WAIPAPA DREDGING COMPANY.

Otago Witness, Issue 972, 5 September 1889, Page 12

WAIPAPA DREDGING COMPANY.

The manager of the Welnaan dredge at Waipapa reports steady and continuous dredging all this week, and the clotha looking better than they have ever done at their best. Two holes have been put down some distance in front of the dredge, revealing plenty of solid and payable ground ahead. In the holea aunk, gold was found from 6ft to 12ft down, each handful of sand washed yielding from 40 to 65 specks of gold. At a depth of 12ft the prospecting pump etruck wash, but was unable to get any dis-

tance into it. Ap extensive examination is being made of the ground, and every indication obtained of the beach being as good, if not better than the ground the dredge is now working on. There have been inquiries for shares during the last two days ; and whilst a few days ago they could nave been purchased under par, they are now firmly held, and sales cannot be effected under 255. From a private telegram received on the 29th, (says the Daily Times) it is fully expected the result of the washing-up this week will be such as to cause the tide of speculation to set strongly towards the beach claims of the South, and the river claims may shortly have to look to their laurels.

A telegram was received on Monday forenoon intimating that 98oz amalgam had been obtained from six days' dredging. A large extent of ground has now been thoroughly prospected, The whole of this ground prospects as well and in several places much better, than the ground operated on last week. The directors, with commendablo promptitude, at once made known the results obtained. To those who have closely watched results as notified from time to time, the present return is in no way surprising, and considering the capacity of the dredge and the weil-known quality of the greater portion of the ground comprised in the company's lease of 60 acres, the probability is that the last return will shortly be greatly exceeded. It is now perfectly clear that the Welman system of dredging can, at moderate cost, satisfactorily put through a large quantity of material, and afc the same time can be relied on to lift the gold contained in the gravel ; and further, ib is only ft question of sufficient length and width of boxes to enable even the fine gold on Waipapa Beach to be saved.

KAWABAU BEACH DBEDGUNG COMPANY. The Kawarau Big Beach Dredging Company (Limited), which was floated last week with a capital of £12,500, divided among 2s,ooo shares of 10s each.has for its object the acquiring and working a special dredging claim of 75 acres at the Horseshoe Bend, on the Kawarau river, some Inconsiderable distance below the confluence of the Kawarau and Shotover rivers. The property is described as being "a true beach claim, with not a single gorge in its whole length, and offering natural facilities for easy and profitable working. The board (a very influential one), who base their deductions on reports supplied to "them by reliable experts, say they have "every reason to believe that the company's operations will be highly remunerative " ; and Mr L. O. Beal, C.E., M.E., who reports on the scheme, states that " the claim is an excepfcionallygood one, and as a dredging claim, equal to the best on the Shotover."

Although the prospectus of the company only ap- § eared in Friday's Daily Times, by 1 o'clock on aturday the shares were over-subscribed by some thousands.

We are informed by the brokers (Messrs J. A. Chapman and L. A. Norman) that up to 9 o'clock on Monday evening the capital of the company was o verBubscribed by 5200 shares. We are informed that over 4000 shares have been applied for in the Frankton Beach Dredging Company, about to be formed, to work ground .adjoining the properties of the abovenamed company. The claim in question is situate between the Morven Ferry and Kawarau Big Beach Dredging Company's ground, and is knowa to bo valuable.

ZBALANDIA Q.M. COMPANY, NENTHOEN.

The following is an extract from a report furnished by Mr John Oates, working manager of the Zealandia, to Mr John J. Bamsay, the legal manager : "August 25, 1889. had the cutting in No. 2 reef baled out, and found here a reef 22in wide towards the gully, and possessing all the features of a rich gold-bearing lode, of a character likewiEe not likely to die out in depth. Gold can be freely seen in the stone, and several prospects were taken from the stone in which no gold could be seen with the glass, the results being excellent— bo much so that I am surprised to hear that the trial crushing from this reef only went 2oz 3gr per ton. Judging from present appearances, the company has here a very valuable property, and I do not think it exaggeration to say that the Zealandia is as much entitled to be classed as the leading claim on the field as is any I have seen since I came here. . . ."

THE FEANKTON BEACH DBEDGING COM-

PANY (LIMITED). In this week's issue appears the prospectus of the Frankton. Beach Dredging Company (Limited), with a capital of £12,500, in 25,000 shares of 10s each. The claim to be acquired by the company comprises 75 acres of what is alleged to be the best and richest beaches and bed of the Kawarau river at the Horseshoe Bend, and described by Mr L. O. Beal, 0.8., as being " equal to the best on the Shotover." The claim adjoins that of the Kawarau Big Beach Dredging Company (Limited) floated last Friday and Saturday, and nas been very favourably reported on by Mr L. O. Beal. Extracts from his report are published in conjunction with the prospectus. The resident director of the company (Mr Wra. Jenkins, Arrowtown) recently visited the company's properties, and in a letter to the secretary he states :— " I have this morning (August 23) prospeoted Mr Fyrke's claim and found coarse gold. A man went over the claim last Saturday and prospected it with a tin dish, obtaining 16s worth of sfold in the gravel under the water level, one piece weighing nearly 3dwt. It is Juot possible that there is a run of coarse gold apart from the beach gold, but at a lower level." Messrs J. A. Chapman and Leslie A. Norman are the company's brekers. It is stated that nearly 6000 shares have been already applied for.