GOLD DREDGING NOTES.

Greymouth Evening Star, Volume XXXI, 18 April 1901, Page 2

GOLD DREDGING NOTES.

It was reported in town yesterday (says lite Times) that the pontoons for the Kohinoor Company, now under construction, were washed over the Mikonui bar by last night's flood. We sincerely trust the report is not true. The contractors are Messrs Reynolds and M'Beath. Mr Tough, the master of the Hokitika River Compahy's dredge, in view of the " old man " flood which was rushing down (lie river yesterday, took every precaution to secure the pontoons from any damage, and they were perfectly snug, even when the flood was at its highest. There is quite a little stir in connection with the ground at Piper's Flat as the drainage tunnel is now getting close to the Hincmoa shaft. Numbers of miners are waiting for the lifting of the reserve of 50 acres by the Warden. The contractors for the tunnel have the right to select a certain area of the reserve, but it is anticipated the whole of the ground will eagerly be taken up. It is probable tenders will be called shortly for the excavation of the dam at Commissioner's Flat for the floating of the pontoon. All other contracts in connection with this company are to be pushed on as quickly as possible.

It was rumoured that the Rimu Miners' Water Race Company's big dam had broken away. It was not the dam, but a portion of the Jubilee race that was injured by the Hood waters ; but, we are glad to say, the damage is not of a very serious nature and will be immediately repaired. An extraordinary meeting of shareholders of the Lake Mahinapua Gold Dredging Coy, will bo held at Wellington on April 25th, for the purpose of considering the advisability of increasing the capital of the company from to JEIO/250 in order to carry on operations. The increased capital is to be provided by the issue of preference shares, bearing a prefential dividend of ten per cent, and also preferential claim oa tho assets of the company. An alternate proposal to be submitted to the shareholders is voluntary liquidation of the company; this, however, is hardly likely to be given effect to in the face of the payable nature of the company's claim. If the capital is increased as proposed, it will then be less than the majority of the companies on the West Coast. OTAGO NOTES. Tho Cromwell Coy has declared a dividend of 2s Gd. A telegram was received to-day that the Kawarau river rose 15ft last night. The Galvanic Co's dredge has sunk, and is five feet under water.