NEW ALPINE CONSOLS GOLD DREDGING COMPANY.

Otago Witness, Volume 23, Issue 2684, 23 August 1905, Page 27

NEW ALPINE CONSOLS GOLD DREDGING COMPANY.

The following report for the year ended 30th June will be presented to shareholders in the New Alpine Consols Gold Dredging Company at the third annual general meeting • —

"In placing before shareholders the third annual balance sheet of the company for the year ended June 30, 1905, the directors regret that it is not of a more satisfactory character. The yield of gold for the year has been 4390z Bdwt 20gr, valued at £1790 13s lOd, as the result of about 15 weeks dredging time, as against 3170z 7dwt llgr last year. The season so far has been a bad one for dredging, owing to the tinsettled state of the river. On the sth September we had the misfortune to lo^e. the buckets through the belt parting. To replace these and put the dredge in a position to again work involved an expenditure of over £700. The dredge ia now in good order, and since work was resumed on the 3rd July gold of the value of £607 13s 6d has been won, and the dredgemaster hopes to obtain fair returns so long as the river keeps at its present level."

The balance sheet for the year ended 30th June shows a debit to profit and loss of £832 15s 7d, but since then gold to the value of .£956 has been won, and the position of the company has been materially altered, there being now a credit balance of nearly £200 in hand after paying all liabilities. The dredgemaster reports that prospects are fair, and shareholders should be pleased at the altered position of the company since the making up of the company's books.