Greymouth Evening Star, AND BRUNNERTON ADVOCATE. TUESDAY, MARCH 26, 1901. GOLD DREDGING.

Greymouth Evening Star, Volume XXXI, 26 March 1901, Page 2

Greymouth Evening Star, AND BRUNNERTON ADVOCATE. TUESDAY, MARCH 26, 1901. GOLD DREDGING.

We often hear it remarked that “ gold dredging on the West Coast is not turning out as well as was expected.” But, surely, such remarks are a little premature. The industry has not yet had a fair start. A few dredges certainly have been running in an intermittent manner, but in no cases have the claims been yet fairly opened out or given an ordinary chance of success. In the initial stage mistakes were made, and this is nothing very extraordinary--for mistakes are incidental to all new industries. In Otago, for instance, it was several years before a fair start was obtained, and many a time a complete failure was predicted, yet to-day the return for capital invested is better for gold mining pursuits than can be recorded in any part of the world. And we confidently predict a like success on the Coast. It must not be expected that companies who “ dump down ” dredges on untried ground can always meet with success. There is plenty of ground on the Coast that will not pay; and if companies put

their machinery on such places, they must be prepared for failure. But there are vast areas that will pay handsomely, and will ensure a general success to the industry. It is, however, essential that ground should be prospected before owners go to the expense of putting machinery thereon. If this is done, the blanks will be few. Another matter that should be attended to —and one that unfortunately has not received due consideration in the past—is to see that the machinery is sufficiently powerful to deal with the ground it is to operate on. The idea of a standard dredge for all classes of working is already exploded, for a dredge that will be suitable for one locality will not prove „ sufficient for another. At preset dredging is depressed, but that depmP sion is rather due to the inflated, nay gambling, prices that have without any reason been placed upon stock. It will, we take it, be generally held that stock in most claims are always worth par, and often worth a good premium, but when scrip, without any tangible reason, is run up to four and five times its par value, then it is wisdom to hold off. Our contemporary the Wellington Post in its commercial column says“ On the West Coast the outlook is not very encouraging. The market is depressed, and West Coast shares are difficult to sell at reduced rates. The returns have been very disappointing, especially from the claims that were expected to give good results, and speculators are naturally holding off. Coast shares will remain depressed until there are some satisfactory returns, these may be available any week. Holders can do nothing but wait their opportunities.” The last sentence contains a good deal of sound advice, for no one having any knowledge of the industry doubts but that the Coast dredges will far surpass those of Otago —and in Otago dredging is a safe and lucrative investment.