GOLD DREDGING.

Greymouth Evening Star, Volume XXXI, 18 November 1901, Page 2

GOLD DREDGING.

Hobth Beach gave a somewhat disappointing return of 15 ounces 18 dwts for 107 hours, but it is more the fault of the dredge than aught else. The screen is constantly clogging, and in consequence a good deal of gold is lost. , A well-known engineer says it would be very easy with an electric drill, that might be held in the hand, to increase the diameter of the holes in the screen expeditiously and at little cost, but he doubts if such enlargment would prevent clogging, which he attributes to the absence of good-sized gravel and stones which, tumbling through the screen, keep the perforations clear. He says that to successfully treat such material a “shaking screen 1 4s necessary. The silt is showing signs of “ thinning out” and a couple of weeks will, it is believed, see the dredge in clear wash. Better results are then expected. The Pactolus with a splendid yield of 106 ounces 19 dwts for 131 hours, again heads the list for the week. This claim

ranks among the best on the Coast. It is now thoroughly prospected and psoven, Nelson Creek having prospected one end while the Company's dredge has done the same at the lower boundary. The area which is a double one will provide lucrative returns for many years, and the surprise has often been expressed that such does not rise higher. It is, however, believed that one reason for this is the determination of the directors

to build a larger and more powerful dredge. Most assuredly the prospects are sufficient to warrant the outlay. Leviathan last week started' Into ground that should have been operated upon months ago, - and would have been worked for some months past had the former dredgemaster had his way. Dunedin directors, however, .reckoned they knew better, with the result that for months the dredge was kept “poking" here and there with poor results, and in the end the advice of their late dredgemaster had to be acted upon. There is now a good chance of the machine getting solid returns for some months to come. A few more lessons like this may convince Dunedin directors that men on the spot are bettor able of watching a dredge than those 300 miles away.

Beeves Peopbiktaet dredge has evidently got back to the old lead. The previous week she was occupied clearing out the face, but last week’s return of 28 ounces 10 dwts is quite up to previous average. This claim is likely to betaken over by English capitalists. At a meeting of the shareholders at Christchurch last week, the resolution as to the sale of the dredge and claim to an English syndicate was confirmed by 1219 to 202 votes, A I.—that solid claim—had but a short run of 75 hours, having a number of stoppages, Her return of 28 ounces for the time is quite up to 50 ounces for a fair week’s work. Geey Consolidated dredge last week apparently got into an entirely different class of wash composed of loose sandy wash. As a consequence the machine - put through 9000 yards, and the result 18 ounces 10 dwts, or about a grain to the yard. This is rather poor, yet shows that with good machinery a grain will pay a good deal over expenses, Trafalgar with such returns as are being obtained it is surprising that a little more energy is not displayed in completing the Trafalgar and other dredges on Nelson creek, the Trafalgar’s ground being almost assured by the work already done by the Nelson Creek and Pactolus.

BuM.EE Junction shows an improvement with every appearance of further advance. .

Red Jacks continues the upward course, 9, 19, 23$ and 33 ounces for the first four weeks is decidly asurmg, We understand that good deal better returns are expected. During the week some difficulty was experienced in keeping up steam with the wood fuel provided. The Aiding a. —As evidence of the tremendous handicap put upon some of our dredges through mismanagement and miscalculation, we may mention that the directors of the Aldinga Company report that there have been few applications for the £1,750 worth of debentures offered, bearing interest alt 15 per cent., aod they now propose to increase the amount to £2,000, and the interest to say 50 per cent as an additional inducement requires to be given to those prepared to take up larger amounts. Just fancy the nice chance of getting payable results by a company giving fifty per cent interett.

Wabeatba is not doing much good, and we have grave doubts as to ultimate success of, this Duller claim. At the annual meeting of directors held at Dunedin on the 81st ult. the report stated that after some delay caused through the contractors, the dredge has been completed, and is at work. The dredgemaster reports that, he is now opening up and enlarging his area in order to turh the dredge, and states that he cannot really tell what the prospects of the claim are until ho has been at work a month.

Eh'cksox's Reward after three weeks of bad luck, first breaking a pinion, then the tumbler ihen the belt and finally straining the ladder got to work this morn-

ing on good run of wash. I The clay is getting thiner, and the timber such as is

there now is easily got rid of, and a good run ia expected for some months to come.

The Greenstone Three Mile washed up last week and though' the return has not been disclo* d we learn from a reliable source that it is not as satisfactory as could be wished. The ground operated on was now, and looser than that in which the best gold is usually found in that claim.

Greenstone Junction return of 35ozs

dwts for 132 hours shows a falling off from last week of about lOoz , It is still

a very fair figure, though not quite up to expectations. Next week should show an improvement as the dredge will be extending Jbgr paddock further into the creek where the gold seems to be tending. Stafford- Waimea return was for

-opening out. Bottom was reached in one corner only and that at 23ft. Under the circumstances the return is very encouraging. This week it is expected that bottom will be got all along the face so we may look forward with some confidence for an improvement.

Grisbnstone Gold— The following circular has been issued by Mr E. H. Scott Chairman of the Kumara meeting of shareholders in the above claim. ‘‘The Directors of this Company have issued to shareholders a notice that an extraordinary meeting of. this Company will be

held on 20th November for the purpose of passing a resolution to liquidate the same voluntarily. At a meeting of West Coast shareholders, at which about 2,000 shares wore represented, the following resolutions were passed and will be proposed to the shareholders at the meeting to be held on the 20th of Nov, 1901. Ist. That this Company be wound up voluntarily; that the liquidator be directed to sell the assets of the Company to a trustee for the purpose of forming a a new Company amongst the present shareholders. The new Company to have a nominal capital of JE9.000 in 9000 shares of £1 each; 3,000 of the shares to bo contributing shares and to be offered to shareholders of the present Company pro rata, and.for every share subscribed two full paid up shares will bo given. That the registered office and management of tho new Company be in Kumara, Westland. A change of management is imperative for the success of the undertaking. By their refusal to take up debentures shareholders rightly showed their want of confidence in the present management. The local shareholders think highly of the claim, which adjoins tho Greenstone Junction. Hence the interest they are taking in affairs of the Company at tho present crisis. If you favour the above proposal kindly forward your proxy to D. Davidson, Sharebroker, Stock Exchange, Dunedin. Boss Day Dawn G. D. Co.—Some Coast shareholders, firm believers in the success of the concern, are moving to try and get debentures taken up bearing 15 per cent interest secured by mortgage of the dredge and claim. It is probable, however, that the present company will go into liquidation and a smaller company formed, giving shareholders in the present company a pro rata distribution of paid up shares conditionally upon an equal number of contributing shares being subscribed. This, in o»r opinion appears to be decidedly the best course to pursue, and shareholders who wish to save their property should agitate to have the Company re-formed at ones before any debentures are issued. The West Coast Times is reliably informed that a local company with management in Dunedin which issued debentures against the security of the dredge plant, some months ago, will probably have the dredge seized next month, before erection is completed. The term for payment of debentures having expired, the dredge will then fall into the hands of a few debenture holders amongst whom will be found the directors of the old company, and their friends.