THE FIRST TAIERI GOLD DREDGING COMPANY.

Otago Witness, Issue 2456, 10 April 1901, Page 21

THE FIRST TAIERI GOLD DREDGING COMPANY.

TO THE EDITOE. Sib, — Day after day letters appear in the columns of your paper complaining of the bad management of dredging companies, but none, I think, compare with the above company for the wretched way it has been managed. The dredge was pui chased for £800 cash and 1700 paid up shares. The claim was prospected to the satisfaction of the sellers of the dredge, and a further prospecting was carried out for the company, giving 7gr of gold to the yard. The contract for the removal of the dredge and re-erection of the pontoons and placing the boiler aboard cost about ;£350. A staff of se\»en men was employed to put the machinery aboard ; it took them some six months to do it, but several experts had to be called in to " doctor it up." Competent engineers eaid that it would take three men about six weeks to put the machinery aboard and in working order. The period for which dredging was done would be only a few weeks. The gold returns were never published, and are only known to the directors. Sonne five- months ago the company went into liquidation, and all that has been done so far is the advertising of the dredge for sale by tender next week. It looks strange that the claim is not mentioned in the tender advertisement. All the men who worked on the river during the last 25 years aver that the claim is a good one, and should pay handsomely if properly dredged, so that intending tenderers should include the claim m their tender. The subscribed oapital of +ho company was £2000. The cost of removal and re-eiection of the pontoons was about JE3SO; add th<» £800 cash for the diedge, and a balance is left of £850. One would thmk that that amount would be sufficient to put the machinery aboard and in working order, but, if rumour 13 correct, there are liabilities of some £1100. That is a total of £3200 for putting a dredge in a- sort of working order. The unfortunate shareholders need not expect a penny of their money back if tha above figures are correct, and creditors will h?rdlv be paid m full.— l am, etc.,

Unfortunate Shabeholdee Strath-Taieri, April 5.