GOLD DREDGING.

Greymouth Evening Star, Volume XXXI, 3 September 1901, Page 2

GOLD DREDGING.

So far nothing has been done towards the completion of the Trafalgar and Golden Banner dredges. The pontoons were completed about six months months ago. The machinery is also completed, and why a start is not made with its erection nobody here seems to know. Possibly the Waipuna results have something to do with the mattes.

The Maori Gully pontoons should be launched towards the end of the present week. The machinery is nearly completed at the local foundry, so that the dredge should be at work about November.

Good progress is being made with the erection of machinery on the Callaghan's Creek dredge. It is expected that the dredge' will be working by the end of October.

Tbe work of erecting the Shellback pontoons is proceeding apace. The machinery is being made a.t the Dispatch Foundry.

The Engineer informs us that the Wareatea dredge will be completed by the cud of the present week, and will bo put in commission next week. It will take at least a fortnight to open out. ■ ■ The rise in the river last week was not _ sufficient to allow the Ruby Creek dredge being taken to the upper boundary of her claim, where it was intended to start operations. It was, therefore, decided that the dredge should cut a narrow gat,up to that position. The machinery is working well.

Erickson’s Beward dredge did not wash » up last week,, She struck some logs, which prevented working to advantage. Some difficulty was also experienced with the engine. The wash is now showing an improvement,,

A large quantity of machinery is at present on the wharf for the Premier Company’s dredge.

At a general meeting of shareholders in the Shellback Gold Dredging Company held last night, the articles of association were agreed to. Mr Frederick Smith, the well known miner, has been boring; a claim for a Cliristchurch syndicate on the Old Men’s Home Reserve near Lake Mohinapua.

We understand that the Beeves Proprietary dredge has been re-floated, and it is expected that the dredge wifi be in full working orderin'the coarse of a day or two.

The Island Greek obtained 9osss ISdwta for 129 hours, during 68 of which the dredge was on the wash. The return ia very favourable and indicates better results when the tables are erected. The last shipment of machinery for the Moonlight Company’s dredge reached' Wellington a few days ago, and has been despatched to the claim on the Weet Coast. The machinery is the first to be landed here from America, and from what can bet seen of it through, the packing, it is a good, strong, datable-looking plant. The pontoons are in a fairly advanced condition. The hardwood u all on the ({round, the framing Is all eat out. and the planking.at.,the Ahaura railway station, and. has probably by this time reached the claim. Mr Norman . fcitigo and Mr Wyllie,, representing Mr Payne, who selected the site onHwhioh the pontoons are being built, informs o« that it is almost certain that the dredge will start on gold. As soon as thw pontoons are completed the work of erection will be taken in hand, and there is every probability that at the expiration df tout months a start to work will be made. The Trafalgar Gold Dredging Company have issued th,e, following circular to their shareholders “The directors c f the Trafalgar Gold Dredging Company find that by the time like dredge is completed the available capital will! not be sufficient to provide for the total cost of the dredge and all preliminary work in conconnection with the company’ll claim, and e iter providing for two months’ working expenses, the deficiency will be about £I6OO. To meet this deficiency, and to provide funds to work thedrdtige until the. ground is opened up, your directors hata deemed it advisable, instead cf increasing the capital, to issue debentures to the, extent of £1.760, and offer the sasts to. shareholders, giving as a security a firstmortgage over the dredge and claim andl o ther assets of the company. The debentures will bear interes t at the rate of 15per cent, per annum, with a currency of: two years, but will be redeemable by drawings at such times as may be decided, by the directors. . / Debentures will be issued for £5, £lO, or any larger sum up to £IOO. For the purpose of giving, shareholders an opportunity p£ learning what progress has been made up to date,.; and of discussing the affairs of the com- \ pany, the directors invite them to an extraordinary general meeting to be held, in the registered office of the company on Monday, 9th September. Theßocklands dredge is reported to have obtained 290 z of amalgam for lost, week. Mr Inwood’s alterations have, wonderfully improved the dredge, and steady and profitable returns are now expected for some time yet.. The dredge, although on the Company’s ground, has not yet reached the original claim, but is f on good ground. It has been decided to commence operations at the Cascade property, Waimangaroa, and with that object two Beefton. □liners Messrs H. Dedman and H. John- 1 stone, have been engaged to thoroughly prospect the ground. We wish them every success, and hope to be able; to chronicle a. rich find at no dis tant date. . ..