HESSEY'S GOLD-DREDGING COMPANY.

Wairarapa Age, Volume XXX, Issue 8513, 19 August 1907, Page 7

HESSEY'S GOLD-DREDGING COMPANY.

- o The following is the annual report 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 Dunedin, 011 Friday, August 30th:—.The directors beg to submit their annual report and statement of accounts for the year ended June 30th, 1907: — The amount of gold won during the year was 5630zs 6dwta 21grs, yielding £2,220 3s sd. This amount barely covered expenses, the debit to profit and loss account standing at £197 4s lOd, being an increase of £154 lis 6d for the twelve months. It will, however, be pleasing to shareholders to note that the actual working expenses have been reduced ioa minimum, the amount being £2,236 15s Bd, as against £2,897 6s 8d for the preceding year. The claim boundaries are again being amended and the dredge is now heading for the upper end of the claim, which shareholders will remember had to be temporarily abandoned about three years ago, owing to the great quantity of silt which came down the Winding Creek from the sluicing operations going on .dßfcter up in the watershed of the cree!c. Although a heavy flood in the creek may even yet trouble dredging operations, the directors do not consider that any serious difficulty will arise in connection with travelling silt, and as the dredge left ground near the top end of the claim yielding over 40ozs per week, it is expected that the Company will very shortly be again a dividend paying one. Towards the end of last year Mr George Pettigrew accepted an appointment on the West Coast, and resigned his position as dredgemaster to this Company. Mr Thomas Armstrong was appointed to fill the vacancy, and he still continues in that position. The director to retire in accordance with the Articles of Association, is Mr John Hessey, and the auditor, Mr James Brown, also retires, but both being eligible, offer themselves for re-election.