OSLO DREDGING.

Greymouth Evening Star, Volume XXXI, 12 September 1901, Page 2

OSLO DREDGING.

(A COEEESI'ONDENT.)

Tho managing director informs me that the Kohinoor machinery will be ready for worlc by Christmas time. Tho present dredge is to be used for the shallower doposits of the Italian Gully portion of tho claim which has been proved to bo phenomonalb rich. Meanwhile tenders will bo invited for tho construction of a dredge capable of working tho seventy feet levels, proved by tho Keystone borer to yield averages as high as 2 dwts to the load. Tho pontoon now finished is 107 ft long p.nd the timbers of the slongest description.

Pkinoe of Wales G. D. Coy.—Should the gravels not prove too tight this claim, which is situated within tho borough of

Boss, should prove to bs one of the richest dredging ventures on the West Coast, as all round the open faces as much as ldwt to the load may be washed out. The New Year will see this dredge in full work.

Day Dawk G. D. Coy. (Boss)—Last, Monday night a director informed ma that the £I,BOO debentures issued had! been taken up so that the machinery, which has been completed some little time by Messrs Cable and Co of the Lion. Foundry, Wellington, will be delivered and put aboard the Company's substantial pontoon at once. Lucky Gap G. D. Syndicates—Thebores in this eighty-aore special, an area. situated on the Alymer Lead line, have* been rich enough to justify less than ft. score of speculators ordering an up-to-date dredge on their own account. West Coast Ventures on thb London Maeket—This year no less than 32 special claims of a total acreage of 2500 have been bored (and with highly payable results) by Wellington and Ghristchurch syndicates, who have sent them under power of attorney Home foe flotation in London. Seven of theses ventures have already been floated there; for £65,000, and word has -just been received from the London attorneys of the. probable flotation of ten more claims for'; £IOO,OOO. All of these areas lie in South. Westland.

Hokitika. Eivhe Dbedchng Co*—This* dredge, which will be starting in October next, has a belt three chains wide from bank to bank of the Hokitika river of proved ground rich enough to wash out 2dwts to the cubic yard. This is the connecting link between the fabulously rich Woodstock and Kanieri leads of the early days. The Kohikohi Dredge is working very satisfactorily so far, and there are indications that the/ first wash-up will be a good oiie. One shift is working at present. Bottom has been struck at a depth of eighteen feet. Much disappointment is felt at Dunedin,, at the consistent small returns of the. West Coast dredges, with the exception; j of Nelson Creek, which has always beeru looked upon a the best claim there. Het large return of last week sent her shares up to \£3 again. As a matter of fact,. Nelson Creek has always commanded ft, good price, so confident have the investing public been all along as to the success of this dredge. Why this Company's, stocks should have always stood high on. the market, and so many tried Otago. companies' stocks fallen so law as par and under, is hard to explain, seeing that I many claims in that district have done almost twice as well as Nelson Creek. The only apparent explanation for this unaccountable state of affairs is | that the latter are well held. The directors of the Aldinga Dredging Company have issued a circular to the shareholders intimating that the available capital will not be sufficient. to provide for the total cost of the dredge.and all the preliminary work in connection with the company's claim, the estimated! amount required to complete the dredge, being about £ISOO. To meet this deficiency the directors have deemed it advisable, instead of increasing the capital to issue debentures of £5 eaoh to the extent of £ISOO, and offer the same to shareholders, in the company, giving as security a first mortgage over the dredge and claim, and the other assets of the company. The debentures will bear interest itt the rate of 15 per cent, per annum, with a currency of two years, but will be redeemable by drawings by ballot at such times as may be decided on by the directors.