Mining Notes from Nobles. (From Our Own Correspondent.)

Otago Witness, 5 December 1900, Page 22

Mining Notes from Nobles. (From Our Own Correspondent.)

November 26. — The different dredging companies are pushing their work forward energetically.

The Waipuna dredge is working poor ground. The return of 9oz each week suggests a move on to bettei ground that is known 'to be on the property; but to move on to other ground is a matter of time, as the dredge has to cut her own way, there not being sufficient depth of water to float from one place to another. However, she is forging her way nearer to the river, and I expect shortly to be able to report good returns.

The contractors for the Great Lead pontoons have nearly completed their work, and the launching will take place very shortly. From all appearances it is a first-class piece of work.

The Grey River Consolidated is now making amends for being slow in beginning. The contractor, Mr Jay, has a capital body of men at work, and the pontoons show big advancement each week. This property had a thorough prospecting (as* all the properties taken in hand by the Zealandia Syndicate have Had), and warrants the opinion that it will prove a good dividend-paying investment.

The contractors for clearing the bush on the Mosquito claim have about completed their contract, so that the dredge when it begins will have a clear face to start on.

Mr Smith is doing real practical work in prospecting Perrett's Junction. "Until the result is made known I shall refrain from any further description of the property.

An uneasy feeling has arisen in consequence of the reports concerning Bullock- Creek. One of the papers said the least said about it the better. The writer ot that paragraph made, I think, a- mistake. It should be thoroughly inquired, into, and if the allegations are proved true the perpetrators should be exposed. I see no reason why mining investment should nob be taken from the " wild-cat" venture that too often surrounds it, and put upon the firm footing of a stable industry. It could easily be done. Reports on a property may be thoroughly genuine and trustworthy, and justify the flotation of the property; but before an expenditure of some thousands is incurred in building a dredge each claim should undergo a thorough prospecting by practical, independent men. It should be one of the conditions of the prospectus that a definite sum of money should be set aside for that purpose. Even then an error of judgment may be made, but it would be reduced to a minimum. If after undergoing the test it did not warrant proceeding any further, better throw it up at once; but if satisfactory, the shareholders would feel they had something reliable to depend upon. Mining would thus soon be placed in a better position for both promoter and investor.