GOLD DREDGING.

Greymouth Evening Star, 22 December 1902, Page 2

GOLD DREDGING.

A very decided improvement was seen in the share market on Saturday forenoo i, there being a mild flutter for an hour or so. A few transactions took place at an advanced price, but sellers generally appeared to be disirous of hanging : on in anticipation of a spurt early in the year. That this improvement is pretty certain seems to be generally accepted. The steadily increasing yields afford further indication of this. About four dredges are yet reckoned to be- possible liquidators, but the remainder are regarded as pretty sure to be dividend payers. The latest sacrifice was the Han Hau

dredge which was sold to Mr Cooke for £3OO. The machine is a rather poor specimen, but the chief cause of failure was owing to a disputed water right, the company being unable to arrange for water. It is not unlikely that an effort will be made to float a small capital company and arranging with holders of water rights to make a fresh trial. The actual returns obtained under difficulties fully warrant a new attempt being made. Trafalgar though working in silt with small modicum of wash got 25 ozs 6dwts. This company when alterations are made for keeping floods out of face will be one of the best paying claims on the. Nelson Creek.

Alinga got 28 ozs 14dwts for 120 hours work. The result to some extent at all events, dismissed the opinion that the machine is out of the golden belt. We shall not be surprised to see her strike a good lead crossing from a gully, running into Nelson Creek near the claim.

Pactolus No 1 got 17ozs 3dwls for 120 hours, and the No 2 59ozs 3dwts. The wash continues poor, but there are indications of improvement in No 1, while No 2 is dredging into richer wash. Leviathan obtained 9ozs lldwts. Mud and pug pretty well represents the material treated. It is absolutely impossible to save all the gold in such sticky matter. Leviathan Freehold will wash up on Tuesday, but the return will not be very large.

North Beach— 44ozs.. The sample of gold is finer than usual, hence the disappointing return,

Greenstone Three Mile washed up with 17ozs. Ground very' rough. Greenstone Junction got IJoes 12 dwts. Tha dredge was blocked for three days with submerged timber. She has now got a good face on. Xohinoor obtained 31 ozs. The wash is poorer than was expected but is again improving. Callaghans Creek got 25 ozs 12dwts. The dredgemaster says the ground is getting better and he expects the improvement to continue. A dividend of 6d per share was declared on Saturday. The company is in a sound position and is likely to be a regular dividend payer, expenses being small. Commissioners Flat obtained 22 ozs 3dwts for 97 hours. Wash is steadily improving. Claim was about to be wound up when present run was struck.

Shellback, 17ozs lodwts for 130 hours. Dredge off the run of gold. This company is hampered with £IBOO of debt, otherwise might do all right. Duller Junction with 284 ozs puts up her record and a very excellent one at that. She is now on a rare run of gold which bids fair to continue for some time to come.

Nelson Cheek with 105 ozs for 5 days is also another good return. The ground ahead is good and the New Year should see solid returns.

No Town is another record, her yield of 84ozs being a good ending for the year. The prospects of the claim are excellent. Erickson’s Reward puts up yet another record with 53ozs Idwt for 130 hours. This is another of the claims likely to become dividend payers during the ensuing year.