EARNSCLEUGH NO. 3 DREDGING COMPANY.

Otago Witness, Issue 2399, 22 February 1900, Page 19

EARNSCLEUGH NO. 3 DREDGING COMPANY.

The first 'annual meeting of the Earnscleugh No. 3 Dredging and Electric Power Company was held at the office of the Company, Queen's Rooms, Crawford sCreet, on Monday afternoon. Mr A. Kyle presided, and there were nine shareholders present. The annual report, which was submitted to the meeting, stated that the contracts had "been let for most of the work required by the company. The pontoons, pipe line, and electric plant were already in hand, and every effort was being made to push on the balance of the work. The Chairman, in moving the adoption of the report, eaid, in regard to the allotment of shares, 7500 shares were unallotted when the company was registered. Last month 5000 of these were offered to the present shareholders, and of these 5000 shares 4535 had been applied for. These shares would have been allotted recently, but several of the directors had been absent during the last week. They will be allotted at next meeting. It was worthy of note that the company's shares were still at, a premium, notwithstanding the iece.it issue of 5000. At the date ot making up the balance sheet a call had just been struck. The call amounted to .£ISOO, and was not clue till the 22nd January. This meant that the calls really due on December 31 amounted to £1006 15s. Since then the secretary had received ieplie& to notices sent out that the greater pait- of- -this money would be paid immediately. The directors had thought it desirable that the whole of the preliminary expenses, amounting to £405 10s 9d, should be written off. This accounted for the large sum at debit of piofit and loss. In building the dredge no undue delay had taken place. At the first meeting of diiectors the engineer, Mr Leslie Reynolds, recommended that the depth of the ground be asceitamcd cither by boring or sinking shafts, so that the dredge might be so constiucted that it would be lit for the woik it had to do. Two shafts were sunk — each to a depth of about 38ft — when the inflow of water at the bottom prevented further sinking. The holes were then filled full of water from the company's race near by; but the water sank in each shaft to a depth of about

35ft below the surface. This meant, then, that the diedge, when woiking, would float at a depth of not more than 35ft below the highest part of the surface of the claim. This having been done, the engineer got ready his plans and specifications. The first contract was for the pipe line which conveyed the water from the intake on the Fiaser River to the powerhouse on the Earnscleugh Flat. The distance was one mile 43 chains, and the diameter of the pipes 24in. The pipes were capable of conveying 20 heads of water. The height of the intake above the power-house was 485 ft, and the horse-power generated at the powei-house would be 405. The cost of making and laying these pipes would be £4888 10s, and the date of completion was the 21st April. The contract for building the pontoons was let to Nees and Co. for £2080. The date of completion was the 31st March. Tumbull and Jones obtained the contract foi- providing the electric plant. It has to be delivered in Dunedin about the end o? April, and the cost would be £3905. The last contract let included the ladder, buckets, gantry, tumblers, rollers, etc. Cossens and Black were the lowest tenderers, and the price was £2089. The date ot conixiletion was to be May 2. The plans of the screen, winch, elevator, etc., had been submitted to the foundries, and tenders called for. Mr J. G. Moody seconded the motion, which was carried. On the motion of Dr Hockeii, seconded by Mr Bews, Mes&ii K. Ramsay and W. Henderson were re-elected directors. Mr A. Bartleman was re-appointed auditor at the same remuneration as before.