GOLD DREDGING.

Greymouth Evening Star, Volume XXXI, 19 March 1901, Page 3

GOLD DREDGING.

4V The New Eiver dredge is reported to be on payable gold and shares were in demand yesterday at a rise from Is to 2s The secretary reports a return of soz lOdwKor 136 hours from the Dobson No 2 dredge for week ending March 9th. The engineer for the Teremakau Gold Dredging Compayn reports that tho pontoons are nearly ready for launching. We (Kumara Times) learn that although previous bores in the claim known as Passmore's, on the Teremakau,have given good results, fresh boring will be commenced to-day.

We are informed that the Greenstone Junction dredge will commence working two shifts per day from this morring.— Times.

The secretary of the Ericlcson's Reward Gold Dredging Company reports having received advice yesterday from the contractor that the dredge machinery is now practically completed. By the time the dredgemastcr and engineer arrive on the claim everything will be in working order. The shaft on Loch's Freehold is now down over 50 feet, and judging by present appearances, there should not be great difficulty in bottoming. This week should go far towards completing this work.

The North Beach (Lake Ryan) pontoons are just about completed, and the erection of the machinery will be put in hand immediately by the Dispatch Foundry of Greymouth, who have the contract for supplying the machinery. The whole of the work should be finished in two months. The Stafford damage tunnel is still being driven through the blue wash which was struck some time ago. Those who have a knowledge of the ground at Kelly's Terrace, say this blue wash was always found over tho gold-bearing dirt, the latter being six feet or so below the former. If this be so, and the country rises as the tunnel proceeds, gold should be met with. The operations of the New Golden Gate Co. (Hobart) show a profit for the last half year of £18,983, and a dividend of Is per share was declared. The total amount distributed up to date is £288.800 MrH. B. Bent was re-elected a director.

In spite of the dry season the Rimu Water Race Company has been able to pay not only the interest on its loan but also to liquidate a largo proportion of the principle. In fact the company seems to be likely, at no distant date to bo one of the soundest and most successful water race companies in tho Colony. They evidently made a good purchase when they acquired their present water rights, as each year's returns demonstrate the highly payable nature of the terraces along tno Hokitika river.