GOLD DREDGING.

Greymouth Evening Star, 22 January 1903, Page 3

GOLD DREDGING.

Greenstone Junction is expected to get going to-day. Greenstone Creek screen is expected towards the end of the week or a fresh start should be made next week.

Great Woodstock Company’s dredge etc. will ba submitted to public auction next week. It is much to be regretted if the ground held by the company dees not get a further trial. It is satisfac'ory to learn that the Mahinapua Creek claim is to get another chance. A small syndicate has purchased the dredge. The water race and machinery are receiving a thorough overhaul and it is expected that dredging operations will be resumed about the end of next month. New Greenstone Gold Dredging Company are offering a new issue of 1500 preference shares to the present shareholders at par. The directors explain in a circular that the present indebtedness of the company is £BSO, and it is to liquidate this and to provide for further contingencies, while giving the claim a good trial, that the £1,500 to be raised by the preference shares is required. In explanation of present indebtedness, it is stated that the dredge cost far and away more than the estimate, as it was found necessary to make extensive alterations in the way of strengthening the machinery. Ten shillings is due on application and 10s on allotment, andttie shares are to carry a preference dividend until 20s per share has been returned. Then they will rank as ordinary shares. This issne will put ihq^capital of the company at 10,500 shares. There is no official information as to last week’s return of the above dredge, but we learn it was somewhat between fifteen and sixteen ounces.