Examination of Dredging-Properties.

(San Francisco Meeting, October, 1911.) MANY factors govern the value of dredging-ground, and much capital can be wasted by the mistaken policy of contracting for the purchase of property and the installation of machinery before a thorough, examination has been made. To the uninitiated investor the presence of gold is generally the criterion,, and very superficial evidence is necessary to satisfy him as to this point. He considers the comprehensive report of a competent engineer as a wasteful extravagance and cannot understand why the engineer requires so much time and money to ascertain the information on which to base his conclusions, when the promoter can furnish him such pleasing and satisfactory data with but little expenditure of time and money. The uninitiated investor will often optimistically risk capital for purchase and equipment, and not until the venture comes to grief does he learn that the conditions are wholly unsuited for dredging. In many instances, a short preliminary examination by a competent engineer would have disclosed these facts. The mere presence of gold is by no means sufficient; some of the other factors necessary to be ascertained in determining the value of placer-ground for dredging-purposes are : (1) character and distribution of gold, and how much can economically be recovered; (2) character of bedding underlying the gravel, its contour, and whether its gold can be recovered by ordinary dredging-operations; (3) area and depths of gravel, surface contour, over-burden, water-level, proportion of fine material and boulders, and the presence of any material which might interfere with the dredging-operations and the recovery of the gold; (4) water-supply, power available, labor, transportation, and supplies, and cost of these ; (5) climatic condi-tions; (6) title to property, cost and royalties, and legal obstacles to carrying on dredging-operations. A brief reconnaissance may be sufficient to determine that some of the essential conditions for successful dredging are