RISING- SUN GOLD DREDGING COMPANY.

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

RISING- SUN GOLD DREDGING COMPANY.

The following report for the year ended 30th June will be presented to shareholders in the Rising Sun Gold Dredging Company at the third annual meeting: — " Since last year's statement the company has paid off its overdraft, and has entered on the- list of dividend-paying concerns. The dredge has answered all expectations as a gcod working machine, amd is still running smoothly and well, and. does credit alike to the consulting engineer (Mr F. W. Payne), the dredgemaster, engineer, and crew The Peck and j Payne elevator has proved thoroughly satis- ] factory since the speed was reduced, and is doing the work at a mminmm of cost. The directors took it over last April. The cost | of new manganese pins from Hadfield's and bucket lips from Krupp's i» included under ! the head * ' Eepairs,' The dredge worked 46 i weeks last year, earning 19050z 13dwt of gold, ' giving an average of 41oz 4dwt for every week worked. The directors consider the proper ' time has now crane to cancel the 4000 unissued shares of the nominal capital of the company, and to enable this to be done an alteration in J the articles will be submitted to an extra- ' ordinary general meeting of shareholders to be ; called forthwith." ' The value of the gold won during the year ended 30th June was £7350 6s, while the actual expenditure during the same period was £5443. A sum of £800 was distributed in the way of dividends. On June 30 last there was cash at the bank to the amount of £447, while ! sundry creditors at the same date totalled ! £355. '' i