THE NEW GOLDEN RIVER GOLD DREDGING COMPANY.

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

THE NEW GOLDEN RIVER GOLD DREDGING COMPANY.

The fallowing report for the year Vided May 31 will be presented to shareholders in the Now Golden River Gold Dredging Company at the first annual masting: — " Your directors regret having to report that the year's operations show such poor results. As "shareholders are no doubt awaxe, the dredging season in the gorge claims i$ very limited, and last winter the height of the river ■was very irregular, being most of the time very high, with the consequence that, although the crew had to b3 kept on, very little actual dredging was done. As a, result the capital of the company was absorbed, and your directors J found it necessary to raise* £500 by the issue j of dobeutines, this being also spent wrthoui j beneficial ibeiullj to the company, and it was found necessary to raise more funds by issxung • 1500 > preferential shares of 10s each, oi which 1000 have been subscribed. Up to the present ' date this season's work has not been very encouraging In a circular issued on June 17 shareholders were advised that the dredge stopped* on good gold. Since work has been resumed the dredgemastei reports that he has had to shift the dredge forward several time-*, v the ground proving too rough, this accounting for the several recent breakdowns of the machinery." The value of "the gold wen during tbei year under review was .£292 7s 4d, ami' the expenditure dicing the samo period £1705 7s 7d. On > May 31 there was a deposit of £200 in the Savings Bank, and a balance of £128 in tho Bank of New Zealand. " Sundry creditors at the same date amoitnted to £408.