GOLD DREDGING.

Greymouth Evening Star, Volume XXXI, 20 February 1901, Page 3

GOLD DREDGING.

The Marsden No. 1 Gold Dredging Company.

The first annual meeting of the Marsden No 1 Gold Dredging Company, Limited, was hold at Christchurch last week. In moving the adoption of the report and balance sheet, the Chairman said a considerable portion of the machinery had gone forward to the claim, and the rest was now being delivered. It was expected that within about eight weeks or so from date the machinery would bo complete, and would bo fitted up. They hoped to have the dredge working, not sooner than the end of March, but at all events during the month of April. No loss than 'five contracts had been entered into, the cost of the dredge, complete on the claim, and in working order, is to bo £4OOO, and ho expected it would bo quite realised. So far as could bo judged, it wo.uld not exceed the amount stated, although there would bo engineers charges to bo mot. The contract time for the completion of the machinery expired on October 14th last year, but owing to the terrible run on dredging machinery the contractors, especially the Duuedin one, were behind. All the machinery would not bo ready for another month, but the work of falling could be proceeded with in the meantime, and tenders were being called for that work. The balance sheet put the affairs of the company in a very fair light. M Several items hadnot been provided for in the original estimate, and it was estimated that about £IOO would have to be found to complete the dredge, and put it in working order. The result of the five boros put down to ascertain the depth of the wash showed that the average was equal to 3 4-s'hgrains of gold to tho cubic yard. If this could bo obtained by tho dredge they should get very fair returns. A shareholder asked if tho boring bad disclosed any difficulties for dredging, such as large stones. Tho Chairman said that Mr J. D. Gillies had supervised the boring, and from

his report the directors were satisfied that no insuperable difficulties would bo encountered. The ladder on the dredge would work to a depth of 25 feet, and Mr Cutten had informed him (the Chairman) that at a pinch it would dredge 30 feet.

Mr Acton-Adams seconded the motion, and thought that the directors were to bs congratulated on the careful manner in which they had spent the company’s money. They were certainly going to get their dredge far cheaper than most people and even if they had to borrow money they would got the dredge uncommonly cheap. Ho had visited the claim, and from all appearances there would ho no difficulty in working it, no big stones or timber being present in it. The report and balance sheet were adopted.

It was decided to increase the number of directors to six, one of whom is to be resident on the West Coast, and Mr Gillies was appointed.