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NOTES ON NEW ZEALAND.
159
work in the same fashion. There is, for instance, the Gillespie Beach Gold Dredging Company. Its object is to dredge the sea at the mouth of the Grey River and bring up the sand and mud, which contain large quantities of gold-dust washed down by the stream.
Bogus Companies are by no means rare. The various devices, however, which have been resorted to with more or less success for entrapping investors would take too long to describe; in the main they consist of false or exaggerated descriptions of the capacity of a newly-discovered mine, supported by ingenious reports from head-
