GOLD DREDGING.

Greymouth Evening Star, Volume XXXI, 19 August 1901, Page 3

GOLD DREDGING.

•The week, which opened with favorable expectations, closed in a very disappointing manner, and apparently the average per dredge will not be more than 15 ounces. The break-down of Nelson Creek and Leviathan, stoppage of Duller Junction, and the misfortune to the Pactolus in striking the second patch of submerged timber are responsible to some extent for the falling-off, while the Grey River, which has again lost bottom, was another disappointment. On the Other hand dredges, that had not been previously clearing expenses, did so last week.

The Nelson Greek dredge gave a return of 11 ozs 17 dwts for 3 days. She was only cleaning up the face. Repairs are now effected- and dredging was commenced to-day.

Greenstone Junction gave lOoz 3dwt lor 130 hours. The dredgemaster reports that the machine is approaching a much better class of wash. Ford’s Ceebk, which gave but lOozs 17dwt for the week, is a good deal under what was expected. The AJ, in giving 25ozs for 125 hours, again proves her consistency. It is to be hoped that she will not strike timber difficulties that would reduce her average. Tyre Pactqlps gave 15ozs lOdwt for the week. The smallness of the yield is owing to a second patch of submerged timber having been struck, the extent of which has not yet been ascertained. The Grey River return was 14ozs for 12 hours. The wash has again deepened. The Leviathan return was lOozs 9dwt for 86 hours. The wash was steadily improving when the dredge broke down on Thursday. "We anticipate a fair return this week as the machine started toidLtOßi Queen return is lOozs Idwt for 84 hours. The wash is unchanged, and the machine not putting through more than a quarter of what ought to be done by a proper dredge. North Beach is working well. She is still in silt with blue gravelly wash. It will be a fortnight before the dredge gets to her ground with a good face.

A Dunedin firm of brokers are advertising for a thoroughly reliable dredging man with knowledge of dredge construction and practifcal work in all classes of dredging, to proceed to West Africa to take charge. . The “Otago Daily Ivies ” is informed that this is an imHrtant enterprise, and the successful will receive a good salary besides being placed in an important position of trust for his principals, who are a wealthy London Mining Syndicate.

A somewhat skotmy meeting of shareholders in the Pour Eiver Plain (Sold Dredging Company, says the Wellington “Post,” was held on Tuesday night, to consider a letter from the dredgemaster. About a dozen shareholders were present, and Mr W. Waton was in the chair. The dredgemaster’s letter was to the effect that it would take the dredge from three to seven months to work up from her present position to the top of the claim, where the gold is supposed to exist. Shareholders present expressed some dissatisfaction with the position of the company’s affairs, and more particularly with the work of the engineers in selecting such an unsuitable site for the erection of the dredge. After some warm passages between the directors and the shareholders it was decided that the company should go into voluntary liquidation, only two persons being in favour of further testing the ground. At a meeting of the Reeves’ Proprietary Company, the following resolutions were carried:—“That whilst not agreeing with the proposals of Mr Harper, the Dunedin shareholders are prepared to receive and consider a definite proposal, showing the capital of the proposed new company,” “that the following be suggested as a basis of the sale to an English syndicate—(l) That an option be given over the pro- , perty for nine months, on payment of a deposit of £2OO, this sum to be absolutely forfeited if the option is not acceptd on or before the expiration of nine months; (2) twenty shillings per share cash for every share now issued by the present company, and in addition one fully paid up share for every share issued, namely 12,500; (8) the nomind capital of the new company not to exceed £75,000, in 75,000 shares of £1 each; (4) the new company to provide in addition to 20s per share cash, to be given to the present shareholders, a sum of not less than £30,000 cash for the construction of dredges; (5) fonr new dredges, costing not less than £6OOO. each, to be at work on the claim within eighteen months of the flotation of the new company.”

Regarding the Maori King claim a writer in the Dunedin Times says “ I am right in saying that Mr Wm. Poppelwell was lately engaged by the above company to make a -report on the claim. So far as 1 am awqre no copy of this report has been issued to shareholders; neither has the report in full appeared in the daily papers. The result of Mr Foppelwell’s investigations were supposed to be satisfactory—in fact, a very brief notice to that effect appeared in your mining column—and if this was so it would be cheering to read Mr Foppelwell’s full and detailed account of what be did and saw on the claim. The information could be given, not necessarily on a printed circular, but through the simule and inexpresaive medium of the press.

Greenstone Motes. [OTTB OWN CORRESPONDENT.]

The Greenstone Junction return for last week was lOozs 3dwts 6grs for 130 hours. She should show an improvement shortly. The depth of the ground is about 27 feet. \

The Greenstone Creek dredge did nol wash up.

The Greenstone Three Mile return is not officially to hand at time of writing but I learn from a reliable source that a full week’s work was put in and the result is better than last week’s—somewhere about 30 ozs. The dredgemaster estimates that the dredge turns over about one acre a month. The average depth of wash is about 23 feet,

The Teremakau Gold Dredging Company are issuing 600 debentures -of a value of £5 each, bearing 15% interest, with a currency of two years. This is to enable work to be preceded with.