Dredging and Mining.

Cromwell Argus, Volume XLIII, Issue 2338, 3 February 1913, Page 5

Dredging and Mining.

'The rivers are again falling slowly, but wa not yet low enough to permit the gorge dredges to start.

The Punt dredge has worked all the available ground on the west side of the river below the ferry, and is now working up a strip in the bank on the opposite side. in all probability the dredge will afterwards open out into the flat.

The Confidence dredge (late Lowburn) is >teadily at work in the flat above Lowborn creek, and is reported to be getting a little better than expenses,

Hartley is on very poor ground, two weeks work only yielding something under double figures. We are informed that an up todate boiing plant will in all probability he taken to Nevis at an early date One or two claim-holders are anxious to test tlie areas they hold by this means, and have already been negotiating in that direetion. It is the general opinion that there is still a large area of payable ground undeveloped at the Nevis, and there is little doubt that if a plant was landed in the valley its services would be eagerly sought, and that many new ventures would be entered upon. The statement of affairs of the Electric Gold Dredging Company as at December 31st, 1912, shows the company was registered on September 2nd, 1899, with a nominal capital of .£26,000. The number of shareholders at the time of registration of the company was 19, and the present number 260. The number of men employed by the company when dredging is 21. Gold produced during the preceding year amounted to 1978 zs lGlwts, valued at £7,702 5s Bd, the total amount produced since registration being 55,9090zs 2dwts, value £216,169 lis 4d. The amount expended in carrying on operations since last statement was £6,610 4s 6.1, and since l egistratiou £93,423 2s 2d. Dividends declarer! amount to £128,700. Other items in the statement are : ( 'ash in bank and on deposit £3163 4s Bd, (reserve £2OOO ; income tax, etc., £206), cash in hand £lO Is lid; debts owings by the company £691 2s -Jd.

The yearly statement of affairs of the Rise and Shine Cold Dredgir.g Company shows the date of registration as 24th February, 1900." The nominal capital is £12,000, and the amount actually paid up in cash £9746 3s 81. Capital subscribed is £IO,OOO, and the paid-up value of scrip given to shareholders on which no cash has been paid £2OOO, The capital is divided into 12,000 shares (all allotted) the amount paid u]> on each being £1 (less amount due on forfeited share-). The number of shares forfeited is 1335, and the amount received for same £739 lis 3d. The number of shareholders at the time of registration was 158, and the present number 157. The number of men employed by the company when dredging (as per statement) is 11. Cold won during the past year amounted to 14950zs sdwts, value £5778 10s 4d, the total amount produced since registration being 32,2370zs ISdwts, value £125,330 12s 7d, The amount expended in carrying on operations since last statement was £8704 5-; 6d (including £584 4s 9 1 liabilities from the previous year), and the total expenditure since registration £99,604 9s Id. The total amount of dividends declarded is £35,100. The amount of cash in bank and on deposit is £2334 15s 8d ; debts directly due to company £231 His 4d (by original holders of forfeited shares) ; debts owing by the company £682 18s 3d ; contingent liabilities of the company, £2OOO (completion of new dredge, repairs to hull of No J, and installation of rrachinory). The dredgemaster qf the Rising Sun reports for week ending Ist February as follows ;-Dredged 125 hours and worked ahead 15 feet on a cut 90yds wide. Lost a shift shifting head line, and through side lines parting. No change in nature of ground or bottom. Prospects continue fair. I am shifting a quantity of tailings deposited near top boundary by Punt dredge. The machinery is running well. DREDGING RETURNS. Rising Sun . . . . -12 15