MYSTERY FLAT GOLD DREDGING COMPANY.

Otago Witness, Issue 2579, 19 August 1903, Page 23

MYSTERY FLAT GOLD DREDGING COMPANY.

The. following renorr for the year oiided June 3D will bn submitted to shareholders of the Mystery Flat Gold Dredsing Company at tho next, annual General m^etine: "It will be ienipirbere-1 that at the last annual mpetivx* the shareholders present ve-"oroiaoncif-J that tic djcclge be put to r,-orii ft

the Tiver on the company's claim, instead of working 'the freehold property over which an option is held. Your directors, although somewhat reluctant to take the dredge off payable t round, acting on the suggestion of the shareolders, had the dredge removed to the lower ,end of the claim. This work was commenced .ion the 15th September last, and took longer and cost more than was expected owing to bad (weather and a flooded river. The dredgemaster i-eporfcs that he stared to dredge the company's fclaim on the 22nd ot October, and up to last month had worked (approximately) 10 acres — all river bed, and mostly poor ground. A few «veeks ago the prospects of the company looked • yery cheering, the dredgemaster having obtained 84oz for a fortnight's work, less stoppages for repairs; but the ground has proved to be foatchy, and the returns have again fallen off. , ffhe balance sheet shews the company to be in : v. thoroughly financial position; £400 still re- , fnaains at the credit of reserve account, and the 5 amount is placed with the National Bank of '' (Sew Zealand on fixed deposit. The amount of Igold won for the 11 months was 7070z 4dwt £sgr, yielding £2777 Gs 9d, and £275 12s was 1 £>aid hi dividend, making 4s per share, or a ' total of £1102 8s returned to the shareholders since the dredge started work. The profit and 8.083 account at the date of the balance sheet "stood £23 13s 8d in credit, and this amount, ,-with £30 13s paid on SSB forfeited shares, is (held in cash and at the credit of the company's current account with the National Bank of ( •"ijew Zealand." j