GOLD DREDGING REPORTS.

Greymouth Evening Star, Volume XXXI, 14 June 1901, Page 4

GOLD DREDGING REPORTS.

Great Woodstock.

Mr W. E. C. Reid, secretary of the Great AVoodstock Gold Dredging Company (Limited), has received the following report from Mr P. AA r . Payne, the company's engineer, dated Gth Juno, 1901: — “ The contract with the Austral-Otis Engineering Company, Melbourne, for the supply of machinery has now been completed, and my representative informs me that the machinery is the best he has yet seen. Mr Pearson’s tender for removing and reconstructing the pontoons expires on the 10th inst, and the work will bo completed well up to time. The boiler is practically finished, and will be ready for shipment when required. The engine, winch engines, and pump arc at present stored in Dunedin ready for removal to the claim

The Red Jacks Company, The report to he submitted to the directors of the Red Jacks Gold Dredging Company at the annual meeting of shareholders, to be held on the 2Gth inst, states that the chief work done to date consists of the letting of contracts for the machinery to Messrs John Anderson, and for the pontoons to Mr M’Clisky, and the purchase of 13 acres of additional ground. The pontoons are completed, and the most of the machinery is on the ground, so that it may bo reasonably expected that the dredge will commence work early in September. The purchase of the additional ground, which is confidently believed to be highly auriferous, and sundry other expenses, unforeseen at the inception of the company, has necessitated the further expenditure of about £I2OO. It is not anticipated that there will be any difficulty in financing this amount.

The balance-sheet shows that the amount of capital actually paid up on May 31st was £6,255 3s; that the arrears of calls amounted to £499 6s ; and that shares had been forfeited to the value of £23 2s 6d, On the dredge machinery £3,685 has been paid, and on the pontoons £785 15s 9d; for the additional ground £760 was paid ; law costs amounted to £3O 5s 9d, and travelling expenses to £3O Os 6d. The credit balance at the bank is £917 18s Bd. The contingent liabilities are : Dredge, £1924; pontoons, £189; firewood, £150; and engineer’s account and sundry, £350. Messrs E. Moore and C. R. Woledge retire from the directorate, but arc eligible and offer themselves for re-election. Other business to be dealt witli includes making provision for further funds by guarantee, or otherwise, if necessary; and, considering the propriety or otherwise of paying fees to the numerous stock exchanges. The directors, so far, have declined to submit to such demands. The Saltwater C eek Company.

The report of the directors of the Saltwater Creek Gold Dredging Company to be presented at the annual meeting on the 18th inst., states that before contracting for a dredge it was deemed advisable to have the claim thoroughly tested by boring, and ten bores were sunk under the supervision of Mr W. Faithful, Messrs Cutten Bros.’ representative. The result was not as satisfactory as anticipated, the depth of wash not being such as was thought to exist, and it will be for

the shareholders to decide what steps shall he taken with respect to the Company. Mr T. Twomey retires from the directorate, but is eligible for re-election. The balance-sheet shows that the amount of capital actually paid up on March hist was £963 ss, the amount of calls unpaid being £136 15s. The expenditure amounts to £639 14s 9d; the balance at the bank is £312 4s 4d, and the cash in hand is £ll 5s lid.

Mr Faithful, in his report, gives details of the results from each bore put down. The greatest depth reached was 20ft in a shaft sunk 25 chains south of the creek. The highest average result obtained was in the No. 4 bore, 13ft deep, where prospects equal to 9.16 gr per cubic yard were obtained. Concluding his report Mr Faithful says:—“Without touching the terraces, the bores in a lower flat prove that there is not sullicicnt wash at present to justify the expenditure of capital in the construction of a dredge, but if worked in conjunction with the terraces then profitable results will ensue.”