PRINCE OF WALES DREDGING COMPANY.
The following report has been issued to shareholders :
Your directors, recognising that a feeling of doubt and depression exists at present in the minds of investors in mining property, feel it their duty to take the unusual course of submitting a halfyearly report and statement of affairs, together with an estimate of complete cost of works and an audited balance-sheet to you.
We have the pleasure of stating that, since our annual report at the end of March last, the business of the company lias gone on smoothly, and that generally speaking, your directors’ estimates have been approximately realised. The engine ordered from Marshall & Co, England, has come to hand, is on tho claim and has been paid for. The pontoons are afloat in tho Company’s paddock, and though we understand the representative of the Consulting Engineer considers the contract completed, your directors do not intend to take delivery till satisfied tnat the specifications have been faithfully carried out. The final certificate has not yet reached this office, but your directors feel sure tho contract price will not be exceeded by more than five per centum for “ extras.” Tho first draft for progress payment on account of the plant, ordered in England, amounting to £640 6s sd, has come to hand and been paid. That is all the cash, up to the present, that has been used of the £4BOO credit sent Home.
The first shipment of the plant is expected to arrive in New Zealand in about two months time, having been advised by our London agents the first shipment will come to hand by the Tongariro, which left London 11th September.
Your directors have made an estimate of getting the plant into complete working order and find that, after allowing liberally for all charges at present in view capital will be about J9IOOO short of completing and finally equipping the plant. This shortage your directors contemplate meeting by the issue of debentures for the amount required.
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https://paperspast.natlib.govt.nz/newspapers/GEST19011016.2.35
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Greymouth Evening Star, Volume XXXI, 16 October 1901, Page 4
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333PRINCE OF WALES DREDGING COMPANY. Greymouth Evening Star, Volume XXXI, 16 October 1901, Page 4
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