GOLD DREDGING.

Greymouth Evening Star, Volume XXXI, 25 March 1901, Page 3

GOLD DREDGING.

Dobson No 2 is working away but the strictist secrecy is maintained as to the results. The ladder is too short to obtain a trial of the best ground. A sample of splendid gold was obtained from the New River claim, and it is hoped that she is about to get on good wash.

The Leviathan’s return for last week was live ounces. The ladder of tins dredge is to bo lengthened at once. Totara dredge, having completed repairs and had improvements made, starts to day. This is a private company and returns are not given, but rich yields arc known to have been obtained. Lake Ryan pontoon is about finished. Machinery should be erected in six weeks. Erickson’s Reward and Ahaura Companies should commence within a fortnight. At a late meeting of tho Stock Exchange of Canterbury, it was unanimously agreed to forward to Mr P. Taosey, Kurnara, a cheque for £5 os towards the expense incurred by him in connection with the prosecution in the late Foley’s Creek salting caseThc secretary of the Ford’s Creek Gold Dredging Company reports a return, for tho week ended March Ifith, of 6ozs 19dwts Ggrs of gold. Tho local director advises that the dredge is now only her own length from the river, and tho bottom is gradually dipping the same way.

After considerable difficulty and hard work the shaft on tho Waimangaroa River Company’s claim has been bottomed *,t 26ffc. A great many asserted that tho bottom was hard rock and unsuitable for dredging. This has been proved to be incorrect, says tho Westport correspondent of tho “Otago Daily Times,” as the bottom is soft marine. Splendid gold was got at the bottom, and tho results ate highly satisfactory. The shaft was put down in the freehold part. Some thought no gold existed there, and it is pleading to see such a favourable return. Wc understand another shaft is to bo put down in the bed of the river.

For tho most parts, remarks tho ‘Otago Daily Times,’ New Zealand Dredging Companies have been floated with some due regard to tho relative positions of promoters and vendors on one hand and contributing shareholders on tho Other. When the principle of equity has been departed from, it is noticeable that droiges winning big returns arc not yet included among those which pay regular dividends. The reason is obvious ; and wc are sorry to note that in certain recent ventures in the neighboring colonies the nominal capital is altogether out of all proportion to the character of the enterprise. A capital of £30,000 to £50,000 to run a dredge costing £IO,OOO is placing an embargo upon mining enterprise that foreaooms it to failure.

Tho annual meeting of tho Golden Grey Gold Dredging Company is to be held on April 8. In the report of tho directors it is stated that when they were appointed it was considered that as the Grey River was not proved as regards dredging they deemed it advisable not to take steps to’ have a dredge constructed until some of the adjoining claims had shown payable results. During the year tho directors visited the Coast and made arrangements with an expert to have the claim bored.

The work of erecting tho machinery on tho Three Mile Greenstone is being pushed on. Lately about 10 tons of machinery arrived, mostly buckets and elevator trays This dredge when completed will work down stream as far as the old Greymouth road and will then open a wide face right across the crock. Most of tho old miners who have worked in the locality consider

she will get very good returns. Provided ail goes well, this dredge should bo working within a month. The crew will be all Otago men. This is rather rough on our local men, who no doubt, would prove

themselves equally as good as those from Otago had they a chance. Tho boiler for tho Alymer Lead Dredging Company which arrived on the ground on Saturday is tho first of tho machinery to arrive for this company. Tho directors arc evidently determined to thoroughly satisfy themselves regarding tho payable nature of tho claim before sending tho machinery down, as in addition to the boring done under the supervision of Mr Faithful some months age, the claim has born tested by Mr J. P. Smith with, it is reported, satisfactory results. No doubt the erection of pontoons will now be pushed forward with all possible speed. Tho claim is highly thought of in Hokitika whore there is a strong holding of shares.