DREDGING.

Tuapeka Times, Volume XXXII, Issue 4764, 23 June 1900, Page 3

DREDGING.

A PALL IN HABTLEY AND BILEY'S. /Oar Dunedin correspondent wired last night : " The Hartley and Biley return for the week is 260z lldwt; three parcels of shares aold at £6 15s per share. The Matau return for the week is 600z." / _ / Th* Tuapeka dredge obtained 12oz sdwt of gold thi<» week for 134 hours' worker <-A k;,The Vincent dredge has obtained a return of 730 i for three days' work./ It js currently reported that the Woolshed No. 2 drfdge, working at Waikaka, has gone Into liquidation. This is the dredge whioh some , interested parties reported obtained 68oa lor a week's work. One member of the party ;is said to have sold his share (a sixteenth) for £200 immediately before the meeting at whioh it was decided to oease operations. The two following paragraphs from the Austialian " Mioirjg Herald " will show our readers that New Zealand has not got a monopoly of dredging ground: — "Steadily the dredgeß are getting ready for work in Mew South Wales, and the snaremarket, in readiness for eventualities, is hardening. It is difficult to get accurate information of aotual yields, and those proprietaries and companies whioh publish anthentio particulars deserve commendation. So far nothing sensational has come to light, but there can be no doubt that several of the dredges are handsomely paying their way, with every prospect of some day or another striking a patch that will make a material alteration in the aspect of the accounts. From Queensland tidings are awaited of the proceedings of the Burdpkin Falls dredge, whioh should shortly be r«ady for work."— "The Snowy and Thredbo Rivers (N.8.W.), whioh drain a large area of gold-bearing country at the foot of the eastern alope9 of the Snowy Mountains, are to be the scene of a promising dredging enterprise. For a long time past miners, with very primitive appliances, have been moking a living from the " beaches," and the returns given by a dredge properly equipped and operated should be very satisfaotory. From - one comparatively Bmall piece of ground it is stated that one man obtained as much as soa of gold, worth £4 an ounce." J At a meeting of directors held at Wood's Hotel (Dunedin), on Thursday, the following dividends were declared : Golden Gate, 6s ; Golden Treasure, Is 6d. It is reported that a ptoapeetor has <3iseoveieS a nevf goldfieln 1 , lying south toi Maryborough, Qtteeaslancl. The matter is being kept very quiet, but it appears that the supposed new field is an alluvial one, and it is Mid that it will carry 1,000 men, and that water is plentiful. A meeting of applicants for shares in the Central Magnetio Gold Dredging Company was held in Dunedin on Monday evening, when it was deoided that the registration of thf company may be effected and the properties off-red he acquired, with a Bhare list of not less than 5000 shares nor more tiian 6000 shares. Not more than 2a 6d per share ie to be called ap until the returns from the Second Magnetio Company's dredge, which it expected to beat work on the adjoining olftim in about two months, are known, when the shareholders in the Central Magnetic Company will deoide as to their future action. At least 2000 shares must be reserved, which will be available for issue pro rate amongst contributing shareholders.— * »4» 4 Daily Times." The Alpine dredge, near Cromwell foundered on Wednesday. She is completely under .water, only the funnel showing. It is •opposed that Bhe Btruok on a rook with her bows and the pontoons burst opan. The master and orew tried to beach her, but she sank almost in midstream before anything conld be done. The "Dredging News" says: — "The guinea-pig director not being quite so frequent aa of yore, investors have a new trouble —that of guinea-pig secretaries. Some of these, with only the mental equipment of the average olctk, have secured many companies' secretaryships, and with the secretaryships an absolutely fictitious importance. The actual legal management is done by a staff of clerks, ftnd the apparent secretary has little knowledge of the working of his companies beyond the fact that he gets the earliest information from the dredges or mines and uses, 'hat information in transactions on •Change." The " Gazette " of the 7th instant states that Mr L. G. Beeves, of Dunedin, has been granted the patent rights for unsinkable pontoons for dredges. The following is the specification : A frame is made- of wood or iron of the required size, and in this frame is placed wood or iron tanks. The whole is then securely fixed together and deoked over. The pontoon, or hull, is then completed, and i iaid to be unsinkable. It should be good news to shareholders in river-bank claims to learn that it has jußt been proved possible to work a dredge several feet above the level of the river. Mr Marshall, of the Earnsoleugh No. 2 dredge, being somewhat troubled with silt, used the tailing! as,a barrier to raise the level of the dam in which the dredge was floating to at least oft above the river level, whioh was only a few yards away, and he had only to use about • head of water. Interviewed in the "Canterbury Timeß," |fr_W. H. Cutten, of Dunedin, says there are millions of pounds waiting to be recovered by the new process of mining in Otago and |foitiilaj?2 wad on tfee West Coast. The Ancrgvr to ihe public is that fuey will o« Iflfll attny by designing promoters ana induced to infest their money in claims whioh really have no prospect of returning good results. Many of the people in Dunedin have simply gQneumad in the wild raoe for wealth. The Canadian Flat Hydraulic Sluicing and BleclHeal Power Transmission Co., Limited., Upper Taieri, has been praotically floated, and shares will be allotted in a few days. y The company has a oapital of £9,000. The vendors reoeive 2,000 paid-up shares for their interest in the claim and water-right, and 1,000 shares are held in reserve for issue if the directors think it advisable. One of the tourees of income in connection with the Company will be supplying dredging olaimß situated below them «ith power for driving their machinery, and also the surplus water •odd be brought along the claim and sold to parties of miners who are in want of it.