GOLD DREDGING.

Wairarapa Age, Volume XXIX, Issue 8220, 25 August 1906, Page 5

GOLD DREDGING.

HESSEY'S AND MYSTERY FLAT COMPANIES.

ANNUAL REPORTS.

The following is the annual report and balance-sheet of Hessey's Gold Dredging Co., Ltd., to be submitted to the shareholders, at the annual general meeting of the Company, to be held at the Company's registered office, Princes Street, Dunedin, on Friday, September 7tb, at 7.30 p.m.: —The amount of gold won (luring the year was 1,0560zs ldwt 2grs, yielding £4,168 0s sd, and the dividends declared amounted to £1,250, 53 per sharp, making, with lis per share paid previous to last year's balance, a total of Ids per share, £4,000. The profit and loss account *?hows a debit balanoe of £42 13s 4d, but the sum of £4OO still remains at the credit of the reserve account. The claim boundaries were recently amended and surveyed by Mr L. O. Beal, the old tailings and poor ground beng left out. The application came on for hearing on the 7th inst., and waa reoommended to the Minister. The area of the claim now oompiisea 87 acres, and it is expected that the whole of it will prove payable. The director to retire iu accordance with the Articles of Association is Mr William Hesaey, and the auditor, Mr James Brown, also retires, but both being eligible, offer themselves for le-eleciion. The annual report of the Mystery Plat Gold Dredging Co., Ltd., which is to be submitted to the shareholders at Dunedin, ou August 30th, is as follows:—The amount of gold won during the year was 1,3640zs 18dw*s 15grs, yielding £5,376 4s 3d, and the dividends declared amounted to £1,929 4s, 7s per share, making, with 15s per share declared previous to June 30th, 1905, and Jtne 2s per share dividend since the date of the accompanying balanoe - sheet, a total of 24s per share, £6,614 Bs. The new boiler purchased during the year steams excellently, and is quite up to expectations. The coal consumption has been reduced from 23 to 24 bags per shift to 14 and 15 bags, which means a great saving to the Company. The coal accounts for the first seven months of the year averaged £64 per month, and for the last live months the average was only £4O. The boiler is multitubular, dry back, internally fired, 25 horse-power nominal, carrying 1401bs steam per .square inch, designed by Mr C. L. Watt, consulting engineer, Dunedin. The contractors, Messrs Stevenson and Cook, [Port Chalmers, have to be congratulate! for the way iu whiob the ffork was carried out. Their price for the boiler placed in position on the dredge wa3 £SOO steam up, less a refund of £l5O allowed by thorn for the old boiler whioh they purchased. The directors to retire are Messrs R. Rutherford and W. D. Houston, and the auditor, Mr James Brown, also retires, but all beiog eligible offer themselves for re election.