GOLD DREDGING.

Greymouth Evening Star, Volume XXXI, 28 October 1901, Page 2

GOLD DREDGING.

The month of October has not been a good one for dredging, yet it has seen the industry devclope solidly, from one of uncertainty, donbfaud distrust to one of ulmost complete confidence, Wc have, of course our failures—but we have ourselves to blame for such failures. Iu too much haste, and carried away by tbo dredging boom wc rushed recklessly at the new idea iu gold-mining. Investors halted not nor considered, neither) did they test the wash. A hundred acres of land anywhere, as long as it was on the West Coast, was the first thing sought for. This obtained ; a dredge—no matter what sort, size or power, if but a toy—so long as it was a dredge iu name, it was sufficed ; and shares were rushed. The inevitable result followed. Ground unprospected, proved in some instances toOL poor, too rough, and too deep. Dredges were too weak, badly constructed, and constantly breaking down, and, indeed, quite unfit for West Coast dredging. For a time things looked very bad, "The faint-hearted declared the bubble had burst, that it was little better than a swindle; and rushing all their interests into the market, sold at any price; and shares which had been unduly inflated, fell, fell, fell, until in some cases, they could not be given away. The strain was then felt by the firmer holders, who realising that the slump was owing to recklessness in the first place and timidity in the second, did all they could by by putting a bold front on to stop “ the run.” But “ the run” was not so easily stopped, and a complete “slump” followed. This slump sat down firmly and held command for six months. Fortunately for the success of the industry, a good number of companies had gone too ; far to draw back, and had no option but to, under depressing conditions, proceed with development. Dredges continued to break down ; others, such as Dobsoa No. 2 and Waipuna, stopped. But still amidst all this the “ silver lining ” was daily becoming more defined and easily seen. Nelson Creek, Pactolus, Bullei? Junction, A 1, Greenstone Junction, Mokoia, Abaura, and Greenstone Three Mile came to the front with substantial

yields followed by others of a payable but not so handsome nature, and slowly but gradually matters began to mend till the present position was reached. And that position may be summed up in the sentence that dredging on the Coast i 8 all right and will pay. The last week in September saw the Coast average ahead of Otago, while the three weeks o£> October gives the Coast average pej dredge per week four ounces over the Southern province. Of course we will not have the wild exciting gamble ofL twelve months ago, but we will have iif its place a steady-going remunerative industry, returning substantial dividends to investors. A. 1. has given further evidence of the excellence of the ground being worked, giving 50 ounces 7dwts for the week, ani this too in face of the fact that the machine was operating for two dayai among a heap of Chinese tailings. There is every indication of further improve* ment. The Old Diggings, an old and ccr* tainly not up-to-date dredge, working for, but 88 hours, gave 27 ounces 18dwts o£ amalgam, which would give about 16 ozs. of gold is now on good ground and should show an improvement this week, provided always that the “ everlasting '* rain of the past fortnight does not continue and interfere with work. Grey Consolidated has apparently

got over its troubles with, the boulders', and, as we indicated, has given the sub| stantial return of 25 ounces lOdwts 125 hours’ work. The wash is a triflAs tight and rough, but notwithstanding fact we have good reasons for that the hundred pounds worth of gold> will be exceeded this week. This clairi may prove patchy and possibly rough, but the gold is there in quantities to gvjr substantial returns.

Ebickson’s Eewakd running for 127

hours shows an improvement with 16ozs 7dwla. A further improvement is ex* pected this week. Nelson Creek heads the list again with G7ozs f.)r the week. The current period should run up an additional 13ozs.

Gkey Rivee for 165 hours ended on Friday last gave 25 ounces. This is below expectation but is leaving out the directors estimate of the worth of the claim. Both in this ground and Grey River No 2 the positive assertion based upon a few bore holes is that no gold exists at a lower depth than 20 feet. Wo do not agree with such declaration, and could quote some of the best low levels in quartz mines in support of our disbelief. By experts of the time the idea of finding gold in the lower levels was ridiculed, yet these level reefs proved tremendously rich. So in river beds where the gold is in leads it is twenty chances to one that a two inch bore hole does not strike the run of gold, and therefore the prospecting cannot be accepted as conclusive, at tfhe same time it is ample to present further expectation in powerful machinery. Wo are satisfied however that before many years are past large and powerful dredges will be washing the gravels of the Grey River to advantage. Bui,lee Junction had a very short run last week of hours giving 21oz lOdwts, which is not quite up, per hour, to its record yield, but this i ? explainable by the condition of the river, even when the machine was working. This claim is undoubtedly among the good things in dredging. North Beach, giving 19oz for 115 hours, is a trifle disappointing but, as we stated last week, it will be six weeks before the lagoon sediment is got rid of, when an improvement is expected.

Leviathan’s return of 13 ounces 6 dwts for 88 hours shows but little improvment, either in yield or actual time of dredging, Hope deferred maketh the heart sick, and so lucrative returns deferred is causing shareholders to look a trifle “ blue,” more especially as the finances of the Company are by no means in the best possible condition. However, ‘tis to be hoped that with this company “'there is a good time coming.”

Greenstone Ceeek —12 ounces 2dwts

for 110 hours is much the same as the preceding period. This dredge having at length got into tbo list of “ clearing expenses machines,” it is hoped will ere long get into the next class of “payable dredges.” There are indications to warrant the belief.

Red Jacks first return of 9oz 12grs for the first wash up will prove disappointing to a good many who expect a big return from the start, but to those acquainted with such matters the yield is not surprising. Of course a report got about that the first turn of the ladder would put the dredge into excellent wash, but so far this has not been tho experience of dredgemasters who have invariably bad a certain amount of dead work to do ere getting on the auriferous wash. ’And it has been so with the Red Jacks claim, which had to clear the paddock of debris and silt. The re-

turn under such conditions is therefore good, and indicatory of substantial yields when the dredge gets fairly to work. Mausdex No I—Tho history of this dredge is a peculiar one and its life is likely to bo a short one. Already it has been shut down, and a general meeting of shareholders been called to discuss tho

position of no gold where gold there was

supposed or said tolb?. The machine was at work six weeks and her gold yield was 13jzs 19dwt 14gr, or two ounces six dwt fifteen grains per week. Running at a weekly loss of £35 is not

pleasant to contemplate. The matter requires investigation,

V Bbbves’s • Proprietory. —The now Bcreen and tables for the Reeves’s Proprietary Company’s dredge have arrived on the claim, and are being fitted on the dredge, which is this week likely to recommence operations. Commissioner's Fiat.— The company’s consulting engineer, Mr E. Roberts, reports that he expects that the whole of t}ie work in connection with the machiney work will be completed in [a week, with the exception of the elevator trays and the main bucket links, which were ordered from Home, and have not yet arrived. Hokitika River return of 10 ounces for l(tst week is somewhat disappointing, but is partially explained by the fact that during the week the dredge came upon an old tail race. Probably this week will give a bettor return, especially as the dredge appears to be well able to cope the rough material met with in the ** ground. If but a quarter of tbe reports current regarding this ground are true, the claim is a very rich one, and has bright prospects. Greenstone Junction is now on excellent wash, giving 590 z 12dwts for 126 hours. The opinion is general that the returns will continue good and probably increase as the dredge comes on the run of gold that is believed to exist just ahead of where the machine is now working. Buller United. —The annual meetings of the Stony Creek Dredging and Buller United Gold Mining and Dredging Company (No. 1 Ohika-iti claim) were held in Wellington on Tuesday. The reports and balancesheets were adopted. The directors appointed in both cases for ensuing year were tbe Hon. J. E. Jenkinson, Messrs Parr, Haymen, P. M’Ardle, A. Berg, C, H. Parker, and 0. H, Williams. Mr D. A. S. Oowper was re-elected auditor