WAIKAIA GOLD DREDGING COMPANY.

Otago Witness, Issue 2805, 18 December 1907, Page 30

WAIKAIA GOLD DREDGING COMPANY.

Following is tie annual report or taf director* of the abovs company, to be sttt» mitied to shareholders at th« annual meet* me to be eld on the 20th inst.}.— "Your directors beg to submit to thf ■b«rehold«r» the balance shset as at the clossi of the financial year, October 81, 1907, «B# in doing «o it give* them great pleasure to congratulate shareholder* oa the guccssfi attained during the jurf* operafaons. Fo« the yeax ended October 31, the dxsdgw «•# won"l6o6oz Sdirf 15gr of gold, ralued aj £6358 7s Bd, out of which your "directors havf been enabled to pay in dividends' 12s vat aba**, equal to 60 per cent, on the capital -£ the company, and bringing th« total a§«

furn to shareholders up to 27s for each £1 chare in a little over two years. The working time of the dredge for the year was 49 Weeks, the remainder being spent in necessary overhaul and repairs. Tha dredge Is feeing kept in first-class working order. During the year the pontoons %nd framing ■mexa oan*ider»bbr strengthened- Th» *v«rsge return per working week was 83oz fldwt 7gr. Tour directors, acting on the advice of 4he dreclgexnaater, surrendered the greater portion of the worked ground, attd secured Some maiden ground that was available. The company, therefore, now has an area of 90 •ores of dredgeable ground unworked. Since fb» dose of the financial year, as you are Aware, ft dividend of 3s per share has been Mid, and the dredgemaeter reports that the Swage is still on good gold. Your directors S*w appointed Mr A E. Boot to fill the vacancy occasioned by the retirement of Mr jK, Knewßtubfb from the directorate. The retMng directors are Mr A. Sligo and Mr C GTv. LejoH, who, being eligible, offer themselves for i»-election. The auditor (Mr John Logan) also retires, and offefs himself ior reJlection.' 1