THE DREDGING INDUSTRY ITS PRESENT POSITION.

Otago Witness, Issue 2490, 4 December 1901, Page 27

THE DREDGING INDUSTRY ITS PRESENT POSITION.

No. XL

Following is a further list of dredging companies with what information concerning them can be gleaned. Many of the secretaries of the companies in this list are f not resident in Dunedin, and cannot be personally interviewed. Certain information it was desired to place before the public cannot therefore be given : — . BELMONT.— NominaI capita], £10,000; contributing capital, £6610. The claim is on the Waiau River. The dredge is at wort, but the gold won is not ascertainable. BULLER DREDGES.— NominaI capital, - £7200 ; contributing capital, 12,000 shares of 10s each, on which 7s 3d was called up. The company ceased operations, and went v into liquidation, the ground proving unpayable. Dividends amounting to £500 were paid. The claim was on the Buller River, near Murchison. BULLER JUNCTION.— NominaI capital, '£9375; qa^tributing capital, £7656 ; uncalled

I capital, £468 15s. The claim is on the Buller River, near Inangahua Junction. A I dredge has been at work for some time, and dividends to the extent of £312 10s have been declared. CALLAGHAN'S CREEK.— Nominal capital, £9375; contributing capital, 10,000 shares of 15s each, on which 10s 6d per share has been called up. The claim is at Callaghan's Creek, West Coast. A dredge is being constructed,- but the progress made is not ascertainable. CELTlC— Nominal capital, £4000; contributing capital, £3000. The claim is_at Waikaka. The dredge has just started, and has obtained gold. DAYLIGHT.— NominaI capital, £8000— viz., vendors 2000 shares and contributors 6000 shares ; 18s called up. The claim is situated on the Ahaura River, West Coast, and is considered to be a good one. The ma.chinery and boiler were contracted for in Invercargill. The engine has been delivered near the claim. Se%oral shares have been forfeited, and more capital will be required to put the dredge on the claim. i DOME CREEK.— Capital., £5250. The claim was at Waikaia. On the dredge commencing- work the claim proved unpayable, and the company went into liquidation. EMPlßE.— Capital, £5000. The company have two dredges at work at Waipori Flat. The gold won at 31st October, 1900, was 21230z, and dividends to the extent of 33s 6d per share have been paid. | ETTRICK.— NominaI capital, £11,000; j contributing capital. £9000. The original | capital was £4500. The old dredge was sold to the Switzers Company after winning a considerable sum in gold, and a new dredge is nearly ready for work. The claim is at ! Ettrick, and the dividends paid amount to £3150. I EUREKA.— Nominal capital.. £4500; contributing capital, £1500. The dredge started work in March, 1900, but the results were not very eßcoura^inp. The company after- j wards went into liquidation, the assets being -purchased by t&e Mataura Consolidated Company. Whether shareholders got any return of the capital invested is unknown. The claim was south, of the bridge at Mataura. j EVAN'S FLAT.— Capital, £3200, which ! includes the addition of 400 shares to the original capital.' Operations began in July, 1898, and up to the end of 1900 the dredge had won 168Soz of gold. What was got after that is not known, but the dividends paid amount to £2310. The claim, which is at Evan's Flat, became worked out, and the j dredge is being removed to a new claim on the fuapeka River, below the Lawrence { claim. , '

EXTENDED 14-MILE BEACH.— Nominal capital, £11,000; contributing capital, £8500, on which 4s has been called up. The claim is on the Molyneux, about 14 miles below Alexandra. No_ contracts have been let, the company awaiting a favourable opportunity to purchase a suitable dredge. There is every probability of this and the Golden Molyneux Company amalgamating. The motive power for working the dredge will be a Pelton wheel. GALTEE MORE. — Nominal capital, £7000; contributing capital. £5000. The claim was on the Manuherikia River. The dredge started work in April, 1899, and by the end of the year had won 2030z of gold. It was decided to wind up the company, and the dredge was sold to the Foley's Creek Company. Dividends to the extent of 7p 3d were paid, and there was a fo\u*th and final divide-nd to be paid, but the amount of this is not »scertainab!e. GOLD CREEK.— Nominal capital, £5000; contributing capital, £3000. The claim was at Chatton, Gore, and was worked by a. dredge with bad results. The company has gone into liquidation, the company's assets being sold to. the Gold Creeks Syndicate. GOLDEN RlPPl+E.— Nominal capital. £10,500; contributing capital, £8700, of which. 500 shares of £1 each are unissued. -On the remaining 8200 5s has been called up. No contracts have been let, the directors deciding that it would be better to await developments from adjoining claims, and to obtain, if possible, a suitable dredge ready constructed. Th« claim is on the Molyneux River, opposite Bald Hill Flat. A meeting is to be held on .Monday evening to consider the position of the company. GOLDEN MOLYNEUX.— NominaI capital, £8500; contributing capital, £6500, on which 11s has been called up. The claim is on the Molyneux River, between Roxburgh and Alexandra. No contracts have been let, the directors preferring to await a favourable opportunity for purchasing- a dredge ready made. This company will probably amalgamate with the Extended Fourteenmile Beach. GOLDEN TREASURE.— NominaI capital, £3000; contributing capital, £1500. The claim is at Miller's Flat. ;£IMSI; £IMSI 18s (£5 0s 6d per share) has been paid in dividends. GOLDEN GATE.— Capital, £2500. The claim is at Miller's Flat, and dividends to the extent of £5 9s per share have been paid. The total amount distributed has been £13,625.

GOLDEN RUN.— Nominal capital, £11,000; contributing capital, £9000. The old dredge was cold, and a new one commenced dredging in April last. Dividends to the extent of £5193 15s have been paid. The claim is at Miller's Flat. GREY RIVER. — Nominal capital, £10,000 contributing capital, £6500; all called up, and 1500 £1 shares are held in reserve. The claim is situated on the Grey River. Dredging began in September, 1900, and the yield to the end of that year was 6270z. What the dredge has won. since is not known, but up to the present a dividend of 2s 6d per share has been paid. JONES'S FLAT. — Nominal eapi'al, £10,000; contributing capital, £7750. The claim on the Grey River proving unsuitable for dredging, the company went into liquidation.

KANGAROO CREEK (formerly known fta Thomson' i Bullook Creek Comjpaay|.—

Nominal capital, £10,500 ; contributing capital ££000. The claim is on Kangaroo Creek, a tributary of Red Jack's Creek, Grey Valley, West Coast. The machinery and pontoons are in course of construction, and are expected to be completed by the end of the year. KAPAL— Nominal capital, £9500 ; contributing capital, £5700. The claim is on tho Grey River, Westland. This company lias purchased a half interest in the Great Lead Company's dredge, which is being erected on the Kapai claim, and will be working in about two months. The two claims are adjoining. LADYSMITH.— NominaI ca.pital. £15.000 ; contributing capital, £12,000/ on which as per share has been called up. The claim is on the Molyneux, near Roxburgh. What position contracts, if any are let, are in is not known. LAWRENCE.— CapitaI, £1500. Of the 1500 shares, 1050 were given for the dredge and 450 placed with investors. The claim is at Tuapeka Flat. The dredge has been working for some time, and up to the end of 1900 had won 5650 aof gold. The dividends paid amount to £825, or 11s per share. j

j MAJESTIC— CapitaI, £6500. The claim is in the Molyneux River, at Miller's Flat. The dredge is at work, but- what her earnings have been is noL known. As the available capital was £5700, and the dredge was j to cost £6264-, the.-c would be a debt at I starting. The position of the company is stated to be now bound and healthy, but no dividends have yet been paid. M'LEAN'S WAIMUMU FREEHOLD.— | Nominal capital, £7500; contributing ' capital, £+000. The claim i? in the Waimumit district. This company has only recently been formed. MEG AND ANNlE.— Capital. £7500. The dredge commenced work on the claim on the Kawarau River in September, 1900, and by the end of the year had won 9330z of gold. There was a considerable debt at starting, but this has been wiped off, and dividends amounting to 7s per "share paid. MERRIMAC.— CapitaI, £10,500. The claim is on the Kawarau River at Gibbston. The dredge began work in November, 1900, but shut down owing to the liigh state of the river. It worked again subsequently, but from the fact that the company is m financial difficulties cannot have won gold to any considerable extent. MILESTONE.— NominaI capital, £5500; contributing capital, £4380. The claim was at the junction of the Nokomai and Matauia Rivers. This company has gone into liquidation ; return to shareholders, if any, unknown. MONA.— Nominal capital, £9000; contributing capital, £6000. The claim was at Wakamarina, and, the river proving unsuitable for dredging, the company went into liquidation.

NIL DESPERANDUM.— CapitaI, £6300 (all contributing). The claim was on the Manuherikia River. The dredge started work in July, I£9B. For the first three months the record wash-up was 3oz. About the 2nd October a rich lead of gold was ( struck, and 10350z won up to the end of ; May, 1899; while the total gold won to the 31st December of the same year was ! 16850z. For the half-year ending June 30, j 1900, the yield was 2430z — a weekly average of over 9oz. The wonting expenses were estimated at 12oz per week. The dividends paid to the end of December. 1899, amounted to £1872. The company has since gone into liquidation. PACTOLUS —Nominal capital, £9375 ; contributing, £6875; uncalled capital, £1250. The claims are on the Nelson Creek, an, l the dredge has now been working for a short time and has got very good returns. PREMIER (Bnller). — Nominal., capital, £9000: contributing capital, £80*5.- The claim is at White Cliffs, Bnller River. The machinery is in course of erection on the pontoone. REEFTON UNlTED.— Nominal capital, £11.250: contributing- capital, 12,000 shares of 153 each (on which 6s has been called I up) and 3000 vendors' shares of 15 s each (regarded as being paid up to 10b). Boring proved the ground (Mikonui Riier, near Rors, West Coast) to be too deep for profitable dredging, and the company is being wound up. RELIANCE.— CapitaI, £3600. A dredge has been working for some time, and been getting fair returns regularly, but the exact erold won is not known. The claim is at Tuapeka Flat. ! RUBY.— Nominal capital, £8500: contriI buting capital, £6500. The claim is on the Molyneux River, at Wand Block. The machinery is finished, the engine and boiler are on the claim, and the pontoons ha^e been launched. SCOTTISH CHlEF.— Nominal capital, £8000; contributing capital, £6800. In January 8s had been called up, but what additional calls have been made is not known. Machinery for a dredge was ordered, but the precise condition of contracts is not stated in the information supplied. The claim is on the Molyneux, at Tuapeka Mouth.

SUCCESS.— CapitaI. £2400. Operations commenced in November, 1897, the first year's earnings being used to pay off liabilities existing. Up to the end of 1900 32980z of gold were obtained, and £6720, or 56s per share, has been paid in dividends up to the present time. The claim is at Waipori Flat.

TUAPEKA.— CapitaI, £2800. The claim is situated at Tuapeka Flat. Operations began in June, 3898. At the end of 1899 the yield of gold was 9070z, and for the following year 5770z were obtained. The gold won since then is not known, but altogether £2170 has been paid in dividends. UNITY. — This company was originally a private one with a small capital, and was afterwards floated with a contributing capital of £10,500, all of which has been called up. The claim ia on the ilolyneux, a little belojjr CJx;de. A dredge was constructed^ an,d

has been working for about three years, and for the year ending Soptembci 30 won gold to the extent of £3379 10s 6d. WAlOßA.— Nominal capital, £3000; ven- | dors' shares, 1650; contributing, 6350, r called up to 20». The claim is situated 1 on the Kawarau River, between tWe Eclipse and Metallic claim*. A contract for the I machinery was let in Melbourne, the engine and boiler are in Dunedin, timber and all material;, are on the claim, but the pontoons are not being proceeded with yet, the directors waiting developments of claims in the same neighbourhood. WAIMUMU CENTRAL.— NominaI capital, £7000 ; contributing capital, £4500. The dredge began work in April, 1900, and at the end of tho half-year (June 30) had produced HOoz of gold, or an average of 12oz ior, s=ay, nine weeks. For the half-year ending- December last the yield was 5390z, or 20£oz per week. What gold has been got since is not known. Five shillings has been paid in dividends. The claim is at Waimimw. WAKAMARINA. — Nominal capital, £8000; contributing capital, £7500. The ! dredge was supposed to be unsuited to the claim at Wakamarina, and the company went into liquidation. WET LEAD.— Nominal capital, £8500: contributing, £6000, which 6s 6d was called up. The company went into liquidation in consequence of the unfavourable reports after prospecting the claim. A return of 5s 4^d per share was made to shareholders fcho had paid up to 6s 6d. The vendors agreed to forgo any and all claims they had against the company, the loss to shareholders thus being Is l£d per share.