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Gisborne Times, Volume VI, Issue 229, 5 October 1901, Page 1

The Christchurch Press on the dredging boom has the followingA very great number of claims were floated either because they had an attractive name, or because they were near a claim that was at a premium for some equally valid reason. In Otago there were undoubtedly claims floated where no dredge could ever float. An old digger remarked, concerning one of these, “You’ll never dredge that till you get a dredge that can climb a hill." Yet this claim was rushed, and tne capital, £17,500, was subscribed in a few hours in Dunedin. Many tardy investors wrung their hands because they were too late. It adjoined two wellknown claims, but these are in the river, while the other was on the hill side. This, however, was a detail. The thing was so absurd that the company was wound up after 2s a share had been paid. Many of the disasters that have overtaken shareholders are, however, due to pure folly on the part of the directors. They spent the whole capital in prospecting the ground, that is they put their dredge to prospect it, when they might have done it for £SO. Thus a company now in liquidation had a dry land claim, having bought a farm at a high price. Having spent £5500, they started the dredge only to find that the claim was mostly clay, and that what little wash there was, was verypoor. Having cousumed £l5O worth of coal, they spent £lO in sinking a few holes, which proved that the claim was worthless. Such management cannot be said to deserve anything but disaster,