UPPER MOLYNEUX.

Otago Witness, Issue 2373, 24 August 1899, Page 34

UPPER MOLYNEUX.

(From Ouh Own Corkkspoxdkxt.) MINING. August 21.—The returns for the week of the dredges working in the immediate vicinity of Alexandra pale into insignificance when compared with the record one of 78Goz won by the Hartley and Riley dredge last week. The previous highest week's leturn recorded was the Electrics of Poboz. Who knows but even the Ilartley and Riley's record return may jet bo topped. The Vincent, at the lower end of the Clyde Gorge, and the Ilartley and Jfiley at thf tipper enc 7 doing so well should give confidence to investors in claims lying between those two points, and no doubt time will prove their confidence not misplaced. The Vmcent dredge has been thoroughly housed in, .and the tumbler framing so strengthened that she is now one of the best equipped on the liver, and m all respects fit for the work. This dredge, for lns=t week,put up her record return, co far, of 1430z. Jt is significant that for the first three clays of the week her return was only 48oz, and for the last three days 950z. The Unity put up a return for four days of Tikoz, and the Matau 128Joz for the week. You will, perhaps, recollect that in face of expert opinions I predicted that these claims would yield big returns. Several %yell-known dredgii'g men who now pose as dredging experts stated to me emphatically that the Vincent would never pay a dividend, one eapeci-

ally going so far as to assert that he would not take shares in the company at a gift. Again, take the Unity. Before this company was formed into a priyat.e one it was placed before the public as the Bonanza, with a capital of £5500, of which 500 paid-up shares were asked by the promoters for the claim, but in face of expert opinions it would not go off. One expert stated that there was no gold from Muttontown Point up to Clyde. Again, take the Matau claim. The dredge Moa was built for this claim ; but one Sunday morning she was allowed to gracefully drift past the claim which she was built to work. Expert opinions did the trick, and placed her upon her present claim. When the Matau Company became incorporated I backed my opinions against experts, and strongly advised shareholders to hold their shares. Now those who held their shares in the above companies will reap their reward for not funking. In face of the above facts I would not place the slightest reliance on an expert's opinion, so far as dredging on the Molyneux is concerned. I prefer the opinions of old miners who have worked on the banks of the river and my own observations to those of experts, the opinions of whom are accepted because they have been somewhat successful in their own dredging ventures. As a rule I do not disparage expert opinions, except in regard 4o claims on the Molyneux River. In reference to flat claims away from a river their opinions may be of incalculable value as a guide to the erection of a suitable dredge to work the ground successfully. The Golden Beach evidently is off the rich wash for the present, for the week the wash-up being only 220z. The Moa continues on good wash, working steadily for the week with a return of 490z. On the Manuherikia the Chatto Creek appears to be getting on to the lead at last, as for five days' steady work she washed 290z on Saturday. The Nil Desperandum keeps doing good work under the capable management of Mr M'Math. For the week the wash-up came to 490z. The Galtee More has not yet struck the Manuherikia lead, but may do so now any clay, her wash-up for the week being 9oz. The piedicted slump in dredging stock appears as far off as ever, and one wonders on what grounds a slump in face of such handsome -weekly returns, could be foretold. Years ago I pointed out that the dredging industry had come to stay and expand. Thia it has been doing, and it will go on progressing until every available piece of auriferous dredging country has been operated on. At the same time there are many under the spur of excitement who venture a little in a dredgeing company, and when calls become due funk because the dredge is not in operation in.* few months. Such men should have nothing to do with mining in any form, for these are the ones who bring about a slump. The timid ones who are afraid of losing their money should disabuse their minds of the expectation of quick and large dividends. For under the present brisk demand for dredging machinery it is hardly possible for companies that are now being formed to have their dredges in full work under 12 or 18 months.