SPRINGVALE DREDGING COMPANY.

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

SPRINGVALE DREDGING COMPANY.

A general meeting of shareholders in the Springvale G°ld Dredging Company was held in 'the Agricultuial Hall buildings on Monday, the 12th. Mr E. Crawford, chairman of diiectors, picsided, and there were eight other shareholders present. The directors, m submitting a statement of accounts for nine months ending 15th January, reported that shortly after the floating of the company they called for tenders for pltcrations to dredge and removal to claim, but these proving far in excess of what they anticipated, it was resolved, before expending so large an amount, to have the claim more thoiouglil}* prospected by boring. This was done, the result going to show very decidedly that the company would be warranted in putting the dredge on. The result of the boring also went to show that the run of gold was trending in the direction of an adjoining claim, known as Tait's. This claim the directors resolved to acquire, which was done at a cost of £250. The dredge is now in course of being fitted up on the claim, and she is expected to be at work within a foitnight of the date of this report. The Chairman said he did not purpose taking up time by making any lengthy remarks. Most of the shareholders knew what had been done, and he had a letter from the engineer, which he would read to them. This was as follows: — "Since starting to re-erect dredge we found a fpw alterations had to be made as regarded straightening part of ladder, and renewing angle iron with heavier (Jin), which has been completed, and will be aboard in the course of a day or two. The boiler we found would need a patch on the bottom plate, where it had been resting on chock. That has also been completed, and the boiler is aboard in its plrce. Winch engine has had a thorough overhaul, and should ltin for a considerable time in good order — also main engine. Elevator sticks have been renewed, the old ones being broken paitly in removal. The gear in general has had a fair overhaul, and should run for a considerable time. Re dam • Before starting the construction, owing to the flooded state of the river, I had to shut water off. The dam, which is built of scrub and tailings, runs 100 ft wide by about 120 ft, with a wing— cost £53 Is Bd. It is very spacious, and will enable us to open out freely. Should the gear come to hand from town shortly. I anticipate getting a start in about a week, but will let you know definitely. There was no damage done to the dam by Olrig race. — R. A. Denniston, dredgemaster. February 7." The Chairman, continuing his remarks, said it was possible they might not get started on Wednesday, because there was always something cropping up to postpone matters, but when they did start they should be able to get on to gold nretty soon. The dnm was constructed right alongside the place wheie the best prospects wei - e obtained, and he did not think, if the dredge worked right, they could fail in a very short time to get on to gold. They had a great deal to thank thpir secietary (Mr Davie)^for. Ha had saved the directors a large amount of work. The Chairman concluded by moving the adoption of the report and statement. Mr Ness seconded the motion, which was carried. Mr George ICnox and Dr Hyde were reelected directors, and Mr E. R. Smith auditor. The directors' fees were fixed at £75, ihe auditor's remuneration being the same as before.