THE GREY RIVER DREDGE.

Press, Volume LVII, Issue 10778, 4 October 1900, Page 3

THE GREY RIVER DREDGE.

A statement which met with a certain amount of credence was prevalent in mining circles yesterday, that the tables of the Grey i— ver Gold Dredging Company's dredge were showing about one hundred ounces of gold on them since the wash-up on Saturday. What lent some colour to the statement was that it was also reported that shares were practically unobtainable locally. Our Greymouth correspondent telegr&phe-'jUuis follows last night:—"The secretary of "the Grey dredge informs mc that the ■rumour of lOOoz Bhowing on the tables is absolutely incorrect. He expecta that this week's return will probably b_ow a slight increase on that of last week.".

A further telegram from our'correspondent stated:—"lt is not expected that any sensational returns will be obtained until the dredge gets on to the marine bottom in about three weeks' time." , Later in the evening' our correspondent telegraphed: —

"The report that there is lOOoz of gold on the Grey dredge tables is absurd. From interviews with the secretary and directors, and private information, there can only be expected a slight, if any, increase on last week's returns, provided always -that exceptionally rich wash is not mot with. From the position of the dredge, the nature of the ground, and the knowledge of the ground ahead, they do not expect any good returns for a fortnight.

"The Grey River quotations and also the Waipuna's are going up. The reason why is a mystery, as there is nothing to an' increase of Grey Rivers from 28s to 365." Mr H. J. Luxford, secretary of the Waimea Creek and Flat Gold Dredging Company, Ltd., informs us that the company is about to call for tenders for the timber for the pontoons. This is rendered necessary in order to get the wood thoroughly seasoned before the work of construction is commenced. Any day now a cable may be received from America giving prices for -the dredge machinery there, and a comparison with the local prices for the same work will be of interest. A cable message has been received in Dunedin from Mr Raymond Payne from New York in which he states that he has obtained prices' for the machinery (exclusive of pontoons, engine and boiler and centrifugal pumps) for fiye out of the fifteen companies on whose behalf he went to America. The "Otago Daily Times" states that the engineer in Dunedin considers tho .prices satisfactory, and the directors will be called together without delay to decide as to whether the tenders shall be accepted.' It is reasonable to suppose tEat they will be accepted, in which case Mr Payne will be cabled to, and the ■work put in hand. The machinery will be completed within four or five months from tho time of the acceptance of the tenders.