GOLD REDDGING.

Greymouth Evening Star, Volume XXXI, 8 May 1901, Page 3

GOLD REDDGING.

The Watterson’s Consuls pontoons were successfully launched yesterday afternoon by the contractor Mr Joseph Jay.

At a meeting of directors of the Prince oi Wales Gold Dredging Company held on Saturday evening, the contract for ?ontoons was signed and completed, he contractor made a start on Monday last. The engines have arrived in Dunedin and the whole of the machinery is due from England in a few weeks.

In view of the Day Dawn Company having acquired the adjoining area to their claim it is considered by local shareholders and residents to be one of Hhc best dredging specs in the district, and will give a good account of itself when once the dredge commences work.

The meeting of shareholders in the Lake Mahinapua G. D. Company held at Wellington on the 25th ult. did not adopt the proposal to increase the capital to £IO,OOO by the issue of new shares carrying a preferential dividend of 10 per cent, but adjourned to the 16th inst., when a resolution to increase the capital to £12,000 by the creation of new shares with a preference up to 25 per cent will be considered.

The second Waimangaroa shaft is down 12 feet, with prospects equal to the first shaft. The small Eocklands return has been obtained from the drift while working the dredge towards her own ground. It is understood that the machine will now bottom on the claim purchased by the company from Burley and Walker. Mr Maynard, of the Keystone borer, wired Mr Kingswell, the manager of the Eeefton United, last evening, that the present bore was down 46 feet, and that at 42 feet the prospec ts were more promising.

The Totara dredge is still working away and the returns, which are kept a profound secret by the company, which is a private one, are not available for publication. Nevertheless, it is known beyond a doubt that this dredge has been working highly payable ground since Christmas last. A very sure sign of the success of this company is the prompt manner in which they liquidate any local debts or may contract. The dredge has been working continuously for over twelve Jmonths, >nd has turned over a large quantity of very heavy ground.