WAIMUM GOLD DREDGING COMCOMPANY.

Otago Witness, Issue 2647, 7 December 1904, Page 27

WAIMUM GOLD DREDGING COMCOMPANY.

The following report for the year ended HSurvember 15 will be- presented to shareholders in the Waimuniu Gold Dredging Company at^ the annual general meeting: — " The directors regret that owing to various causes tho work of ihe year has been unprofitable, with the result that no dividends Slave been paid to shareholders. The directors bad again to make a change in the management of the dredge, and the present dredgeJnaster (Mr W. White) has so far -justified his appointment to the position. A great deal of trouble has-been experienced with the winches, causing considerable expense and many vexatious stoppages of the dredge. Everything is now in good working order, and the returns since the xe-cent repairs were completed have been fairly satisfactory; and promise to be continuous. The expenditure in wages and coals has been less than last year by £414, dus chiefly to the stoppages referred to, and the cost of maintenance and lepairs ha 9 been £613 less than last year; but the deficiency in gold won has l>een £1957, which throws the balance on the wrong side. During the year the directors appointed Mr R. T. Coonier to the board, and feeing a resident in the district his local knowledsro is an advaarlago to the company." The valus of the gold won during the year vas £2280 5s sd, and the expenditure for the earue period £2643 6s 6d. The amount owing •to the bank on November 15 was £289 8a Bd, chills there were bill 3 payable to the extent ©f £75 7s 7d.