THE GREY RIVER DREDGING COMPANY.

Press, Volume LVIII, Issue 10863, 12 January 1901, Page 10

THE GREY RIVER DREDGING COMPANY.

In a circular letter to the shareholders, the directors of the Grey River Dredging Company furnish some .particulars respecting the work performed by the dredge since the commencement of the operations in September last. For the sixteen weeks ending December 22nd the gold obtained was valued at £2417 10s 2d, an average pet week of £151 Is lOd, •nd equal to about 390z of gold per week. The cost of working the dredge for the period was £761 2s 3d, or an average of £47 lis 4d, roughly 12oz of gold, per week. The profit for the sixteen weeks amounted to £1656 7s lOd, and of this, £1062 10s is being divided amongst the shareholders, the bulk of tho remainder being used to extinguish the debt which existed in connection with the conBtrruc.ion and equipment of the dredge. As the Company have 1500 shares in reserve the directors do not consider it necessary to carry any of the present profits to reserve, but in tho future they hope to make this provision and establish a substantial reserve fund for tho purpose of equalising dividends and meeting adverse contingencies. The cc__pje_e weekly returns from the dredge since the commencement ©reoperations are: —

Week ending September 29th— Sot 14dwt Week ending October 6th—l2oz 17dwt

Week ending October 13th—22oz ldwt Week ending October 20th—lloz lOdwt Week ending November 10th (three days)— 17oz sdwt

Week ending November 17th—39oz 2dwfc Week ending November 24th—47oz 17dwt Week ending December Ist—sloz 16dwt Week ending December Bth—loßo*s 19dwt Week ending December loth—l6ooz 16dwt Week ending December 22nd—1460z. Total 6-2«oz J7dwt.

The dredge is now in position near the centre of the company's claim, and has been working near the north bank of the Grey River. When work was commenced in this position the ladder was not sufficiently long to admit of the bottom being cleaned up by ths buckets, and a portion of tho ground traversed will reouire lo be worked acain later on when the ladder has been altered to suit the deeper ground within __» company's area. It is not considered advisable to alter tha length of the ladder till the shallowest ground has been dealt with, as it is manifestly desirable to avoid having a long ladder for the shallow ground. Only about onethird of an acre has been worked in obtaining 5720z during the last few weeks, and present circumstances point to the company enjoying a long and profitable career. Accompanying the circular were enclosed the warrants for the company's first dividend of 2s Gd per share. (FIUCSS ASSOCIATION T__L__Q_-AM.) GREYMOUTH, January 11. The Grey River Dredge will not wash up this week. It has been a broken one. The flood made the river too deep for the ladder in the early part. When the water subsided the dredge encountered sludge material, which had filled the previous workings. Altogether very little work of a profitable nature was done during the week. * CANTERBURY STOCK EXCHANGE. *»■ sale was recorded yesterday at the following premium—Reefton United, Is Cd. The following are yesterday's latest quotations, subject to the dsual brokerage: — Al.—Sellers, 235. Caledonia—Sellers, ss. Centra! Electric—Sellers, £4. Cluughesey's Freehold—Sellers, par. Commissioner's Flat—Sellers, par. Dobson No. 2—Sellers, 30s. Ford's Creek—Sellers, 25s 6d. Great Woodstock—Sellers, Is 6d. Greenstone Creek—Buyers, 30s; sellers, 84s. Grey River—Sellers, 72s 6d. Grey River Consolidated—Buyers, 3s 9d. Grey River No. 2—Sellers, 8s 6d. Grey River Extended—Sellers, 3s. Grey Monarch—Sellers, 3s. Hartley and Riley—Sellers, 140s. Hokitika Extended—Buyers, Is 6d. Hokitika Junction—Sellers, 2s 9d. Hokitika River—Sellers, 15s. Kohinoor Extended—Sellers, Is 6d. Leviathan—Sellers, 425. Mosquito—Sellers, 3s. Maori Gully—Sellers, Is. Maori King—Sellers, Is lOd. Murchison—Sellers, Is 6d. Pactolus No. 2—Buyers, 2s; sellers, 2s €d. Perrett's Junction—Sellers, par. Prince of Wales—Buyers, ss. Perry's Reward—Sellers, Is. Red Jack's—Sellers, 3d. Reeves' Proprietary—Sellers, 81s. Ruby Creek—Buyers, 6s. Reefton United—Buyers, Is; sellers, 2s. Sullivan's Lead—Sellers, par. Teremakau—Buyers, par; Sellers, 6d. f~ u Tucker's Flat—Sellers, 2s. . Victory—Sellers, Ba. f Waimea—Sellers, par. White Star—Sellers, 20s. Westland—Seller,, 6d. Waipuna Creek—Sellers, par. ;• (PKESS ASSOCIATION TELEGRAM.) DUNEDINj January 11. Dunedin Stock Exchange sales at premium: —Grand Junction, 6s; Grey River Consolidated, 4s; Kawarau Bridge, 3s l£d; Kohinoor, 9s 9d; Maori King-, Is 6d, Is 3d; Mosquito, 3s l_d, 3s 3d; Pactolus No. 111., 8d; Tersznakau, par; Waretea, 4s 3d. Paid up—Arrow Junction, 30s 9d, 31s 3d; Bannockburn Creek, 15a; Blue Duck, 15s; Cairnmuir, 31s 6d; Dunstan Lead, 21s; Ford's Creek, 22s 6d; Galvanic, 32a; Gold Queen, 31s 9d, 325; Golden i Run, 495; Grey River, 675; Hartley and Riley, £6 17s, £6 lCs, £6 15s; Majestic, 245; Meg arid Annie, 36a, 27a 6d, 28s; Merrimac, 365; .Now Alexandra, Ga Gd, 7s, 9_, 10 S , 9s 6d; Sailor's Bend, 37a 6d; Waikaka Forks, lis 6d; TJTaipuna, lis 6d. Otago Exchange sales. Paid up—A*lpine Consols, 42a 6d; Alpine No. 11. 39.; Dobson No. 11.. 28s; Electric, 475; Electric Exf-cnded, 41s; Kelly aad Casey, 31s; Magnetic 2Ss 9d; Mokoia, 26»; Reeves's Proprietary, 24s 9d: Second Magnetic, 29s 6d.

Equitable Exchyanse Sales:—Boundary Creek. 24s 3d; Moa Flat, 19s; Sixteen Mile Beach. 18., 19s.