Notes from Greymouth. (From Our Own Correspondent.)

Otago Witness, Issue 2574, 15 July 1903, Page 33

Notes from Greymouth. (From Our Own Correspondent.)

GREYMOUTH, July 8. Dredging has been greatly interfered with by floods, but the rivers are now falling. „ Th© Prince of Wales dredge last week got 30oz 9dwt fox 12i hours. The wash continues tight. An. improvement is expected this week.

The Golden United dredge is completed, and should get going next week.

In the Warden's Court at Kumnra this morning Warden Day delivered judgment in the case of Black aiid Brown v. Thn Teremakau Gold Dredging Company (hi liquidation), a claim of £170. Judgment wa3 given for plaintiffs for £140 5s Bd, with counsel's fees (£3 &) and witnesses' expenses. By arrangement £25 was deducted from the original claim, as pkdntiffs had not tie risk of launching.

July 10. The share market has been at a standstill during tfc-e week, no transactions being recorded. The returns to-morrow are not likely to be up to those of last week owing to interference by floods causing a. large quantity of silt to be brought down and deposited in faces. The old Dobson pontoons have been blown up in accordance with tho harboor officials demands.

At Britannia mine, Jlokihinui, last week the c'.ean up gave 3!oz from 41 tons of stone.

The Montezuma dredge will bo ready, for a start in about three weeks. The ground is highly thought of.

July 12. The weather last week, and especially for the last three days of the week, was veTy rough and boisterous, accompanied with almost incessant rain, which flooded all the creeks and rivers, and did a great deal o£ damage to a number of dredging claims. •

Owing to communications being interrupted, a number of returns are not to hand, but the week will certainly not be a good one.

On Saturday morning news reached town that the Grey R;ver dredge had broken away, and was coming down the 'river, which was then in heavy flood, and rising rapidly. There being quite a number of vessels in port quite a scare was raised, shipniastera-^running extra ropes and chains ashore, and putting out protections ahead in case the drstjge might come down that far and get carried in amongst them. Fortunately, howev.er, after floating down about a mile the- dredge was driven by the current on to a sloping beach just about Brunner, where sh« was secured.

Tho Dobson No. 2 pontoons,, which had come to within a mile of the shipping before they got stranded a- few days before, had been sawn and blown up, ard the fragments were carried off by the flood on Saturday night. There was a good deal of uneasiness in town owing to the rapid way in whioh the river rose during the afternoon and evening. WitH a falling tide it still continued to rise till about midnight, wh«n rfc reached its highest level. No damage was done in town, but a good deal is reported from the country. Yesterday the river was still running very strongly, but falling fast.

The Pactolus No. 1 dredge got S2oz 16dwt for eight days, and the No. 2 dredge 50oz for 10 days. Both machines are working in heavy \7as>h.

The Callaghan's Creek dredge obtained 40oz for 173 hours. The appearance of the wash indicate* an improvement, but th« dredge, being a small one, cannot treat large quantities.

Tho North Beach dredge obtained 390z lldwt. As 1 reported last week, the golden wash thinned out considerably on Wednesday ; hence the falling off.

The Totara Flat 'dredge got 200- for 126 hours. The wash continues light and easily treated, and should give better returns. The GTtenatone Creek dredge obtained 17oz 16dwt for 11 days, working all the time in partially turned over ground.

Tho Greenstone June' ion dredge ccnunenced work on Thursday, but the floods have prevented much from being done

The Three-mile Greenstone dredge is still repairing.

The Kohinoor dredge washed uo 20oz 12dwt for 110 hours. The dredg© was interfered with by the floods.

The Leviathan dredge washed up lloz. There is no alteration in the claim — plenty of pug and little wash.

THE MOUNT MORGAN MINE,

BRISBANE, July 10.

The annual report of the Mount Morgan mine shows 'that 262,819 tons of ore were treated, and yielded 143,5840z of gold. £ 150,000 was paid in dividends.

MOUNT MOUOAS MINE,

BRISBANE, July 11

The annual Teport of the Mount Morgan mine shows that 262.819 tons of ore are treated yielded 143,5840z, and £150,000 was paid in dividends.

ENTERPRISE GOLD DREDGING COMPANY.

The directors of the Enterprise Gold Dredging Company, in issuing a balance eheet for the half year ended June 30, report as follows :

"During the half year the returns of gold from both dredges were 15G30z IGdwt 21gr, of the value of £6084 9s Bd. The expenditure, including repairs and replacements!, smoufft to £2741 16s 6d. In dividends £2100 was paid, and £500 was paid for about nir.e acres of ground purchased from the Earnscleugh Gold Dredging Company. The returns from this ground, on which No. 2 dredge has been working for about two weeks, is fairly satisfactory, and it is expected to improve as the ground is opened •up. BoQi dredges are. in good order and working well, and the prospect of steady returns for some time are favourable."

The quantity of gold won by the No. 1 dredge was 701oz 7dwt sgr, and that obtained by the !No. 2 dredge was 8620z 9dwt 16gr. The dividends paid during the half year am<i*nted to Gs per share- On June 30 the company had a reserve fund of JE7OO, and a credit balance of JJO66 13s lOd in the bank, against which th« estimated liabilities were £507 10s Since that date two returns have been obtained by each dredge, tho aggregate yield being 1330z 9dwt 12gr. Since the balance sheet was compiled the director* have declared a dividend of 2s t>er share, tho payment of which will absorb £700. A pleasing feature of the balance aheet is that the wages, coal, and stores accounts for each ■Txedge aie ahown fiuwataly, shareholders thus

being enabled to see at a glance tho cost ol running each machine. NEW GREENSTONE GOLD DREDGING COMPANY. A meeting of shareholders in the New Greenstone Gold Dredging Company was heZd at Kb. 1 Bond sireet, on Friday afternoon. Mr A. James (chairman of directors) presiding. It was agreed to confirm the resolutions passed at a previous meeting increasing the capital to £11.000 by the creation of 2000 new shares at par. BLACKWATER FIVER GOLD DREDGING COMPANY. The following report will be submitted to shareholders in the Blackwater River Gold I Dredging Company at the third annual general I meeting: — " Your directors beg to submit to shareholders the balance sheet of the company as on 31st May, 1903, from which will bo gathered the position of the company. They have to report that during the year the dredge has been removed from the Caledonia Company's claim and re-erected on the Blackwater claim. This work was entrusted to Messrs H. F. Nee 3 and Son, and> your directors have pleasure in testifying to the satisfactory manner in which they performed their work. The company started dredging on the Ist February, and since then the dredge hs3 worked uninterruptedly with the exception of about 10 days, when she was stopped owing t<. the tab'.es being altered and bulkheads being Dut in. This may be considered a very satisfactory record, and shows -what an excellent machine the company has obtained. It also testifies to the efficient and careful manner in which she is handled by the dredgemaster. The gold won to date represents 37Soz, being an average of about 230z per week. Should this average be maintained the company should scon be paying fair dividends. In this connection your directors wish to call your attention to one amount of £984 03 4d brought forwiT>d from last year to the debit of profit and los 3 account. As this account now stands, this must be paid off before any dividends are declared. The amount represents preliminary and other expenses, and your directors propose to transfei part of this out of profit and los 3 account and extend,the paying of it off over a period of years. During the year Mr Tacon retired from' the directorate. Regarding the retirement of tho local director, a proposal has been made to your directors by one of the "West Coa3t shareholders that m place of appointing another local director a resident secretary should be appointed on the Coast. A further proposal has been made that, in place of paying the company's engineers a commission on all work done on the dredge, including repairs under their supervision, they shouldj be asked to undertake this work, and also that of resident secretary, at a fixed annual sum. Your directors recommend that this latter course be followed, and that the number of directors be reduced to four. The auditors also offer themselves for re-election." The total revenue received by the company during the year was £1537 9s, and ihe expenditure under the heading of profit and loss was £1265 12s 4d. Tho nominal capital of the company is £11.000, but there are 100 unallotted shares, in addition to which 525 have been forfeited owing to non-r>ayment of calls. On May 31 the comnany ha/i £543 Gs id in the bank and on hand, while the liabilities amounted to £152 Is 9d.