WEST COAST NOTES.

Press, Volume LVIII, Issue 11102, 22 October 1901, Page 3

WEST COAST NOTES.

(SPECIAL TO "THE PRESS.") ti-BEix'MOlF'xii, October 2i. It started raining Uua morning, and coc tinuea ail day, ana is iike.y to cause a net iv the rivers. thirteen teturne to hand give 28oz Bd«t pei drudge ior last -weex. Ali ihe dredges, e*vt. olj, were worn ing short hours. .vddiuonal returns are:—kelson Creek 630z, HoluUka, Kiver 260z. iJS'o official intimation had been received yesterday 01 the above return troin the Hokilika i\.ver Company's ctreage by the secretary. Air W. Koihu, when seen,by a -se.ttative of " ahe i-reae. 'j The .iew River dredges are not yet doing much goodi'no ituby Creek Company"* dredge having at length reached her destination, will commence work at once. She has a good deai of dead work before tier. 'ice Wareatea Company's dredge bottomed at 14ft on Saturday afternoon. The wash is' a splendid sample. She should wash up about next Wednesday, providing the quantity of material couia be treated that the dredge is capable of lifting. The face stands straight, and the material is not heavy, but cement,?, and requires breaking down, which is impossible with a light dredge. fcihe en-, denvoured to push ehead. with a shallow cut, in the expectation of finding mere suitable dredging ground,'but eo-iar the ground Iβmeine the same. The dredge has not be.m able to treat more than fifteen yards per hour, although she is treating surface material to a depth of ten feet only, which is a very small percentage of tie dredge's lifting capacity, 100 yatds per hour. It is also stated that the drectge is tightened up to her limit, and to ask more would be to pull her to pieces. "In face of these difficulties," the dredgemaster says, "I consider it my dv ty to Fsk the directors to consider tn« position." Dealing with the report, the chairman 01 directors says it has caused much anxiety, and while he is reluctant to advise permanent closing down, he cannot help, feeling that the time has arrived when the shareholders should be consulted. The financial position (roughly) is-that the last call of 2s,' or £810, was not spent, while the dredge, water rights and the'other property are unencumbered. He thought it might be possible to let the property on tribute for three or six months. If this is done, the weekly expenses will be very small, and might resuit in easier worked ground being reached, when the company could resume more active operations. The question the directors wish to consider ia: Do they favour letting the dredge on tribute, or do they recommend ! liquidation before the balance is expended? j The chairman requests shareholders to send I a regly by return marl. , j There was no Teturn from the Greenstone • Three Mile Company's dredge owing to the , dredge becoming silted up. It was found : necessary to build a dam and re-float her. It \ will take three or four days, and will affect,! ai?<y return thjs week. It is expected that . the dredge wil] start dredging to-morrow. • The Greenstone Junction Company's dredge ' is now testing the dredging ground - over .' which the company hold an option. i