BULLER JUNCTION COMPANY.

Greymouth Evening Star, Volume XXXI, 24 June 1901, Page 3

BULLER JUNCTION COMPANY.

The following is the half-yearly report of the Directors of the Buller Junction Gold Dredging Company: "Since presenting our half-yearly report in December last, the dredge was brought down to her claim and commenced dredging with three shifts on Monday, 28th January. From the start to the present time it has worked exceedingly well, notwithstanding the heavy nature of the wash encountered, and we can congratulate you on possessing one of the very be3t dredges in the Colony. As our claim is so far away from a foundry, your directors deemed it advisable to order a lot of duplicate parts in case of any breakages, and this nnmbined with a heavy acoount for extras, left the Company in debt from the commencement of operations and delayed the earlier payment of a dividend. For the last nine weeks tho river has been considerably above normal level, and during that time an unprecedented number of floods occurred, greatly interfering with dredging operations. Notwithstanding the Dad weather gold to the value of £1787 3s 41 has been won for the 17 weeks since commencing operations, and the directors have boen able to pay off all liabilities and declare a dividend of sixepence per share, absorbing £312 10s, and carry a substantial amount to credit. When the wet weather set in the dredge was operating on excellent wash, but through the silt filling in the face 38ozs for 74 hours was the best return obtained. That we have a valuable claim has already been proved, and we confidently expect better returns in the future. The right to purchase M'Eay's freehold of 105 acre?, adjoining our claim, for £505, has been extended for another tweve months on advantageous terms, and by that time we expect to have thoroughly proved it, as your directors intend to dredge into it and prove its value before concluding the purchase."