MOLYNEUX HYDRAULIC DREDGING COMPANY.
The directors of the Molyneux Hydraulic Dredging Company will submit the following report to shareholders at the next annual general meeting : —
" We are sorry to say that the year's operations have been very unsuccessful, and conse quently we have not been able to pay any dividends. Owing to the poor returns when working the last cut, about half-way up ihe claim, m August last, we decided to stop the dredge for about three months. At this time we were getting the overburden sluiced oil at the lower end of the claim, to enable the dredge to work it to advantage In the beginning of Novembei the dredge was shifted down to the sluiced ground at the lower boundary, and commenced dredging. For the first three weeks after starting the leturns averaged about 18oz, and part of the cut was in the old elevating paddock. Then, early in December, an unfortunate accident happened to the elevator. Repairs were put in hand without delay, and at the same time it was lengthened by 12ft, and io now able Lo stack the tailings higher than formerly. The dredge is working steadily and is in good order; and although the returns so fai are not up to expectations we only hope fhaf they will be belter later or. '
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https://paperspast.natlib.govt.nz/newspapers/OW19040203.2.102.13
Bibliographic details
Otago Witness, Issue 2603, 3 February 1904, Page 26
Word Count
218MOLYNEUX HYDRAULIC DREDGING COMPANY. Otago Witness, Issue 2603, 3 February 1904, Page 26
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