GOLD DREDGING.

Greymouth Evening Star, Volume XXXI, 4 November 1901, Page 2

GOLD DREDGING.

£}aturdfry brought the month of October's dredging to a close, and the resu u of that month’s work is not as satisfactory as was anticipated at the commencement, but this is due to the rough unsettled weather, and the flooded ntate of the river, coUplcd, Unfortunately with the many breakdowns that appear incidental 46 Coast dredging. As to the ground worked it has on the whole given satisfactory returns. The period saw six new dredges commence. The Bed Jacks and Hokitika have both given returns, the former of a very as uring character, while the latter has had the usual difficulties to contend with, and can scarcely be said to have yet got (airly under way. j/f

The ether four—Ruby Creek, Waimea* Stafford, Waratea, and Orwell Creek will all this month give evid 1 ence of the Value of the claims. Of dredges that are in a bad way the Waipuna is advertised for sale as a first step towards liquidatioh, while Marsden No 1. after six weeks run appeal's to be in a fair way to follow suit. The Waipuna directors, in dealing with the affairs of the Company, have adopted a course that if generally followed would give investors a better opinion of Company management and integrity of directors. When liquidation became a certainty, the directors who made themselves personally liable to the bank for the Company’s overdraft, called in all outstanding accounts and paid them op, although this course increased their liability. There is therefore now but the one debt to deal with and to pay this offthe dredge and claim Will Require to fetch at least JB2,00(). If it realises leas the directors will have to individually make up the balance, but if more ‘the shareholders will derive the benefit.

With Mabsdbn No. 1 the Company’s Secretary has, by circular to creditors, intimated that all property has been already made over, and that anyone suing will cause a foreclosure. He further intimates that it is hoped with care and economy to be able to pay off all debts. The procedure is not a I very satisfactory one, and we do not know what would be said if a business man while he owed others made all his property over to one, or if after making it over he continued to increase other debts. There can be no two opinions that the Waipuna directors have acted more fairly towards the small creditors than the Marsden No, 1 have.

Nobth Bbach, 19 ounces for five days, shows but little improvement, but then, no advance is expected till the silt deposit is cleared, which will be quite a month yet. Some alterations and improvements have been made in the treatment of the gold.

Leviathan continues to give disappoint* ing returns giving but 15 ounces for 113 hours. During the week she had several stoppages. If this dredge is going to do any good it is time she was “shaping" better, otherwise the question of indebted* ness will soon have to be faced.

Grey Consolidated disappointed ex* poctations, twenty ounces being expected. The gold, however, was light and flowery and looked more than it weighed, only turning the scales at 12 ounces 18 dwts. The ground is getting a trifle tight and rough the buckets coming up daring the week against several huge stones that caused detention. The dredge is working as satiafactorily as can be expected in such material. Red Jacks, washing up with 19 ounces. 8 dwts for the second week, and before

the machine has got into fair working order is very satisfactory and argues welj for the future of this company which has> always been a favourite with West Coast* miners. A good deal of time was lost getting rid of a submerged tree. The dredge is not doing as much work as some expected. Ths Pactolus with 50 ounces for five

days work fully bears out the opinion held regarding this good property, and warrants shareholders in expecting steady dividends. It should also encourage the shareholders in the.Trafnlgar, Pactolus No 2 and adjoining claims to proceed with the development of their properties. The Bullee Junction gave 35 ounces 15dwt for 120 hours, which is less than was expected, but then it must be remembered that during the greater part of that time the machine was working in flooded waters, that very much militated against a good return. Under the circumstance the yield is a very substantial one. Bubt Greek dredge is doing good work and will wash up on Saturday. We do not however, anticipate a largo return aa the machine is dredging in the river where there is little chance of bottoming, instead of going on to ground that could be bottomed and from which good returns would be got. However, no great harm can bo done in giving the river a fair trial, as it is just possible that bottom may be found or good * gold obtained without reaching the reef. The machine will dredge 30ft, but 25ft may be set down as its effective dredging capacity. The Teeemakau Company have not yet come to any definite arrangement for proceeding with the [work. Various proposals have been made, but none of them appear to meet with general approval. It is to be hoped that the difficulty will be overcome soon, and an effort made to

develop this really fine dredging property.

Greenstone Junction. —As anticipated the Greenstone Junction has showed a considerable falling off from the last return. Nevertheless 24ozs 18dwts Bgr for 126 hours is very satisfactory, especially when one remembers that the greater part of it was got after turning out into the creek, that is from Thursday evening till Saturday morning. Tub Stafford-Waimea dredge is experiencing the same difficulty in opening out, as hampered a number of the dredges on the Coast viz. a dam too narrow and shallow. This has been such a common error, that one marvels it should be overlooked. It will take a week at least to over come the difficulty. Greenstone Three Mile. — l have learned from an authentic tource that the Greenstone Three Mile dredge was to have had a return last week despite the break in the machinery. So far, however, no information can bo gle med whether there was a washing up or not, and if so the result is shrouded in the usual raysstery. .

Wareatha— The dredgemaater of the Wareatea Company reports that he had bottomed, and got good prospects, but could not tell very well how the returns would bo until he had a steady week's dredging on the bottom. Waimba Creek —At an extraordinary general meeting of the Waimea Creek and Flat Gold Dredging Company, the resolution deciding that the Company be voluntarily wound up was confirmed. Mr C. L. Russel was appointed liquidator.

Hokitika River return shows an improvement and, it is hoped, will continue. Starting with lOozs, the returns have been on the up-grade viz, 13ozs and 16ozs. Mr Duncan M’Gregor has been appointed master of the Hokitika River dtedgo vice Mr Tough who was compelled to resign, through an injury to his knee. Mr Tough has proved himself to bo a most trustworthy and competent man v and the directors have expressed their regret at losing his services. He has made many friends in this district, who will wish him a speedy recovery from tho effects of his accident.

Reeyes’s Proprietary Company A meeting of shareholders of the Reeves’s Proprietary Gold Dredging Company was held at Christchurch on Moo.

day evening to consider an option over the company’s claim and property to Mr A. B. Harper for the sale to ah English syndicate. The terms were to the effect .'that £2OO to be paid as a deposit was to Do spent in prospecting the claim, or to be part of the purchase money; term of option nine months; £1 per share net cash for all shares in the present company; the Eeeves’s Company to receive 25 per cent, of the loading in fully paid-up shares; working capital not to be loss than £35,000, nor more than £50,000; the present company to retain all gold won prior to the completion of the purchase. Mr Macbeth (chairman of direc* tors) said that under the present option about £3OOO more was offered for the company’s shares than*- under an offer made. Of course there was no finality at all about the matter. Mr Harper had virtually agreed to these iCrmSi but required three weeks before finally closing if the proposals wore sanctioned. 'Mr S. Manning said he thought the offer a good one, and Would move that the proposals be sanctioned. Mr Jessep seconded the motion; Which was carried unanimously.

Lead Gold Dredging Company.

Tbe first annual meeting of the above company was held last week at Dunedin, there being an attendance of 26 shareholders, while a large number of shares were represented by proxy. Mr John Wright who occupied the chair;, explained that owing to the great demand for dredges the engineer was unable to obtain tenders for the machinery until the following September, when J. M’Gregor and Go’s tender was accepted. The time for completion lapsed last July. On the 9th May last the directors received the following telegram from Mr W. D. Eevington, the local director:—“O’Connor washed up prospecting paddock to-day for magnificent result of 46ozs sdwt gold, which am forwarding you through bank. The paddock measured 40ft x 40ft x 22ft, its contents being 1300 cubic yards; the whole wash from surface to bottom averaged and yielded 17gr to the cubic yard. I heartly congratulate shareholders on this magnificent result, which practically represents what would bo obtained for one day’s dredging. As the Golden United ground adjoins on the same lead the result of this prospecting work proves both claims to be beyond question among tho very best dredging properties in tho colony," The engineer reported that the contract for tbe machinery yr® B now well in hand. The dredge would, the direo tors expected, bo placed on the claim without making any further call on the shareholders.

The report and balance sheet were adopted. ■