WEST COAST NOTES.

Press, Volume LVIII, Issue 11021, 19 July 1901, Page 3

WEST COAST NOTES.

(.SPECIAL TO '"THE PRESS.") GREYMOUTH, July 18. Tho contractor for the erection of the machinery of the Orwell Company's dredge ex.pects to havt> the contract completed within four weeks' time. The contractor for building the Prince of Wales pontoons expects to have them afloat early next week. Ihe boiler and engine have been forwarded to the building site. The pontoons for tho Caledonia Company's tlredge were successfully launched to-day. The whole of the company's machinery is at the building site. Perry's Reward Company's dredge is getting bottom at 18 feet, which is rather unexpected, considering the prospecting holes about two chains ahead bottomed at 25 feet 6 inches and 27 feet 6 inches respectively. The dredge is at present working through silt, and there are only a few inches of wash dirt. The Grey River Company's dredge has stopped for repairs, having broken the spindles'. It is expected to start again to-morrow morning. About 20 to 250z are expected for the week. A meeting of the West Coast shareholders in the Teremakau Gold Dredging Company was held last evening to consider the financial postiion of the company. Ten thousand sharee were represented. The following resolutions were- unanimously carried:—(l) "That the directors be requested to obtain payment of all calls immediately, and failing such payment the shares be forfeited and revert to the company" ; (2) "that the directors be recommended to issue 3000 £1 redeemable debcnhires bearing interest at 25 per cent., to be secured by mortgage over the dredge and claim, such debentures to be iseiied io shareholders pro rata." The No Town Creek Company's pontoons were launched yesterday. The Reefton United Company's directors have selected a site for the erection of the pontoons.