WORKSOP DREDGE.

Wairarapa Age, Volume XXXI, Issue 9174, 25 August 1908, Page 5

WORKSOP DREDGE.

THE LATEST MASTERTON BONANZA. SHARES AT A PREMIUM. Itvh certainly a success that is deserved that attends a mining company which takes up a claim tested bypre .ious holders and -declared a "duffer," and that is the pusition so far as thn "Worksop" is concerned. enough the "Masterton" dredge v." "s likewise reported upon, and yet c.. '.he recommendation of Mr J. Heisey it was worked, with what striking r.iccess mvejtoi's in "Masterton" shares know. Mr Hessey's good fortune—or is it good judgment? —in pronouncing both these claims payable, at least has meant a gireat thing for Masterton. The history of the Worksop is romantic,in this respect, thac two months ago ore shareholder disposed of 250 £1 shares for 8s per share. A little later sales in ge.".er<4 effected at below face value. Then came some returns A "lead" was picked up, and the week's wash up was forty-seven ounces. This was the turning point of the share market. The following week, keeping on the lead, the dredge master had the pleasure of telegraphing to the Masterton directors the handsome wash-up of 127cz. Next week again wan a record, 131 oz, excelled by the succeeding week, with 1370z. Last week, a short one in respect of hours worked, saw the century again past. HOoz being returned. The share market naturally simmered with each successive return, and without detailing the various rises ot' the share thermometer it is sufficient to state that buyers were in quest of scrip at £2 10s. "About the besf" thing in New Zealand at the present time," exclaimed one delighted holder of a substantial number of shares on Saturday, and if the present returns are maintained for a few- more weeks his remarks will hav? double force. The Company is receiving £4 an ounce for its gold, whi'ih means that in five weeks the gross cash returns are £2,160 worth of the precious metul, of which, at 15oz per week, only £3OO has been expended in working expenses. In conversation with Mr Hessey, yesterday, a Wairarapa Age reporter made a few inquiries as to the prospects before the dredge. Mr Hessey stated that he is confident that the *claim, which is 100 acres in extent, will return payable gold right through. The life of the cluim can be put down at, roughly, five "which would be a safe estimate.

The Company is making' an important change in regard to its headquarters, which have hitherto been at Greymouth. Masterton is to be the future official headquarters, and the secretary will be a local person. The only two West Coast directors have resigned, and Messrs Hes&ey and D. J. Cameron have been empowered to fill the vacancies, which will be allotted to two Masterton mer. The Antonio Company, which went into liquidation recently, has sc;ld its dredge to Messrs Hessey and Cameron, who intend giving the claim another trial.