WAITAHUNA GULLY GOLD DREDGING COMPANY.

Tuapeka Times, Volume XXXIV, Issue 4898, 9 October 1901, Page 3

WAITAHUNA GULLY GOLD DREDGING COMPANY.

An extraordinary general moating of shareholders in the Waitahuna Gully Gold Dredging Co.. was held at the registered office of the company, Lawrence, on Friday evening, Mr Stokes (chairman of directors) presiding. About a dozen shareholders, representing half the capital of the company, were present.

The Chairman tzplained that the meeting was for the purpose of confirming a resolution to issue 1750 preference shares. If the shares were taken up the company would be in a position to pay off its present liabilities, and have a balance of from £300 to £350 to further test the, claim. He therefore moved the confirmation of the resolution.

Mr J. C Arbuckle seconded the motion for confirmation. He skated thai he held proxies for over 1000 shares, and all the shareholders whom he represented had signified their intention of taking up their full quota.

Mr F. Madden, representing a number of up-country shareholders, stated that all those he represented were going to take up their proportion of additional shares as they were > thoroughly satisfied the claim had not yet had a fair trial. He would however like to see a larger amount than £300 (the amount available after paying liabilities) set aside for the purpose of proving the claim. He considered that amount hardly sufficient. The Chairman said that would be the best they could do, bat with the gold won it should give them several mouths' work. , After ft good deal of irregular discussion as

to tbe prospects of the claim the resolution was put to the meeting and carried without dissent.

The Monte Christo Co. have deolared a dividend (the second) of Is per share. The Dart Co.'a dredge and claim wore put up by auction on Monday in Dunedin, but the reserve was not reaohed and the property passed in. Tenders are wanted for the purchase of the Metallio Co.'s dredge as she now lies on the Kawarau River, near Gibbston.

The Champion Sluicing Co. washed up on Friday, after a fortnight's run, for 370z lOdwt. During the week ended Monday, 7th instant, returns were reported from 51 dredge*, the fotal field being 1,7760z 4dwt sgr, or an average of 31oz per dredge. The secretary of the Gibbs Beach Company reports that the dredge could not bottom where they were working last week. He has received advice from the dredgemaster that he has shifted to where 250z a week were ob tamed, and started dredging again on Friday. There was no wash-up last week.

The splendid return of 300oz for the first wash-up of tbe Golden River (Molyneux) dredge, representing 156 hours' dredging, has infused a glimmer oi hope in the breasts of holders of river stock. Shares in this oompany (capital £10,000 in 40,000 5a shares) jumped from 5s 6d to 8s 9d on Monday, equal to a rise of 12 d on a£l share.

The Wakatipu correspondent of the 11 Daily Times " writes :— " The Kawarau dredges are working under the difficulties of a large body of water and a proportional increase of taijings. In the present condition of the river the Eclipse directors, it is understood, have derided not to start work until the outlook is more promising. Perhaps the other drrdges would do well to follow suit, as the chances of doing much good at present are remote.

At a special general meeting of the West Matau Dredging Co., at present in course of liquidation, in Dunedin on Monday, Mr Monkman, tho liquidator, submitted a statement of accounts, showing that the liquidation had been effected at a cost of 2s 3156 d per share. He had collected 23 6d per share, and the balance, after paying liquidation expenses, had been refunded to the shareholders. The cost of the liquidation was £56 4s sd. The capital of the company was £14,000, and of this amount £2,400 was called up. The Alexandra correspondent of the " Daily Times " wired on Monday : — The Molyneux has fallen to just over sft above normal. A very oold snap was felt here on Satnrday, and on Sunday & considerable amount of snow fell on the ranges. The returns were about the average, though some were better. The Alexandra Eureka' a wash up is very good. She is working very steadily up the west bank, near the lower end of her claim. The Moa is working steadily just on tbe upper end of her claim, nearing the bridge reserve. She is on very good wash. Both the Perseverance dredges are working steadily on average wash.

The dredgemaster of the Rankleburn Amalgamated Companies (Mr Ivie Templeton) reports under date October 3 ;—"; — " I have to report that we started dredging on Monday morning. lam taking a out across the river from the west side on the same line as where I dredged with tbe current-wheeler some years ago, and found payable gold both above and below where I am now, but the prospects are not very good so far. The drift is very troublesome. The dredge is running very well." A wire was received on Saturday:—"No wash-up to-day; opening out; machinery running wf-11."

At an extraordinary general meeting of the Moke Creek Company, held on Friday evening, resolutions were duly carried to amalgamate with tbe JPrioce Arthur Company. All that now requires to be done to complete the amalgamation is for the resolutions carried by the Moke Creek Company to be confirmed at a meeting called for the 22nd instant. The joint companies will then be known as the Prince Arthur Gold Dredging Company (Limited). The company will then hold two miles of the river, and the dredge, which has b°en specially constructed for work on the Shotover is all but completed, and should be at work within four months. The claim is looked upon by those who should know as containing rich, heavy gold, which should be easily saved.

On tbe subject of loss of gold as a consequence of the employment of defective saving appliances, a correspondent in the " Bnller Miner " makes the following interesting calculations : — Wben a dredge is paying shareholders probably do not stop to think what a small loss of gold means per week. Take a dredge lifting 100 tons per hour, and average 120 hours per week. If lgr of gold per yard only is lost, it means a decreased return of 250z, or £100 worth of gold, lost ; if 2gr per yard is lost it would be 50oz, or £200. Most dredges, on an average, go about 60 tons per hour. Well, if through want of tables, water, or proper care, lgr per ton is lost in a week of 120 hours, it means 15oz of gold is being lost weekly. Now, I maintain that tbe saving of the gold is the greatest point in any mining enterprise. To be satisfied with, say, 50oz per waek, when 60oz shuuld be secured, is ridiculous, and should not be tolerated. I would say to every dredgenaaster, • Test your tailings often, ascertain what is being lost, and make every effort to save it." On one dredge no* 100 miles from Wesport tbe tailings will go 4gr to the yard, another 2£gr, and one actually went 14gr in one place. It may seem outrageous, but it is nevertheless true. Directors, it is your place to visit claims. See how tbe company's ground is being dealt with, and if yon find such glaring faults as above mentioned see them rectified, .and then your shareholders will have cause to thank you for hundreds of pounds being paid to them in extra dividends.