GOLD DREDGING.

Greymouth Evening Star, Volume XXXI, 15 August 1901, Page 4

GOLD DREDGING.

The correct return for A 1 dredge last we- k was 22 ounces 12 dwts, and not 21 ou ces 5 dwts as reported. Mr 0. L. Russell, secretary of the Craig’s Fraehold Company, reports that Ohesterman and party washed up for 27 ounces of gold. Work on the Premier (Buller) Company’s drtdge is being pushed on. Some delay has been caused through some parts not coming to hand. The directors of the Old Diggings Company visited the dredge during the week> and it was decide! to remove the dredge half a mile further down stream. All the machinery in connection with the dredge is working splendidly. A meeting of shareholders in the Reeves’ Proprietary is to be held on the 19th last., at Dunedin, to consider the proposal to secure an option over the interests of English investors. The offer made is a nine months option, 16s per share, and a £1 paid up interest in the claim to be given. The option seems an unusually long one. No Town Company —Mr Hoisted secretary of the No Town Dredging Company says:—“The pontoons are completed, portions of the machinery delivered (n the claim ready for erection, and part not yetcompleted by the contrae’or, who also has to erect and fit up the whole of the machinery. The engineers report that the contractors has commenced erecting the machinery, and it is hoped that within two months or so it may hy ready for trial.” Maop.i Queen— The directors of the Maori Queen Company have found that the capital of the company is insufficient to start the dredge, and prove the claim, and are calling a meeting . consider to means of raising further funds to pay off present liabilities, amounting to £'1250, and to further teat the claim. It is pro posed to increase the capital by £I3OO by Uie issue of 1500 now shares, the latter to bo called oreferer.ee shares, the holders to be entitled to receiV" oui of the profits of tho company as a first charge a preferential dividend at the rate of 10 per cent, per annum for two years. The new shares are to be offered in tho first place to tho shareholders.

Mokoia —Speaking at the annual meeting of the Mokoia Company, the Chairman said the returns had been very satisfactory, and he had reason to believe that while the dredge worked she would continue to get very good returns. The "round above where she was working had been proved to be very rich, and the dredge was quite fit to tackle that part and the rest of the claim. On June 30th their leeway was £1175 6s 9d, and the returns for three weeks had reduced this amount to £7lO, That day, he was pleased to be able to state that, taking everything into consideration, the debt was still further reduced to £460 14s, which was very satisfactory. Their bad luck had been a by-word, but now he was glad to tell them that the debt had been reduced, and by the end of the present month they would be out of debt and in a sound financial position. It would be a very severe flood that would affect the dredge now, Grey Consolidated. —The following is the annual raport: —“ Your directors beg to submit herewith the balance sheet for the period ending June 30, 1901. The dredge, which commenced operations on the 11th June, cost £7OOO, and so far the machinery has proved equal to the work required of it. Your directors having signed a ‘ joint and several’ to their bankers on the security of the uncalled capital, it v/as decided to issue debentures to provide the money required to pay for the erection of machinery, dredge equipment, etc. In response to the circulars issued, debentures were taken up by shareholders to the extent of £625. The gold won by tho dredge up to the date of tho closing of tho books was sold for £2l 8s 9d. Up to the present (August 3) the total gold obtained has been 570 z for 643 hours’ work. Whilst the yield so far has not been up to expectations, it has always been recognised that tho dredge would have to commence operations on what is behoved to be tho poorest part of the claim, and your directors are not at all disheartened. Further, there is every reason to believe the returns would have been better had not the dredge got into shallow ground, where nothing but drift gold could be expected. Tho dredge is at present working in the old bed of the river, above the natural dam in which it was built. If the returns do not show a decided improvement immediately, it is intended to instruct tho dredgemaster to work in tho direction of the present river channel where good returns may confidently bo anticipated. Garibaldi —An indignant writer in the Otago Daily Times dealing with this Company says:—“Patience is a virtue,” but, as a shareholder in tho above company, my patience is exhainted, after reading a paragraph in the Daily Times’ West Const mining telegrams viz., “The pontoons ot the Garibaldi Company were launched seven months ago, hut why the machinery has not etnas to hand nobedy hero knows,” or something to that effect. .Now, p ir, frmn information received from persons living iu the Moonlight district, this is a really good claim, and my impression is that the

manager of the company is being ‘ fooled , or mighty adjacent to it. It is consider ably over a year since the company wafloated, with a capital of £BOOO, and ths directors coolly forward a circular askin Q for £2500 more to fulfil their engagement Dii they not know this seven or eigh months ago ? £6OOO has bo-ri called up or at least I presume so, as I have paid my last call—and “the pontoons floated seven months ago!” This is evidently all that has been done. If I am not mistaken, the Garibaldi Company has the same directors as the Major Robin Gold Dredging Company, and the same firm of secretaries. At the last meeting of the Major Robin Company the directors had to acknowledge that they had “done nothing ’ but called up to the extent of 7s per share. Now Sir, unless the shareholders of these two companies take the “bull by the horns and amalgamate there will be trouble in the camp. By calling up 10s in the Major Robin Company and 20-) in the Garibaldi Company the shareholders in both companies will have the satisfaction of getting a “start” for their money, if noth.rig else.