SAILOR'S BEND DREDGING COMPANY.

Otago Witness, Issue 2695, 8 November 1905, Page 28

SAILOR'S BEND DREDGING COMPANY.

The following report for the year ended September 30 will ho presented to shareholders in the Sailor's Bend Gold Dredging Ccmpany at tho sixth annual general meeting : — " The directors axe sorry to say that in presenting their report for the year just e-i-d 3d they cannot congratulate shareholders on the result of the yeaa-'s work. Owing to the height of the river, and consequently to the quantity oi drift travelling, dredging waa net -started till the season was well advanced. After working a few weeks a thaw set in, and the rivei rcse to summer level and kept up for a long time. Work was started again as soon ss the opportunity presented itself, but was> only carried on by fits and staits till finally closing down on September 26 for the summer. If the river had kept at a fairly lew winter level we would have dona well, for tbe dredge was on good gold all the time (returns for week ending September 18, 730z for 13S hours; September 23, 85oz for 138 hours), and it was moat; aggravating to know that the gold was under the dredg-a but could not reach it. We have now had three bad dredging seasons in succession; tha previous three were good ones. Shareholders will be ple-nsed to know that the company now possesses a machine that will dredga dovra 7ft or Bft de-epsr than could have been done with the old one. The oorn'pa.ny made an exchange, giving £225 to boot, and, in addition to the laiger dredge, got a new bottom tumbler and other gear. The directors believe that with the present dredga they will be able to work any part of the claim. The old one ootdd not have workedi one-fourth of it-. The dredge is now mooi-edl about 300 yards below the top boundary, jiust where she stopped working." The value, of ih& gold won during the year under review was £146 i 18s 9d. The expenditure for the sarms p&riod was £1261 8s id, including £225 for purchase and exchang#of Davis's B&nd dredge. On September 30 last there was cash at the bank to the amount of £390 7s Bd, as against whiclr there -wera sundry creditors totalling £303 18s 9d.