MOKOIA GOLD DREDGING COMPANY.

Otago Witness, Issue 2630, 10 August 1904, Page 28

MOKOIA GOLD DREDGING COMPANY.

The following report will be submitted to shareholders in the Mokoia. Gold Di'edgmg Company at the fifth annual general meeting :

" Durmg the year ended June 30 the dredge has had a fair run, having worked a cut right up to the boundary of the original claim on the south hide of the liver and! a few chains on to the ground purchased from S. Bernhaidt. While the result of the yeaar's working is not fc.T satisfactory as that of the year onded June 30, 1903, the directors affirm that the state of the finances need cause no uneasiness. The area of ground held by the company has been increased by a little over 32 acres, purchased at >a cost' of £150. The gold won duung tne year was 831cz (value £3269), against 17520z won during the previous year, showing a shrinkage as regaeds value of £3635. The profit and loss account shows a shrinkage of o.bout £-150. As this amount includes a charge for the purchase of the new claim, the actual loss in working is within £300, and a-s close on that amount alone has been expended en a new screen it is claimed that expenses have been fairly well kept withiai average limits. Owing to the rough nature of most of the grcund worked towards the top boundary of the claim, the dredge required very close attention. She has been well maintained in renewals and' repairs. After some slight further erpenditure for a few new buckets, etc., has been made she will be in complete working order, and, given favourable opportunities for dredging, she should have a fairly steady yeai',-, work. When the dfredge reached the top boundary advantage was taken of the first flood to drop down to the lower end of the claim, and a fresh cut is now beung taken \\p, payable gold being got from the start. Fioni last reports the prospects are improving, a-nd shareholders will no doubt have seen that the leturns aare more encouraging."

On June 30 the cash on deposit was £500, on which £8 4s Od interest had accrued, and cash in the bank totalled £49 12s Bd. Against this sundlry creditors were owed £115 9s Id.