Dredging and Mining.

Cromwell Argus, Volume XLIII, Issue 2282, 29 January 1912, Page 4

Dredging and Mining.

Both rivers remain at a level which orevonts a number of the gorge dredges from wirking. The Clutha particularly is maintaining a high level consequent on numerous showers at the lakes. The 909 dredge was unable to hot-* torn the ground where dredging was resumed, and as it was inadvisable to shift down stream at present the dredge has been closed down until the river falls to a fivorable level. The pontoons and gear recenty in mo at the wreck ot thj Shine II have been removed to the beach and it is evident that the work of salvage is completed, and a good deal of machiney has been secured. Messrs Mdier Bros- are now offering the oil launch, aud other gear for sale. The Quartz Reef Point Hydraulic lid not bottom in the deepest ground it the deep lead where th-3 plant was fejeatly erected. Elevating is now jj.ih.ied to a shallower bench on the nda bat nothing big ha? been struck so lar. A Nevis correspondent states that the hydraulic claims are being fav* ored with an abundant supply of water and soma very satisfactory returns are anticipited at the end of the season. The hartley completed repairs to she screen and commenced dredging igain on Thursday. As the dredge was on rich ground when dredging ceased, a run of very payable returns can be expected. Advice from the Carrick states that about sixteen men are again at work on the Carrick Company's mine, principally engaged in prospecting. Only the Shine I and San are now at work on the Clutha, as the Punt closed down early in the week, the direct reason for which cannot be ascertained. It is, however, reported that repairs are necessary and the returns have not provided for anything beyond, if equal to expenses. There is a keen desire amongst a certain section of dredgemen to give the Golden Sun another trial, as more than half the ground is still untouched. The dredge is at present under offer to the Rise and Shine Company and if not sold negotiations in the direction above mentioned will probably result. The dredgemaster of the Rising Sun reports for the week ending 27th January as follows : Dredged 128 hours on a cut 100 yds wide and worked ahead 15 feet. Average depth of ground 44 feet. No change to report in the nature of the ground. Machinery is running well.

The statement of affairs of the Golden Sun Dredging Company, Ltn, as at Slat December, shows the compuny was forniod on Oucouxbur Ist, IUIO, and is in active operation, but the dredge is closed down. Tho nominal capital is £2OOO and the amount actually paid up in cash £IOB7 10s, arrears in calls amounting to £l:2 10s. The number of shareholders at tho time of registration was 30, and the present number 35. Tho quantity and value of gold produced during the year was 300ozs 12dwts 17grs, value £1551 13s 8d; the amount produced since rogistation being the same, at an expenditure of £3552 18s lid. Tho amount of cash in hand was 14s 3.} d ; debts directly due to the company £l2 10s; debts owing by the company £404 10s 7d, and contingent liabilities nil. DREDGING RETURNS. R sing Sun .. , . 38 4 Shine 1 . . . . . . 210 RISE AND SHINE COMPANY. A special general meeting of shareholdors in the Rise and Shine Company was held on Friday afternoon for the purpose of considering whether or not a second dredge should be purchased. Mr R. Gilkison occupied the chair, and there were about 20 shareholders present. in the notice calling tho meeting it was stated that Messrs Miller Brothers, the contractors for raising the sunken I N0.2 dredge, had failed in their third . attempt to do so, so that the directors hail under offer for 21 days tire Golden Sun dredge, now lying in tho -Cl nth a River. This machine would not, in its present condition, be equal to working the Rise and Shine claim, but Mr F. W. Payne estimated that for an expenditure of £3500 (including the purchase price) it could bo made equal to tho old No. 2 drudge. To meet this expense the company had in hand about £3404 (including' the reserve). The manager estimated that the leaseholds would be. worked out by one dredge in about 11 years, or by two dredges in about half that time; while tho freehold would take two dredges from two to three years more. The Chairman said that tho directors had called shareholders together to con sidor a question of policy and a very important question. They were to decide whether the directors should or should not buy a second dredge. As they knew, the No. 2 dredge had. not been provided out of tho original capital of the company, but had been paid for out of the prolits of tho No. 1. On this account ho had always looked upon tho second drudge in tho nature of a reserve fund. Well, they all know what the fate of that dredge had been. Some of the machinery from it had been salvaged, but that was all, and they were now faced with the question whether they should buy another dredge or not. At present they had in hand some £3400, £lO Oof which was the reserve accumulated from former years, and the other £2400 of which had been won by the No 1 dredge since the No 2 sank, and had been held by the directors instead of being paid out in dividends. At the present moment the Golden Sun dredge was under oiler to them and it was lying about two miles from, their own claim. They were offered this dredge for £7OO, | and the balance of the £3500 mentioned in the circular, would be required to convert it into a thoroughly good machine, equal in power and capacity to the old No. 2. The Golden Sun dredge was too weak for satisfactorily working the Chitlin river in its present state. He had a letter from Cromwell stating that an expenditure of £3500 was far too much, but his opinion differed from that ! of the writer. Those of them who had j been in the company for years knew that the only possible way to make their claim a success and get the gold from it was with a big powerful dredge. Jf the machine was not a strong one it was | better not to spend any money upon a i dredge at all. They calculated upon 1

making the Golden Sun dredge equal to the No '2 with a new sot of buckets, a new boiler, aud by enlargiag the gear in various way. If that meeting authorised the directors to procure a second dredge they were not bound to take the Golden Sun. Since the circular had been issued they had received an offer of a dredge on the West Coast much more nowerful than the Golden Sun, and probably a better machine altogether. It would bo for the directors to find out how the prices of the two would compare when the satisfactory removal of the latter was arranged for. He was in favour of buying a second dredge because he thought it would become necessary iater on, and he would move that the meeting recommend the directors to prpeure another dredge. Mr James Milne seconded the motion Mr Coustou questioned the advisability of the buying of the Golden Sun dredge, as he considered it would be a bad polie3 r as well as unnecessary. He also asked what the cost oE the No. II had been. Tli3 Chairman said it had cost £5200. In regard to the other question, he stated that it was hardly reasonable to expect that the No. I would live long enough to work out the claim. Under ordinary circumstances the pontoons would have to be renewed in about 12 months' time. Mr F. Mitchell expressed his disagreement with the chairman's opinion, aud said that to test the feeling of the meeting he would move—" That the directors do not buy auother dredge in the meantime." Mr W. Wilkinson asked why they should not buy a new dredge. His experieuce of second baud machines had not impressed him much in their favour. The Chairman said the present state of the funds of the company made such an idea untenable, as it would take three times as much as they had. As yet they had no particulars to hand about the West; Coast dredge, as it had only been offered to them the previous daj r . Continuing, the chairman said that if they bought the Golden Sun dredge they would get the claim also, and as this had never been worked prDperly it was an unknown quantity. He then proceeded to put his motion to the meeting, and, on a show of hands it was declared carried by nine vptes to six. The were also a large number oE proxies in favour of the directors recommendation to purchase a second dredge.

It is understood that the West Coast dredge referred to above is the machine which formerly belonged to the Nelson Creek Company.