CLAUGHESY’S FREEHOLD DREDGING COMPANY

Greymouth Evening Star, Volume XXXI, 27 May 1901, Page 2

CLAUGHESY’S FREEHOLD DREDGING COMPANY

The following is the Directors report which will be presented at the annual, meeting at Dunedin to-day;— The Directors have deemed it advisable to proceed slowly !with the business of constructing a dredge, as, owing to the f act of so many dredges being constructed prices have ruled unduly high. The wisdom of the policy pursued by the Directors is now apparent, as a suitable dredge l o work the claim can now bo obtained at a reasonable sum, and without loss of time.

The Directors have completed the Company’s titles to both the freehold and special claim. In order to do this the sum of £I,OOO had to be paid to the vendor in cash in terms of the prospectus, so that the first moneys received were absorbed. The Company has 85 acres of freehold and 50 acres of special claim,. , these together making a very fine property.

In order to make quite sure of the value of the claim, your directors appointed Mr J. P. Smith to prospect the ground by sinking shafts and boring. This work is now in hand, 1 and Mr Smith’s report will probably be ready in time for the meeting. Mr Smith’s preliminary report is most satisfactory, and your directors have no doubt that his full report will confirm all that has been said as to the value of the claim.

When this prospecting work is finished, your directors will be in possession of full details as to the depth of the wash and the nature of ground to be dredged, and they can then have a dredge constructed suitable in.every way to work the claim.