GOLD DREDGING NEWS.

Greymouth Evening Star, 27 January 1905, Page 4

GOLD DREDGING NEWS.

The following additional return'-, for last week are recorded :—Reeves' Pro prietarv No. 1,21 oz 4dwt for 111 hours; No. 2, lOozs amalgam lor 88 hours; A.], 13oz 16dwt for 120 hours; Black wat or Lagoons, lloz for week. From the annual statement, of I lie Nelson Creek Cold Dredging Company,, it, appears that though the original capital was £8,500, shareholders have already received back in dividends the sum of

£23,375. The total expenditure since registration has been £38,884 3s 10d, while during that period the gold won was worth £46,415 3s Id. ' Last year the !rodge obtained 34490 z 15dwt' of Void, valued at £13,583 16s lOd. Another successful concern has been the No Town Creek Company, which was registered on March Bth, 1900, and since then 6,5140zs Bdwt 4gr of gold has been won, representing a value of £25.160 12s sd. During the same period the expenditure was £23,156 12s 2d. The total dividends to date represent £IO,BOO. The Company at present have outstanding accounts amounting to £342 12s 4d, " but against this there is £463 3s 5d on current account in the Bank, and £582 18s | 6d on nxiid deposit,

For the expenditure of £29,527 6s 3d the Reeves' Proprietary Company has placed two good dredges on its claims, near Boaman's Creek. So far, however, tho returns have not been very satisfactory, the, total yield since registration being 3,3350 z 2dwt (value £13,092 lis 8d), while last year the two machines only won 9710 z l7dwt, representing a value of £3,821 lis lOd. During the latter period £5,671 was spent in carrying on operations, (so that the company has gone considerably to the bad during the year. The liabilities of the Company are:—Outstanding debts £2ll 15s Bd. and debentures £2500. The amount of cash at the bankers is £213 10s 6d. The New Fedderson's Company occupies a unique and enviable position among West Coast companies. The Company wi.s registered on August Ist of last vear with a capital of £2,500, on which 10s per share has been paid. Since August 6f)7oz 17dwt of gold, valued at £2,699 3s 9d, has been won, enabling the directors to pay dividends totalling £BO9 7s 6d. or in otiier words, a return of over 30 per cent on capial in six months. The Company has £478 13s 2d in the bank, but against this are liabilities to theextentof £213 9s 10*

In consequence of the siuklfi" of the New Woodstock Company's dredge, the directors have decided lo call an extraordinary meeting of shareholders for the purpose of considering, and, if thought fit, passing a resolution to the effect, that the company be wound up voluntarily. This company may be quoted as an instance of the vicissitudes of the dredging industry, says the Otago Daily Times. Great things were at one time expected of it. but. as has been the case with a number of other West Coast concerns, these expectations have not been realised. The original capital of the company, the registration of which took place in February, 1900, was £I2OO. On March, 1902, however, it was found necessary to issue debentures amounting to £ISOO in order to complete the. dredge. On or about Marrh, 1903, the trustees for the debenture holders, took possession of the dredge and claim, the result of which was (hat a new company, with a capital of £2OOO, was formed in dune of the same year, and dredging commenced under the reconstruct! company. On February of 1904 the capital was increased by issuing preference share? amounting to £IOOO. During the past few months insuperable difficulties in the way of working the dredge have been met with, and this, together with the sinking of the dredge, has forced the directors to take steps to liquidate. Since registration in the beginning of 1900 over £16,500 has been Blink in the company.