REEVES'S PROPRIETARY GOLDDREDGING COMPANY.

Star (Christchurch), Issue 7890, 21 December 1903, Page 3

REEVES'S PROPRIETARY GOLDDREDGING COMPANY.

The report to be presented by the directors to the fourth annual meeting of the Reeves's Proprietary Gold-dredging Company on January 11 opens with an expression of regret at the fact that the year just endtid was not co 6ucces6ful as its predecessor. Th_ want of success was due to the deiay caused by alieiwtionis «nd additions to the old dredgej fo period ol three months being lost. The strength of the dredge was materially inCreased, and the returns were larger since the alterations were mide. During the year ended November 30 the dredge won 6510 a lodwt i2gr Oi gold, valued at £2542 15s 4d. The return for the previous year was 9740z lfidwt 18gjr, valued >at £3891' 19s lld. The profit and loss account «howed a credit of M1& 19s lOd, after paying ■the liability of £71 lis lid. from the previous year. The directors were fortunate in obtaining the Meiriniac dredge,- Wliich o_igindlty cost betwfepn £7000 arid .£BOOO, fot £300. Debentures for £2SOO «rere ibsued ana taken Up by shareholders to provide for the Cost of. elevators, dismantling, removal and re-erec-tion of tho dredge. The directors believed that this sum, together with the lnoney ih hand and the earnings of the present dredge tvould suffice for the erection and equipment of tho new dred!_p. It was hoped that the Sredge --uld begin work early in February. A sum cf about £650 would be required to complete the, existing contracts, but it was expected that the ordinary returns from the present dredge would serve to meet .contingent liabilities. During the year Mr W. K. Macbeth was compelled by serious illness to retire from' the directorate, Mr J. B. Fisher being elected to fill the vacancy. The retiring directors. Messrs G-'. B. Bi+chie and J. H. Maynard, offered themselves for re-election.