GOLD MINING.

Grey River Argus, 2 March 1927, Page 8

GOLD MINING.

GABRIEL’S GULLY CLAIMS. DUNEDIN, Fol). 28. The glory of Babriel’s Gully, once the scene of one of the greatest gold rushes known in the history of New Zealand, has long since departed. Gold was first discovered there in 1861, and for many years it was the Mecca of fortune-hunters, some of whom became wealthy overnight, whilst others came away poorer than they went. The gully still remains; and although it is no more the scene of a host of miners feverishly engaged in the pursuit of fortune, there still remain at least two claims where gold is won in payable quantities.

After the closing down of many of the claims which, for the most part, had been worked out, Lawrence, the striving little town which had its birth in the rush, became the centre for the surrounding agricultural district, but from the latest returns available from the two companies which are still operating at Blue Spur, it would appear that the gold mining industry still plays no little part in the prosperity of the town.

The claims owr ed by these two companies, despite their having been worked for a period extending over many years; are still returning handsome dividends, and last week, the Gabriel’s Gully Sluicing Cun t any paid its lucky shareholders a dividend of 20s per share. Last June the dividend was 35s per share, so that in all shareholders have received £2 15s per share as the result of the year’s operations. The Lawrence Gold'Mining Company is also yielding good returns, and those who are foi innate enough to possess shares in this company have reason to congratulate themselves, as the year’s working has resulted in a substantial profit. It is stated that there is still a large tract i f profitable ground which can be worked by tlmse two companies, and it is certain that they will be able to continue ojierations for some years to come.