ROXBURGH AMALGAMATED MINING AND SLUICING COMPANY.
The ordinary genera] meeting of shareholders of the Roxburgh Ama'gamated Mining and Sluicing Company, held on Wednesday, was attended Ly about a dozen shareholders. Mr W. L. Simpson (chairman of directors) presided. The Chairman, in moving the adoption of the annual report (already published) and balance sheet, reviewed the balance sheet, indicating the change of capital consequent on the call it had been necessary to make. The item " Sundry creditors and liabilities " was considerably more this year than last; but on the other side they had cash in the bank quite equal to that, which they had not at this time last year. Assets were increased from £29.231 odd to £29 625 15s lid, brought about by the purchase of pipes— the workings having gone so far back now that extension of the pipe line waR necessary to preserve the force and fall of their supply. Theie was no substantial sum ctanding to profit and loss (last year xiiere had b?en £375), the reason for that being that not only had they been unab 1 c to pay a dividend, but had unfortunately to make a call, necessitated by the unfortunate fatal accident that occurred last year, prior to which the season appeared to be opening well. He wa3 glad to say, however, that they appeared now to have reached the turn of the tide in their favour, and on April SO they were, as it were, clear, though they weie behind their position at ilia
time last year in that their reserve had all gone and the call had been spent. At the present, w:th their last fortunate return (1730z). they now had something like £450 in hand, having provided for last month's wages, v»birh would go a long way towards replacing treir 1 eserve ; and the directors had it in mind to first rep ace that re=erve fund before paying any dividend, and trusted it they had another such return to be — in the couise of a couple of months, at anyrate— able to put something by and pay a dividend as well, which would he hoped, put shaieholders in the position they were befoie the cal! was made. He hoped several dividends lay before them.
Mr J. Hazlett seconded the motion, and the report was unanimously adopted. In reply to a shareholder, the Secretary stated the working expenses of the dredge to be from 50oz to 60oz movth'y. The retiring directors, Mepsrs W. L. Simpson and Win Brown, were re-elected, and Messrs W. Brown and Co. were re-e'.ected auditors.
A vote of thanks to the chairman closed the meeting.
ROXBURGH AMALGAMATED MINING AND SLUICING COMPANY.
Otago Witness, Issue 2674, 14 June 1905, Page 27
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