THE GREY RIVER DREDGING COMPANY.

Greymouth Evening Star, Volume XXXI, 3 May 1901, Page 4

THE GREY RIVER DREDGING COMPANY.

The directors of tbs Grey River Dredging Company, in their report to bs submitted to the half-yearly meeting of shareholders on May loth, state that during the half-year ended March 31st gold to the value of £2970 15s 9d was obtained at a cost of £lBlB 15s 6d leaving a gross profit of £IGSI Os 3d. The average weekly yield during the period was £ll4 9s lOd, and the average! cost £SO 14s sd, giving a weekly profit of £63 18s sd. During the period dealt with, £B3B 3s 3d was paid in wages ; £252 7s 3d in goods, coal, lighting, etc., (including freight and cartage); £22 14s 2d in renewals and repairs ; and £143 10s lid in office and general expenses. Referring to the operations of the dredge, the directors say that about the beginning of November the machine was moved to the centre of the claim, and till the end of the year was working on rich ground near rhe north bank of the river. Throughout the first three weeks of December the yield was exceptionally good and circumstances pointed to a period of profitable work, but on resuming after the Christmas holidays the ground suddenly became rough, shallow and poor in the most unexpected manner. The dredge was then moved to tho south bank, and throughout the depth which it was possible to work the ground prospected well but a network of submerged timber was encountered about 18 feet below water level. This hampered work and defeated all attempts to reach the bottom. The same difficulty was mot with when the machine was hauled ahead by stages, and it is pretty evident that it will bo impracticable to dredge the bottom along the side of tho river though payable results will probably bo obtained by dredging above the submerged timber. During tho several weeks the dredge was workon this beach, the weekly return was usually about 17oz, but the quantity dealt with was only about one-fifth of the usual bulk, and but for the timber difficulty it is fairly evident that the wash would yield from GO to 70oz per week. Tho question of lengthening the ladder of the dredge is receiving tho attention of the directors, and from tire data at present available it is anticipated that an addition of about eight feet will be sufficient to enable the ladder to work tho bottom, near the banks of the river, and it is not anticipated that there will be any immediate necessity to alter the pontoons. Plans to suit this partial alteration are in course of preparation, and the additions to the ladder will bo made on this basis, at a cost of less than £IOO, unless the boring operations now in progress show that a more extensive alteration is necessary- to enable tho machine to work the shallow ground near tho banks. The directors desire to make it clear that the company’s engineer is not responsible for the defective length of the ladder, as he was instructed to design a dredge capable of working to a depth of 25 feet. The directors, whilst accepting full responsibility in tho matter, reminded shareholders that at tho time the dredge was designed tho system of boring with jjipcs had not been used in connection With river claims, and even if it had tho work done by the prospecting dredge, the “Hapuka,” seemed to fairly establish the requirements of tho claim.