SALE OF A DREDGE

Otago Witness, Issue 2649, 21 December 1904, Page 33

SALE OF A DREDGE

At their looms on Saturday Messrs Sievwright Bros, and Co. offered for sale by auction, under instructions from the First Chance Gold Dredging Company, the New River Molyntux Company's dredge, as she -r.ow lies on the Alexandra River at Alexandra. The attendance of speculators and others interested was large. The dredge was originally the property of the New River Molyneux Company, but did comparatively no work, and owing to the company getting into difficulties it fell into the hands of Messrs A. and T. Burt, who had a lien over the concern. From this firm, it was purchased by the First Cliauce Company at tho time of the loss of their dredge buckets a~ few months ago, and, on the transference of her buckets to the First Chance dredge, was, after a- great deal of trouble, shifted up to Alexandra Bridge, where she at present lies moored. The opening bid for the concern was £300, after which there was some very fair competition. Six bids of £50 brought the price up to £600. Two £25 lASs followed, thus imiaking the price offered £650. At this figure tiie dredge was knocked down to Mr Charles Black, who purchased the concern on behalf of a syndicate at Alexandra This sum should place the First Chance Company in a position to put their dredge into excellent trim for next season. The same firm also offered for sa,le the New Vincent dredge, bidding for -which started a£ i £200, and reached £385. The reserve price,

however, was not reached, and the property was accordingly passed in.