SCANDINAVIAN WATER RACE COMPANY.

Otago Witness, Issue 2734, 8 August 1906, Page 26

SCANDINAVIAN WATER RACE COMPANY.

The Scandinavian Water Race Co. lias become the purchaser of the whole of the Kildare property, plant, water races, tail races, and dams, and of tne 42 shares in the Scandinavian Company, these comprising the whole of the rights that were recently the subject of litigation. The consideration fox the purchase was a cash payment by ihe company. T£ov.' that the proceedings in the law courts have been brought to a satisfactory and amicable termination, we are at liberty to state — what for obvious reasons wa3 previously withheld from publication — that for tlie past 15 months the yield from the company's property amounted to 1500oz gold, or an average of lOOoz per month, despite the fact that one claim, recently abandoned upon which a large amount of the company's energies and the water were expended proved to be an absolute failure. The directors and manager of the company believe that the effect of the acquisition of the Kildare properties will be at least to double the recent returns, while the expenses will not be proportionately increased. They believe, therefore, that this well-known company, which, having been in existence fox 40 years, is tho eldest mining company in Otago, has still a splendid future before it. The shareholders bave undoubtedly good reason to be grateful to their directors — Messrs M'Connocbie, Pitches, and Hyndman — who have stuck to the company through thick ard thin, and financed it through all its difficulties without one atom of security. To remove the water from the Kildare Hill claim will mean an expenditure of something like £500. This work will take about six or eight weeks to carry out. and immediately on its completion a start will be made with actual operations in the Kildare property.