GREENSTONE CREEK GOLD DREDGING COMPANY.
The annual report of the Greenstone Creek Gold Dredging Company, the annual meeting of whioh was held in Chrislchurch on Thursday night, and reported in our issue of yesterday, states that Messrs Cutten Bros, were appointed consulting engineers. The estimated cost of the dredge being considerably beyond anticipations, it was decided to increase the capital from £8000 to -SSOOO, by the issue of £1 shares. Messrs Cable and Co.'s tender for. the machinery ■was accepted, ihc price being £4500. The contract time expired on September 29. The engine, cast steel tumblers, and manganese steel pins have been procured from England. The West Coast Timber Cpnipany secured the contract to supply timber for the pontoons for £332 lls, and Mr E. G. Sweetman the contract for their erection for £665. A considerable outlay, not included in the original estimate of expenditure, was involved in constructing a dam and water race and mailing a road to the site. Mr S. If. Graves having resigned the secretaryship, iMr F. H. Labatt was appointed to fill his place. Mr Gardiner Wilson was elected to ji/vacancy on the directorate in place of Mr Nicol. The pontoons were launched on October 3, and the machinery has been arriving since early in September, so there is every prospect of a start being made before the New Year. The following extract from a letter, dated 3rd September, from Mr G.illies, will no doubt interest shareholders : — " While up the creek to-day I visited the Chinese claim in Fuchsia Creek. After working for years bringing .up a tail race from the Greenstone, they iiave got on the bottom about 20 chains from our boundary. They are getting splendid gold — coarae siufx up io half-ou^ce pieces, — prospects of over a pennyweight to the di&h on the bottom can be obtained. Their la*t clear-up was £170 from a very small paddock, almost as much as a dredge would take out between breakfast and dinner time."
The amount of contracts and extras is ;£G43O 10s Id, and payments to the amount of .£2289 13s 9d have been made, while the liability on the contracts amounts to £11-19 16s 4d.
GREENSTONE CREEK GOLD DREDGING COMPANY.
Otago Witness, Issue 2433, 31 October 1900, Page 21
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