FINANCE AERANGED

Evening Post, Volume CXXI, Issue 1, 2 January 1936, Page 12

FINANCE AERANGED

BRIAN BORU DREDGING

The annual meeting of shareholders of Brian Boru Gold Dredging Company was held at Greymouth on December 30, Mr. A. Donnellan, chairman of directors, presiding over an attendance of fourteen shareholders. The Christchurch "Press" correspondent reported that Messrs. M. J. O'Neill and Robert Knight, being the only valid nominations received, were appointed to the directorate, Mr. O'Neill being reelected and Mr. Knight taking the place of Mr. M. McGavin, who did not seek re-election. Mr. Eric Souter was reappointed auditor. ' After the adoption of the report and balance-sheet, the meeting adjourned to February 1. The annual report stated, inter alia: "The shareholders' finance has now been satisfactorily arranged and the directors are awaiting quotations for repairs to the dredge before completing the matter. It is hoped that early in the New Year a start will be made on the work and that by April the dredge will be operating again, and that the results will justify the directors' confidence in the claim. The directors have received an offer for the purchase of the dredge, but it involves taking up shares in another company not yet in operation, and there will be no cash for distribution to shareholders. The return to shareholders in the shares of the purchasing company would not amount to 2d a share, and the directors have in the meantime declined the oiler. "The net loss for the year, after charging the cost of boring and shaftsinking, is £2172 9s lOd, resulting in a debit balance on the profit and loss appropriation account of £1851 16s 7d. Outside liabilities, including outstanding directors' fees, travelling expenses, wages, and salaries, total £1228 10s Bd, having naturally increased somewhat since the date of the last circular. "The gold won from November 1, 1934, to the date of closing down, amounted to 185oz sdwt and a further looz Bdwt were obtained during the testing operations." The balance-sheet as at October 31 is:—Liabilities: Capital £27,00; creditors £861 5s Bd, wages and salaries outstanding £86, directors' fees and expenses outstanding £281 ss, income tax reserve £39 6s, a,total of £28,267 16s

Bd. : , Assets: Dredge, plant, motor truck, line, mining property, huts, and road at cost £26,998 4s 7d, less depreciation £676 lis 7d, a total of £26,321 13s; sundry debtors £4 3s 4d, cash at Union Bank, £13 18s 3d, unexpired rents, rates, and insurances £76 5s 6d, profit and loss appropriation account £18al 16s 7d, a total of £28,267 16s Bd.