THE MASTERTON GOLD DREDGING COMPANY.

Wairarapa Age, Volume XXXI, Issue 9046, 23 March 1908, Page 3

THE MASTERTON GOLD DREDGING COMPANY.

ANNUAL REPORT.

The following is the annual report to be submitted to tb/s shareholders at the annual general meeting of the Company, to be held at Dunedin, on Friday, March 27th:— The Directors have much pleasure in submitting the annual report and the statement of accounts for the year ended January 31st, 1908. The amount of gold won during the vearwas2,l9sozs 2dwt 13gr, yielding £8,684 6s lOd, and the dividends declared amounted to £5,000 or 20s per share, making, with the three pounds per share declared prior to January 31st, 1907, and the two shillings per share declared since the date of the accompanying balancesheet, a total of four pounds two shillings per share, or twenty thousand five hundred pounds. The first return from the dredge was on the 15th September, 1904, and the total value of the gold won to date is close upon thirty-two thousand pounds; the returns since operations commenced having averaged over 40ozs per week. The amount of unexpended capital, £4OO, still remains on fixed deposit with the National Bank of New Zealand, Limited, but provision has yet to be made for £125, Income Tax to January 31st, 1908. In congratulating shareholders on having had the amount of the capital of the Company returned to them in dividends during last year the directors desire to explain that, although the cost of wages, maintenance, etc., are in excess of the previous year, a considerable sum was paid for items which are not likely to appear again; over £3OO charged against maintenance being for new material in stock at the end of the year. This stock consists of maganese steel ripples, perforated plates, bushes and Bins, imported from Hadfield's Steel Foundry, Sheffield. Two hundred and seventy pounds was spent in. lengthening the dredge ladder and consequent alterations to the Gantry, and the whole of the buckets have been fitted with steel shdes, the cost of the latter being estimated at £220, including £149 charged against wages account. Mr Edward Lawson, who has been in charge of the dredge since the commencement of operations in 1904, has decided to take a well-earned rest, and the directors wish him much prosperity and perfect health for many years to come, and feel sure that his thorough honesty and careful attention to his duties has been recognised by every shareholder in the Company. # The new dredgemaster is Mr Herbert D. Taylor, who was for some tie master of the Waikaia Kia-Ora Gold Dredging Company. In accordance with the articles oi association, Mr John R. Jones retires from office, also Mr James Brown, the auditor, and both being eligible, offer themselves for reelection.

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