MASTERTON GOLD DREDGING COMPANY.

Otago Witness, Issue 2818, 18 March 1908, Page 34

MASTERTON GOLD DREDGING COMPANY.

The report to be presented at the- annual meeting of the Masterton Gold Dredging Company is as follows: — " The directors have 'piuch pleasure in submitting the annual report and the statement of accounts for the year ended 31st January, 1908. The amount of gold won. during the year was 21950z 2dwt 13gr, yielding £8684 6s 10d, and the dividends declared amounted to £5000, or 20a per share, making, with the £3 per share declared prior to 31st January, 1907, and the 2s per share declared since the date of the accompanying balance sheet, a total of £4 2s per share, or £20,500. The first return from the dredge was on the 15th September, 1904, and the total value of the gold won to date is close upon £32,000; the returns since operations commenecd having averaged over 40oz per week. The amount of unexpended capital (£400) still remains on fixed deposit with the National Bank of New Zealand, but provision has yet to be made foT £125, income tax to 3lßt January, 1908. In congratulating shareholders on having had the amount of the capital of tho company returned to them in dividends during last year the directors desire to explain that, although the coat of wages, maintenance, etc., are in excess of the previous year, a. considerable sum was paid for items which are not likely to appear again; over £300 charged against maintenance being for new material in stock at the end of the year. TThis stock consists of manganese steel ripples, perforated plates, bushes and pins, imported from Hadfield's Steel Foundry, Sheffield. Two hundred and seventy pounds was spent in lengthening the dredge ladder and consequent alterations to the gantry, and the whole of the buckets have been fitted with steel shoes, the cost of the latter being estimated at £220, including £149 charged against wages account. Mr Edward' Lawson, who has been in charge of the dredgg since the commencement of operations in 1904, has decided to_ take a well-earned rest, and the directors wish him much prosperity and perfect health fox many years to come, and feel sure that his thorough honesty and careful attention to his duties have been recognised by every shareholder in the company. The new dTedgemaster is Mr Herbert L>. Taylor, who was for some time master of the Waikaia Kia-Ora Wold Dredging Co. In accordance with the articles of association, Mr John R. Jones retires from office, also Mr James Brown, the auditor, and, both being i eligible, offer themselves for re-election."