MYSTERY FLAT GOLD DREDGING COMPANY.

Wairarapa Age, Volume XXXII, Issue 10056, 2 August 1910, Page 6

MYSTERY FLAT GOLD DREDGING COMPANY.

The following is the annual report of the directors of the Mystery Flat Gold Dredging Company, Ltd., to be presented at the annual meeting of shareholders, to be held on Wednesday, August —ln making their report for the past twelve months the directors have to express their regret that it is not of a more favourable nature. The explanation of the change in the company's fortunes is that in November last there was an unfavourable change in tha character of the ground, a large part of it becoming unpayable, while the presence of timber in the paddock hampered operations to a considerable extent. The dredge is now, however, clean f the timber, and there are indications of better ground coming in. The revenue for the year was £3,810 below 'hit of the previous one, and the expenditure, irrespective of Income Tax, £292 less. The good repair in '.v, K i! fhe dredge was kept enaoled j m :-: previous year's record of 6,048 working hours to be exceeded by four hours. After a resurvey in September last a large part of the worked ground was abandoned, and two new pieces at the upper end of the claim taken in. The total holding of unworked ground is now about forty acres, which should, if it continues payable, give about three years' dredging. The balance-sheet shows that dividend.-? paid away during the year amounted to £3,031, and the cash at bank totals £153. Gold in transit is valued at £56; deposits, with accrued interest, amount to £618; sundry creditors total £272; and the reserve fund stands at £SOO. During the year, 1311oz of gold vere won, and this was valued at £5,296.