PAVIS'S BEND DREDGING COMPANY.

Otago Witness, Issue 2579, 19 August 1903, Page 24

PAVIS'S BEND DREDGING COMPANY.

The following Teport for the year ended June BO will be submitted to shareholders in the Davis's Bend Dredging Company at the third I annual general meeting: — " The directors in presenting their third nnuual report regret that the uiiiavourabl-o tlredging conditions this year have so far prevented any true estimate of the value of the No. 1 claim being formed, but very satisfactory indications of good ground were obtained when operations had to be suspended owing to a rise in the river and subsequent stoppages and coaling due to the severe and long-continued frost. It is doubtful, owing to the very heavy snowfall, if much more work is possible in this claim during this season; but every possible opportunity will be availed of to work. As shareholder are aware, the Old Dunstan Cornpsany's dredge was bought on May 9, 1903. Mr .Baker was appointed dredgemaster, and at once took possession, and removed the dredge to the company's No. 2 claim, the old Cairnmuir, tmd, after giving it a thorough overhaul, commenced dredging. The conditions of the river have not been at all favourable— great quantities of drift travelling have interfered with the work and the returns, — but notwithstanding <he indifferent results obtained recently your Jjoard is satisfied thi3 claim 13 a good one, an opinion borne out by the balance sheet for the fir3t six months. Owing to the fact that an Attempt was made to deprive this company of its 2Co. 1 claim, your board, under advice of the company's solicitors, moved the dredge woiking on their JCo. 2 claim down to their No. 1 claim, and shareholders will see the company has been put to very heavy expense iv taking liteps to upset this attempt, which fortunately they were successful in doing. In the removal of the dredge damage v.-ns unfortunately clone to another in passing, which added materially to the expenses. "When ih<^ dredge reached Alexandra it was decided to give it a complete overhaul during the off season, nr.d ns nothing had been done in this way since the dredge was purchased it was found that a good deal had to bo done. The purchase of the second dredge necessitated the making of calls, end had favourable dredging conditions existed it is more than probable that it would not have been necessary to make more than the two which have been already struck. With reference to the future, your board thinks there is every reason to look forward hopefully. Given favourable conditions for dredging, the Cairnmuir claim has been proved to bo payable, and nothing has transpired to shake confidence in the No. 1 claim." The quantity of gold won during the year *as G3ooz lldwt 9gr, valued at £2417 3s 4d, in addition to which the sum of £7 was received by way of interest, vihile the expenditure under

the headinfof profit and loss was £3104 15s Id. The number of shares forfeited is 1200, on which the sum of £83 15s has been paid. When the books were closed the arrears of calls amounted to £286, but portion of this has since been recovered. On June 30 the liabilities were £1936 11s 7d, and the contingent liabilities amounted to about £12 13s 4d, as against which the company had assets to the amount of £303 6s si.