MOONLIGHT GOLD DREDGING COMPANY.

Otago Witness, Issue 2669, 10 May 1905, Page 27

MOONLIGHT GOLD DREDGING COMPANY.

The following report for the year ended March

31 will be presented to shareholders in the Moonlight Gold Dredging Company at the fifth annual general meeting: —

" During the past year the dredge has put

in very fair working time, though on several occasions hindered by floods preventing supply

; of coal to dredge. The gold returns for the i year havo been fairly satisfactory, especially 1 so the first half of the year. The total yield shows 7420z 4dwt 6gr, some returns being very good. The directors have paid £150 interest during the year, leaving £365 due, so that the outlook is not promising, and does not give

much hope of reducing the mortgage. The

dredge expenses have been no heavier than for the- previous year, and it must be borne in mmd that during the latter half of the year a complete new screen has been put on the dredge

at the cost of £186 10s, which, with freight

and cartage, brought the cost up to £240. Wages have been somewhat heavy owing to the necessity to employ extra men to fell and burn timber in order to clear the way for dredging." The value of the gold won last year was £2975 15s sd, and the expenditure over its production £3180 9s lOd. The amount at the bank on March 31 last was £50 19s lid, as against •which there wejre sundry creditors totalling £305 0s lOd, while there was a sum of £1615 7s Bd, representing mortgage and interest.