RISE AND SHINE GOLD DREDGING COMPANY.

Otago Witness, Issue 2668, 3 May 1905, Page 27

RISE AND SHINE GOLD DREDGING COMPANY.

The following report for the year ended March- 31 will be. presented to shareholders in ! -the Rise and Shine Gold Dredging Company at the annual general meeting..' — " Your .directors liave to congratulate share- i holders, on the "steady progress made during the _year.- At the time the last report was presented there was, a- debit of £2383. This liability has been liquidated, and at the date of the balance sheet -the company was in credit to- the amount of' £37o; but since then a dividend^ of one shilling has been paid, absorbing £600, and at present there is- a fair sum in hand towards ihe payment of another dividend, .which the directors hope to declare in -due course. -Owing to 'the heavy nature of the ground* and , the :high price of lignite in the district, the cost of -working the claim must .necessarily "-" always "be high'; but it is "satisfactory to know that *. the .expenses" \of- -the past year have- been somewhat lower "than those of the preceding year, being, just-over -40oz per week for the -two dredges. - With a -view 'to further economy, the directors have decided, to have only one -for the • two dredges in future, -and- during ,#ie- few" weeks the new -arrangement has been'in existence it has been found to work satisfactorily. During the' first half of the year the progress of -the company ,W2.3 hampered by No. 2 dredge failing to strike •payable gold ; but in December last good gold was struck in No- 2 claim,-an3 since then the returns have been satisfactory. It has been thought desirable to vary the bonus system which 'has ruled in time past by granting the employees a day's pay each on each shilling dividend in place of giving a bonus on the amount of gold -won. At the last annual meeting the directors were authorised -to grant a compassionate allowance to the widow of the late David Nicholson, who hatiL,met his death by drowning in -the company's claim. The directors arranged to pay Mrs Nicholson £1 a week for not more than 12 months, and the payments will be continued in pursuance of that -arrangement." The value of the gold won last year was £10,805 19s Id, and the amo-unt expended over i its production £8094 7s 3d. On March 31 last there -was a balance at the bank to the amount of £938 18s 7d, and gold in transit to the value of £123 4s. As against these amounts there were sundry creditors to the extent of £692 7s lid.