NEW ROYAL MAORI GOLD DREDGING COMPANY.

Evening Star, Issue 11863, 17 April 1903, Page 6

NEW ROYAL MAORI GOLD DREDGING COMPANY.

A meeting of shareholders in the above was held yesterday to consider the proposal to acquire another claim, and also a second and larger dredge. Mr J. Rhodes, who presided, said the company had three options. One of these was over the Golden Reserve claim, Five-mile Creek, Upper Clutba (Werner’s). The report made on this by Mr J. Bethnne stated that the results of the boring showed the nature of the ground to be as follows:—3ft soil; 15ft river gravel, gold-bearing; 14ft Maori bottom, not gold-bearing; 10ft hard wash, gold-bearing. These measiigpinents gave an average depth of 42ft from the surface. There was nothing in the nature of banks or high surface to interfere with dredging, as any part of the claim was not more than 4ft above the present river level, and it would take a big rise in the river to stop dredging, as the river is very wide. The company’s dredge-master also wrote that in bis opinion the same wash ran through the Rise and Shine, Rising Sun, and Fivemile claims, and was thickest in the last. After paying expenses to date they wouhl have £1,030 cash, and there was no need to hurry the purchase of a new dredge, as half the present claim was unworked. The vendors of the Five-mile claim were willing to take shares in lieu of cash. He moved that the directors complete the option to purchase the Five-mile claim for £250.

This was carried unanimously. A motion authorising the directors to purchase a second dredge capable of working to 50ft or over was also carried.