RISING SUN GOLD DREDGING COMPANY.

Otago Witness, Issue 2784, 24 July 1907, Page 31

RISING SUN GOLD DREDGING COMPANY.

The following report for the year ended June 30 will be presented to shareholders in the Rising Sun Gold Dredging Company at "tie fifth «nmial meeting: — "The dredge worked 42 weeks, earning 14920e lTdwt giving mi avenge of a fraction less than 350z 6dwt for ever; week worked. An agreement was entered in-to with the director* oi *be Punt Gold Dredging Company allowing a cat to be taken through our top boundary, one-half oi tke gold won to be handed over to the Rising Sun Company. This amounted to £281. and was duly Pf id. The cost of 18 new buckets, likewise of 200 pins, "from Hadfield's. England, are included under the head of repairs. The high flood experienced in March necessitated the dredge being withdrawn from the river portion of the out' for three weeks, causing a considerable falling off in ihe returns during -that period. On Jane 22 ihe dredge sprang a serious leak, and only i&e untiring exertions of the dredgemaater, -engineer, and crew ' kept her afloat until the leak o»uld be reached . and stepped. We are pleased to state that < the dredge is now perfectly sound and in j capital order. The retiring directors are Messrs Gilkkon and Gair, who, being eligible, offer themselves foT re-election." \ OURAWERA. MINING COMPANY. The following is the report of the Ourawera Mining Company, to be submitted to sh«Mholders at the half-yearly meeting :— " Ycur directors regret that the balance sheet now submitted does not *how euoh good Tesults as many former ones. The loss on the, half year's working is £71 17« lOd. This is accounted for by the necessity of shifting the elevatcT and tables and opening a new paddock where the bottom has proned very ix&egular, with fairly rich but patchy wash. The proepects at the> present time are good. A con- - siderable quantity, about 2700 ft of steel piping is on order for the renewal of lihe main pres- - sure line. This will absorb the cash on hand, so there is no immediate proapecit of dividends unless the gold returns increase considerably. NEW PERSEVERANCE GOLD DREDGING COMPANY. The report to be submitted to shareholders at the annual meeting s*ys: — " The experience of the past yeax has proved that the river portion oi the claim is practically worked out, and that it is j now necessary to cope with the banks. It has become apparent that the present dredges are neither suitable nor sufficiently powerful for this work, unless foxoe meiuu of cringing

' down the banks can be devised ; and your directors, -confides^'th'at good gold is contain~<!d H "m 'the. banks, have been using every endeavour to Hv " some means' to overcome the difficulties presented. As an experiment a large Tangye pump has recently been placed on the bow of the No. 1 dredge, and at little expense is doing a lot of useful work-r^ Thia method is very -successful as far as it eoes, but your directors have long felt that a system of sluicing- from the top 'would be the only really effective way of dealing with the problem. Arrangements have just been entered into for the lease, with the option of purchase, of certain Crater rights ; and your directors are confident' that should the w^ter thus acquired be successfully brought on to | the claim the great obstacle to the future success of the company will have been mastered. Although- the past year's work has not been sufficiently -successful to enable your directors to declare a dividend, the dredges : have been kept in thorough repair, a small profit has been mads, and the company has cash in "hand and on deposit amounting to £931 IBs Bd. Two members of the board retire— viz., 'Messrs J. C. Short and Henry North, both of 'whom ase eligible, and offer themselves ! for " re-election. The auditor (Mr E. It. Smith) also retires, and offers himself , for re-election." j