GOLD DREDGING.

Greymouth Evening Star, Volume XXXI, 13 August 1901, Page 2

GOLD DREDGING.

In our yesterday's issue we gave returns from fourteen West Coast dredging claims and two more at least —Greenstone Creek and Grey Consolidated—are yet to come in. The highest yield was 30 ounces, the lowest 71- ounces ; the total yield was 271 ounces, the average per dredge nearly 191- ounces. These figures placed side by side with Otago returns—2,l3B ounces from G 3 dredges averaging 35 ounces—look rather insignificant, but then it must be remembered that the industry has had fifteen years existence in Otago as against six months on the West Coast. In this part of the colony the work is only starting, ground being opened out, dredges being made suitable and other matters of an initiative character attended to. While this is going on the returns cannot be regarded as average ones. Yet wo have close on 20 ounces per dredge for last week, and we have every reason to believe that the average will rise steadily. The week ended July 3rd gave 216 ounces from 12 dredges, or an average of 18 ounces, so that the period ended Saturday with two additional dredges gives an ounce and a half advance. As, however, the Creek and Grey Consolidated are not expected to give large returns, it is more than likely that the correct average will be about the same as on the 3rd with this difference that the average will be from 16 instead of 12 machines —and this is a material difference, increasing as it does the area, and rendering the average all the more reliable. The return is a payable one, and assuming that companies are on fair foundations, one that will pay over 15 per cent per annum ; and this calculation is based upon returns obtained, while yet the claims are but opening up. Looking at the industry upon purely commercial lines, the prospect is a really good one, and time will, we are convinced, fully demonstrate this forecast. All that is required to be guarded against is the “ wild cat,” and the undue inflation of scrip. Purge the Industry of this, its worst gambling feature, and it will live and prosper ; providing lucrative employment for labor and capital for generations to come. '