d. The directors have forfeited 1215 shares, on which £ZCQ 17s Gtj had boon paid, and the unpaid calls en ths remainder amount to £63 10s. When the books were closed the company ha<l £237 Is 3d in the bank, as against which thore were liabilities amounting to £336 13s 2d.