FIRST CHANCE GOLD DREDGING COMPANY.

Otago Witness, Issue 2685, 30 August 1905, Page 29

FIRST CHANCE GOLD DREDGING COMPANY.

j The following report fcx the year ended June ! 30 -will be presented to shareholders in th,a First Chance Gold Dredging- Company at tho annual general meeting: — " Tho directors, in. submitting to the shasKholders the balance sheet for tho year ended June 30 last, regret that it is not of s, more satisfactory character. The dredge started work on April 13, aad tho first return of gold, 420z, was received on the 22nd The dredge continued to obtain payable returns, and everything Looked hopeful for a. profitable! season, when unfortunately on the morning of May 28 the belt broke and 20 buckets were lost. To replace these buckets aoid put tha dredge in wca-king order again, your directors decided to issue 250 d'ebsatures of £2 each, having a currency of six months. These were- a.ll subscribed for. Since again starting "work the dredge has been getting good returns^ and the amount" required to repay th© debenture money is practically in hand. There can be no question that the First Chance claim is on 6of the richest, on the river, and thai the only trouble is tho lightness of the machinery. To -work • with the- present dredge is a. constant source . of anxiety to the dre'dgenxaster and- tb© directors. The dredgsmsvstex is quite satisfied that with a> dredge-suitable far the work handsome returns would he obtained. T'ha directors are pleased to acknowledge the good services of Mr Hoy (the dreflgenvaster) and cf the engineer and crew." Tho gold worn d'iMriug -the 12' months ended . Juna 30 was 4050z 9dwt 21gr, of a valtite of £"1568 4s sd. A -sum. of £55 133 was received as profit en tlie sale of the River Molyneux dredge, and £6 11s as interest on deposit. On June 30 there was a credit balance in. the bank of £23 103, and sundry creditors amounting to £410.