THE YEAR'S RECORD.

Otago Witness, Issue 2808, 8 January 1908, Page 30

THE YEAR'S RECORD.

TSE YEAR'S" EJECORD.

Another year in the history of the dreag- . ing industry -of Oiago has come an 9 gone -without any very serious -diminution, ia the gold yield. As a matter of fact, as far as public companjes s are concerned, our -table erf comparative set-urns, as published -this-week, I shows but little .decrease In the output compared with 3aSt year. Strictly upeak- • ing, -"fie year has hardly been as inI teresting as "its predecessor, ior , the I reason, -doubtless, that the industry ha-3 Tiow settled down to a steady— ■we might almost say permanent — level, which is -more satisfactory to -shareholders.. The old, days of quick, and in some cases rash, speculation, the placing of an expensive -dredge upon a claim -which, after a few phenomenal .yield's, or perhaps, no* even_ that, turned, out a barren waste, 'have, happily, for the peace" of 'mind of She investor .gone. Claims have "been -worked .systematically and judiciously, only -well-proved methods have been aSopteS, and 'taken all round "the industry has -been run- on. Bound commJetrcial lines. It- ha« been proved that it is of no use shifting the dredge to and fro on a claim, picking out the adch -spots and missing 'the bad. "Experience thas taught that the only and .proper way is 'to work_ a claim in a face, and to take the bad 'with the jgood. ?3ie W Bikaia ** ld . &a proved anost consistent dnring >fhe 7«m£ the Mystery Flat, Waikaia, and Koputai dredges obtaining some excellent returns, although the last--named.-dredge has fluctuated a, little in her ■yields. Since its' opening at the beginning of 1905 the field has progressed wonderfully. ."The following interesting facts with reference "to ihe output -are attached to a recentlypublished , map of the field. In comparing ,the~ -various > yields it niußt be taken into .consideration that the different companies .mentioned -did not all commence -dredging operations at the same time-: — v JPaid inDivi£l Shares Gold . dendsper Company. Issued. Won. Value. Share. XI. . Oz. £ £ Koputai .. .. 3500 1172 4,542 4a 700 •Sxixa. .. .. 4880 1235 4,857 Lady Annie .. 4300 3287 12,986 20s 4,200 Masterton .- 5000 fT549 29,748' 75a 18,750 Mystery Elat.. 5513 3127 32,015 44s 12126 Muddy Creek.. -181& -6871 24,688 81a 7,472 .■Swrtzers .. .. 4580 (Becenfly started) , kaikaia. .. .. '3500 3884 IBjSBB 37a 4,725 Duke of Gordon ' (private comirany) .. .* '7192 28,305 Not available. The Molyneux Kiver. has throughout its course furnished its -usual guotaof the year's,' .yield. 3?he gorge dredges, iowever, vaiich' have Twen. -working in the- usual intermittent fashion, liave "been '-contributing "but » moderate portion. Towards the end -of ih« season -the Sailor's Bend dredge 'struck some very ;good yields, and thte company was en-, abled to pay off .debentures, :pay^a divitten.S, and -place a- Tsonsiderable -sum -to 'the reserve » fund. The -old First Chance Company -was. rescued, irom .proposed liquidation, and is now wmrking-^ror rather, waiting " the chance 4o work — under ihe n*raio-oi the 2Tew First Chance dredge. The -total gold yield for tihe^year, as reported irom. in average of about "35 working dredges -per -week, amoxurfcs, approximately, to £47,9210z, as against 52,€820z for 1906, 97,2220z for 1905, and 89,0170z for 1904. There .have, during • 4he comase of Jihe year, been a few liquidations. "There has been < nothing jrenDaxkable about the operations of individual dredges, very few of ihe Otago on«s exceeding lOOoz for the week, .although the Pactolus No. 2, operating on the West Coast, secured a return of 3500z for^ the first week in December — a return which beat the pievious West Coast record, held by the Nelson Creek dredge, by 115oz. Since this the Pacto-lus dredges have "been winning very Trig retinas,. Everything' gointa to. further

profitable and "steady dredging, and, given f fair weather conditions, there is no reason to doubt that -the forthcoming dredging season should be a-s productive as its predecessors. The dividends paid by dredging companies, aa reooided on the stock list a-t the Duuedin Stock Exchange- during the year, amounted to £51,960, and Fy sluicing companies £4350. It isestimafced that if all. dividends paid by dredging companies during the year 'wero included with the above returns the total would .be in" the vicinity of £100,000. Sluicing has been at rather a low ebb dwr- _ ing the year, the -most consistent gold -winners being the Muddy Terrace at Waikaia, "the Tamaiti, the Criffel Lead,; Roxburgh' Amalgamated", / and Nokomai' Hydraulic Companies. .The Arrow Palls Company has. established some very good returns, and would seem to be one of Ihe best of .the sluicing companies. The Branch Creek Company "-will not be in a position to commence operations for some little, time yet. The extremely dry winter, followed ..by a very scanty rainfall in the spring, lias jproved or.c of tlie worst years .known to v "individual miners for a long period; and were it not for the otherwise abundance of employment it would 'ba very hard on a, good many miners. There is quite a boom 'in pegging off quartz clainfs in the line of reef country between Macraes Plat and Hyde. Several 100-acr© lots have been applied for, , also "some Bmaller claims. This _pegging:of£ is occurrence,' 'and^ almost invariably comb to nothing. The reason of which futility 'is not difficult \o understand whan one-realises that, with rare exceptions, 'no -real work "is ever done beyond putting in the. .pegs- and breaking out a few handfuls of stone where the - reef outcrops, spots which have been, known for 20 years or more. , Seldom is there- a case of the , reefs being Systematically laid bare, carefuliy sampled and assayed,, and the .true value of the stone determined. - Modern plait has now been put in and money not spared 'to " reduce -the cost of handling and treatment; and, further, to get a good extraction of tie gold and mineral ■ from the stone. !Hiere is little doubt "that thexo is a great future before this locality in quartz-miningj and that eventually -a arge population Kill be supported from the vyorking of the reefs, and -indirectly benefit i Dunedin and the "province.