GOLD DREDGING.

Greymouth Evening Star, Volume XXXI, 12 April 1901, Page 4

GOLD DREDGING.

A correspondent to the "Australian Mining Standard," writing in the issue of March 21st respecting dredging operations on. the West Coast, states that the Totara dredge, a private concern, lias been found'too small to do its work; still, her last return was over 500 oz for four weeks' work. The same correspondent says that he assisted at the prospecting of the- Blackwater River Company's claim, and gives the following details as to the methods adopted :—•' Ten or twelve holes were put down in various parts. The average depth was proved to be 30 feet, and the gold that was actually obtained from the various bores was carefully washed, out amalgamated, retorted, smelted and weighed; the bore is three inches thick, and from careful weighing and measurement it was found that 21 feet of lineal boring displaces one cubic foot of wash. It was, therefore, a simple sum first to find out the estimated cubical contents of 100 acres. One acre equals 4840 superficial yards, by 10 yards deep, and 100 acres equals 4,840,000 cubic yards ; the weight of the gold gave an exact average of 10 grains per cubicyard, or 1008 - 30 oz per acre," The first a anual report of the directors of the No Town Creek Gold Dredging Company, presented at the annual meeting on Wednesday, it Dunedin, stated that the time within which the contractor (Mr Anderson, of Christchurch) had undertaken to supply the machinery (with certain exceptions) had expired, and tne Chairman, referring to this matter remarked that when the company was formed there was a sort of fever abroad, and companies were glad to get dredges at almost any figure and on any terms. It was, therefore, impossible to make any conditions with the contractor as to penalties for non-completion within the time stated. They were obliged to take the contractor at his word, and must now bear with him until the work was finished. He added that they could not expect the dredge to commence under four months. Taking the statements of gold dredging companies published in tho " Gazette " as a basis, tbe " New Zealand Mining and Engineering Journal " finds that of 250 companies operating in Otago or on tho West Coast, with a total subscribed capital of £2,079,646, tho amount called up is £1,406,849, and tho amount actually paid up in casli is £1,204,841, leaving amount of calls in arrears, £201,988. Of the lattor amount over £420,000, it is estimated, was not due at the time the respective companies made out their statements. The total amount not called up on January Ist in connection with theso companies was £682,817, which represents a future liability on the part of shareholders. Out of an original liability of £2,079,646 there ha 3 boen paid in cash £1,204,841. The deduction drawn from these figures is that the investiug public have not saddled themselves with a serious liability, considering that for the past year this particular industry has yielded £261,000 worth of gold ; and which during the past twenty-one months has paid £193,785 in dividends. •' It is well that the public should remember these facts at atimeliko the present, " concludes the writer, " when calls are pressing, and tbe pessimist is croaking about a £1,000,000 liability which exists only in bis imagination. "