Notes from Reefton. (From Our Own Correspondent.) REEFTON, March 22

Otago Witness, Issue 2505, 26 March 1902, Page 24

Notes from Reef ton. (From Our Own Correspondent.) REEFTON, March 22

Alpine.—The mine nmnager reports —Work for the week consists of an extension of >To 11 level north 10ft, malting the total distance jl7ft. The stone is now 18in wide, and looks /ike widening. The contractors in No. 7 north cross-cutting. There is nothing fiesh to Neport. f^SLECTRIC EXTENDED GOLD DREDG■S ING COMPANY. Though the Electiu Extended diedge wa-ve-ry successful when able to work to advantage ths persistently high nvei has pioved very detrimental to <t~ financp", and the company 4 tiow finds itself 11. difficulties. With the object 'pf leheving the embarrassment until the dredge cai> get to work again the directors have deu cided to appea' to ?hareholacr? to take up deftientures, and have is=ued the following circular in connection therewith —" Six months ago it na» found necessary io ia:se the sum of £600 for the purpose of carrying on the toperations 01 the company. This amount has "been ab°orbed, and the loan ha= become due .Your directors have therefore found it nece'-s.trv Ho iPßue 200 debentures of 15 each, equal to the .value of £1000, beaung interest at the rate of £0 per cent pei annum, terminable m 12 knenths, and to be offered pro rat.i to the shaieJjolders, the security for such debentures to be jver dredge and claim. It ia open for you m apply for a larger number of deben,ures than the proportion you are entitled to. fn the event of any of the 2i>o debentures remaining unapplied for they will be distributed pro rata among the shareholders making ap>lication for extra debentuies. It is very esaenial, in the interests of the company, that shareholders take up the debentures immediately, otherwise the company will have to suspend operations. The river is now getting sufficiently 'low for profitable dredging, and it is believed that wh»n the dredge starts she will do well. 'Applications for debentures, accompanied by cheque, ,nupt he in the hands of the secretary ■en or before Saturday, 31st March.' CELTIC GOLD DREDGING COMPANY. The second annual report of the directors of the Celtic Gold Dredging Company states that, after mnumeiable and exasperating delay 6, the dredge was completed and Ftarted work on the 15th August, 1901 On the 28th SfDteir.ber the dresigemaster re'.orUd 2-ioz 17dv\t,

| gold, and the following week 13oz 12dwt were got. To December 31 the tota' quantity of gold obtained was 1350z 12dwt 22gr, valued at £543. Breakages were experienced which are incidental to new machinery, and hindered operations somewhat, besides being a very costly experience. The directors now feel the company's affairs have taken a turn towards permanent prosperity, and the returns for the month of December gave a good margin over working expenses. The dredge was overhaiiled during the New Year holidays, several alterations being effected, and they confidently expect from this out the dredge will work to better advantage than she has, although the work done in the way of putting material through has been fully up to what was expected. The dredge started again after the New Year on the 6th January, and for the period to 18th January—for 10 days' work — 630z amalgam (from which 230z retorted gold were got) was the result. Up to the time of writing returns for the current week are not to hand, but are not expected to be great, as the dredgemaster reports that a submerged lagoon, from which sludge and slush are only got, has been struck in a part of the face. Thi» direciors were fortunate in securing the services of Mi Albert May as dredgemaster at the openl'lg of the dredge, and regret his acquiring a large share in the Record Reign Company's dredge led to his resigning his position in thib company to manage his party's dredge. The directors wish to record their appreciation o.' his zeal for the company's interest and welfare. Iv Mr Peter Brand, who succeeded Mr May, the company have a very painstaking r.'id up-to-date manager. In conclusion. thr- directors trust the"company will befor» the npxf annual meeting have wiped out the liabilities and be in a position to declare dividends. The statement of affairs shows that the total expenditure since registrat on is £5021 9s 7d. j ■ 1