UNDAUNTED GOLD MINING COMPANY.

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

UNDAUNTED GOLD MINING COMPANY.

The following report wns to be submitted to shareholders in the Undaunted Gold Miniug Company at the annual general meeting: — ' " Your directors, in making their fifth annual report (the last was the fourth, but was erroneously headed *he ' fifth '), have to express regret; that the accompanying balance sheet for tha period 30th September, 1902, to 31at March, 1903, is far from being as favourable as that for the same period of last year. During the 12 months ending 31st March, 1903, gold to tua value of £1472 0s 2d has been obtained and! £2250 (£1 10s per snare) has been paid in. dividends, as against £37G0 (or £2 10s) per share) last year. During the year work h^s been carried on in t'hreo portions of the company's holding, and the lessened yield is owing partly to operations in one of these not turning out as well as was expected, and partly to the dry season—tho water supply having been very deficient since January last. The part; referred to could not be left behind, and, although not highly remunerative, paid considerably over expenses, and was poorer than any likely to be met with in the claim. Tha rich run of ground formerly worked to thn boundary of nn adjoining company's claim having since been worked by that company with splendid lesults, and their claim being narrow, our manager has pegged out for this company 20 acres of Crown lands so near their workings that the run has only 170 yards to go before it enters our acquisition. Your manager was led to do this by watching tha other company's workings, and noticing what he thought a change in the direction of the above-mentioned run of ground. Your directors have as much confidence as ever in your claim now being worked, and will retain possession of every portion thereof, but would consider themselves lacking in their duty if they failed to secure what may be infinitely Ticher ground, when such can be got and tried at but small cost. Nothing this year has been written off for depreciation, the expenditure on plant and acaimition of claim being ample to cover ajiy such."