THE TRAFALGAR DREDGE

Otago Witness, Issue 2571, 24 June 1903, Page 24

THE TRAFALGAR DREDGE

The cause of the unfortunate sinking of tha Trafalgar dredge, which has hitherto remained a mystery, was explained in a telegram rec&ived; by the secretary on Thursday. It will be_ remembered that when the diver first examined the dredge he could not find any leak, and it was not until pumping operations wc-ro commenced that the leak -was discovered. The^secretary received a telegram on Thursday stating that it had been found that the 10-inch pump which, was being used would not be equal to the task of raising the machine unless the diver coulel find the leak, and the dredgemaster stated thafc pumping would be stopped unless the leak v.'as located, and that steps would bo taken, to procure additional pumps. A later telegram stated, however, that a bad leak had been discovered in the stem of the dredge, and that good results were expected after repairs were effected. Steps would no doubt be taken to stop the leak at once, and, judging by the second telegram received, the dredge should be afloat again within a very short time. VULCAN GOLD DREDGING COMPANY. The directors of the Vulcan Gold Dredging Company will submit the following report to shareholders at the third annual general meeting: — " The directors, in submitting their annual report for the year ending 31st March, ldO3, regret that it ia so disheartening, but feel sure that shareholders, when they learn the particulars, will acknowledge that it might have been worse. As pointed out in their last report, the directors have been hampered from the very inception of the company with a very poor share list, which was not at any time equal to the demand made on it to meet progress payments on contracts, and it wa-s apparent thafc there was little hope of completing the dredge. At the last annual meeting liquidation was suggested as the only way out of tho difficulty, but a majority of shareholders ruled otherwise, and then the contractors, who had held off at thjs threat to liquidate, pressed for payment. Tha directors, knowing that liquidation meant calling up the whole of tho capital, with the absolute certainty of losing tho lot, were compelled to make the best possible terms. £1600 was owing to Messrs Cossens and Black alone, and! as it was impossible to get anything liko that amount for the machinery they were allowed to take it over in full payment of the claim. The balance of £590 due to Messrs Kncwstubb Bros, was settled for £300. The engine and boiler have been advertised for sale all over New Zeala-nd, and in Melbourne, without eliciting an offer. Every means have been taken advantage of to compel defaulters to pay their arrears, but with little success, as the balance sheet shows, and it will be for the shareholders to decide whether und>ar present conditions it is advisable to continue to carry on the company. Subsequent to the above your directors have to report that they were compelled to sell the engine and boiler at a price only sufficient to cover Mr Roberta's claim." "The financial position of the company is such that there does not appear to be any prospect of its being able to continue operations 1 . Nearly all the assets have been disposed of, and there are still a number of claims unsettled ; while it is improbable that many of tho defaulting shareholders will meet their obligations. When the books were closed the arrears of calls amounted to £1443 6s 6d, of which £26 3<» has since been received, leaving a balance o£ £1417 3s 6d outstanding. Th<> company's liabilities amount to £231 10s< 7d, aa against which, there it cash in hand amounting to £2 8s Bd, and bills receivable amounting to £84 4s lid; in addition to which the company has a claim and some wire ropes. In addition to the ordinary business of the meeting a resolution m favour of voluntary liquidation will be brought forward GOLDEN GATE DREDGING COMPANY. The amiuail meeting of shareholders 111 the Golden Gatio Dredging Company waa held at Wood's Ho~ic»I on Thursday evening. There were nino shareholders present, and Mr B. Hart (chairman of directors) presided. Tho Choirmin, in movirg this adopfoon of tho report (a summary of which has a^eady been published) and balance sheiat, stated that a dividend of 2s per share had been declared that day. He also informed the meeting thatß the reisarve fund stood a,t the sum of £950. Tho report and balance sheet wero unanimously adopted Tho retiring directors (Messrs Short and Grigg) and this retiring auditor (Mr HaincsJ wero re-elected. A ressolutiom was passed empowering tha directors to purchasa a new dredge on a suitable opportunity if they deemed it uecessarj to do so. On the motion of the Chairman, tho secretary (Mt Burton) and the dredgema>ster (Mr Ball'intine) were accorded a hearty vote of thanks for the efficient manner in which they had discharged their duties, and. on the motion of Mr Short) a similar compliment was paidi o the chairman of directors. A vote of thanks to the directors brought t)he meeting to a close. NEW FAIRDOWN~~GOLD DREDGING COMPANY, The engineer (Mr P. W. Payne) having visited the works during the past week, reports that the engine, boiler, winches, and a largo, quantity of the heavy gear are on board, and the elevator is fitted up ready to ship into its place. Owing to tho low state of tho river a corner is being taken out of the dam to allow the dredge ample room to open out when commencing work. The contractor is making fair progress, but has to contend against bitterly cold weather. Provided no unforeseen delays occur the dredge should be ready to start work in a few weeks' time. It might bo of interest to the shareholders to mention that the capacity of the buckets is four cubic feet.

■and that the dredge can work to a depth of 26ft. The screen is 22ft long by 4it diameter, and ,the elevator is 30ft centre. The engine is 12 'h.p. and the" boiler 16 h.p., both of RustoniProctor's" make. The tables are designed specially for the class Of gold met -with in tins claim, have a run of 25ft, are lft wide, and are fitted with distributing boxes and boil boxes. The hull of the dredge is kauri and "bluegum, Jind is 76ft long by 26ft wide by 6ft deep. The contract for the removal of the pon toons from the West Coast, where they were originally built, to the present claim, and also •the election of the machinery, is m the hands tof Mx Joseph Pearson, who has a good reputation for 4his class of work.