ALEXANDRA LEAD G.D. COMPANY.

Otago Witness, Issue 2690, 4 October 1905, Page 29

ALEXANDRA LEAD G.D. COMPANY.

The following report for the year ended August 31 will be presented to shareholders in the Alexandra, Lead Gold Dredging Company at the seventh annual general meeting:

" The directors, in presenting to shareholders their seventh annual report for the year ended August 31, 1905, have to say that the results of the year's work have certainly been disappointing. Nevertheless, they feel assured that the improvements and additions that have lately been made to the machinery, and which will be completed before this report is in the hands of the shareholders, will enable the dredge to overcome all the diffi- j oulties that have beset her since starting work into the high bank. It will be remembered that Payne's centrifugal elevator was fitted to the dredge about 18 months ago, and it was then believed that all the ground between the river and the high bank could be worked by means- of this elevator, but in j this belief the directors were utterly dis-"| appointed. The direetors- visited- the dredge in April last, and very soon realised that, for the good of the company, ii> was absolutely necessary to remove the centrifugal elevator and erect the buoket elevator which was made when the dredge was built, and since then had been storsd ,rif-Dtinedin. --The work was immediately put in hand. At that time the '"dredge was operating on the southeast corner of the claim, and working into the high bank, where excellent results were being obtained. But the layer of wash containing the gold is overlaid with drift so fine that, without some device, this drift would not pass into the elevator buckets, so a costly appliance had to be made and fitted to the elevator. The delay in manufacturing these things and erecting them has been unduly long, and, the directors think, quite inexcusable. However, the dredge has received a thorough overhaul in addition to all the new parts that have been added and the extensions that have been, made, so that everything should work well for a long time. By a reference to the balance sheet it will be seen that the whole cost in connection with the erection of the elevator, as railage, carting, fitting, and procuration of new parts, etc., has been charged direct to profit and loss, and not to capital. The director? bslieve that the dredge will have a long and «teady run before her, and that the work will bo profitable. They also wish to" say that they have full confidence in the dredgemaster, Mr Siinonson."

The amount of gold won during the V 2 months ended August 31 was 5450z ISdwt lgr, of a value of £2120 8s 9d, which, with interest to the amount of £40, makes a total revenue of £2160 Bs. The amount expended during the year was 83263 15s, of which £1300 was taken up with railages, cartages, erection of elevator, repairing screen, silt wheel, etc. On August 31 there was cash at the bankers to the amount of £fio, and a sum of £4 on hand." At the same date- sundry creditors totalled £894 18s. THREE-MILE TrEEENSTOisE GOLD DREDGING " COMPANY. — ANNUAL MEETING. ' Tho sixth annual meeting of the Threemile Greenstone Gol-d Dredging Company v.is held at the registered offi.ee .of the company (90 Princes street, Dunedin) on Friday afternoon. The chairman ef directors (Mr H. Adam) occupied the chair, and Me&srs Oakden, Pierce, Somerville, - Isaacs, King, and Haggitt attended. The Chairman read the following report for the year- ending 31st July, 1905: —

■' The operations for the year ending 31st July, 1905, have not been attended with the success the dhectors hoped for. From a perusal of the balance sheet, attached hereto, it- will bo seen that there i"§ no diminution in the amount of expenditure bn maintenance, cpitsge, wages, and coal, and, unfortunately, there has not been an increase in the amount of gold won. The value of the gold won during the year was £3219 17s 4d, which is £31 less than the amount won for the preceding year. The report of the dredgemaster is also attached' hereto, and shareholders will see that he is more pleased •with the prospects, a.:id lie hopes the return's will show a decided increase. The ground is not so hard to work now, and the directors hope that in future there will not be such a heavy strain on the machinery, and consequently a smaller expenditure on nwintonsuice. The dredge on one occasion during the year nariowly escaped foundering, and but for the prompt efforts of the diedgemaster and the crew nothing could have saved her. The dredge is now in gocd repair, and should net require any large outlay iv the near future."

The C'haliman said they were clear of debt, and, in addition to the dredge and claim, the company had £123 to its credit at the bank. Q-wdng to tho very hoavy natme of the ground their working expenses were heavy, being equal to an average of £68 per week dining the past year. So far they had only been able to declare one dividend of Is per share, and he was sorry that prospects were not better in that respect.

Mr Isaacs asked if the directors had consicierecl the advisability of winding wo tlie

company. As far as he could see, there was very little use in carrying on any longer; they were simply paying their way and no more.

Mr Oakden said they had just managed to pay expenses, and it was owing in a large measure to the sterling qualities and capableness of their dredgenmster (Mr 0. G. Donaldson) that they had been enabled to carry on this far. Another director (Mr J. G. Soraerville) and himself had visited the claim during the year, and they were simply astonished at the rough nature of the ground. On their return the directors had considered the position, and thought it would be batter to carry on for a while longer rather than go into liquidation. Mr Oakden also spoke in. bigh terms of the dredgemastc-r. The report and balance sheet were then, put and carried. Mr M. Pierce was a retiring director, and was 're-elected, the remuneration remaining as before — viz., 12 guineas. Mr James Brown,^ was re-elected auditor.