CARRICK RANGE WATER SUPPLY COMPANY.

Cromwell Argus, Volume III, Issue 145, 20 August 1872, Page 5

CARRICK RANGE WATER SUPPLY COMPANY.

At the adjourned general meeting of sharej holders advertised to be held at the Town- | hall on Thursday afternoon, there were not j a sufficient number of shareholders to form a quorum; consequently no business could be I transacted. It was agreed, nevertheless, t > hear a verbal report "from Mr Taylor, the | Chairman of Directors, as to what had been j done since the election of the first Board of | Directors in February last, and as to the prei sent position and future prospects of the J Company. Mr James Stuart was requested to take the chair. Mr Taylor began by explaining the mode in which the interests of the nineteen original promoters passed into the hands of the Company. Fourteen of the promoters had agreed to accept shares to an extent equivalent to their cash outlay; whilst to the remaining five the money was refunded. At the first meeting of Directors, a tender by Mr Dagj to cut eighty chains of the race at £1 per chain was accepted. The work was commenced by the contrrctor, who, however, after cutting a chain or two, threw up the contract, stating as his reason that it would not pay him at the price. Several offers were subsequently received from other parties, but ' none were accepted. In accordance witli instructions from the Directors, Mr A. D. Wilson had laid off, in sections of five chains, that portion of the line of race between Duffer's Gully and the Royal Standard Saddle,—a distance of six miles. That work was completed just as Winter set in, and it had been deemed advisable to suspend all further operations until the advent of Spring. Since the last meeting of Directors, 235 shares had been taken up ; and so soon as the last call was paid up, there would be finds enough in hand to enable the Company to make a vigorous start at the works. Very much would depend upon the selection of a work ing manag.-r, and it was of the greatest importance to choose some one possessed of ability, experience, and energy,—one in whose skill and judgment the Company could place hie utmost confidence. The Directors were about to apply to the Government for an advance of £4'l))o,—equal to one-third of the nominal capital,—the rate of interest payable being seven per cent, per annum, which he (Mr Taylor) regarded as very favourable terms. He would strongly recommend that the District Surveyor should be employed to lay oil' the remainder of the line of race at as early a date as possible ; and also that the Directors should have a detailed estimate of the cost of construction prepared with the least possible delay. The Legal Manager then read the halfyearly b ilance-shect. A conversational discussion afterwards took place as to the best mode of procedure to be adopted by the Directors in commencing operations on the proposed race,—the question i having been raised whether it would be ad- i visable to let the cutting by tender, or em- i ploy day-labour so as to enable the Diree- j tors to ascertain what would be a fair average pric for constructing the race. The ' latter plan appeared to meet with the approbation of most of the shareholders pre-! sjnt. i A meeting of Directors of the Company ■ was held at the Bridge Hotel on the same ; evening. There were present—Messrs Goldsmith, Stuart, Taylor, Colclough, and Marsh. Mr James Stuart was unanimously reelected Chairman of Directors for the current twelve months. The Legal Manager was instructed to draw up and submit to the Directors a report describing the nature of the works proposed to j be undertaken by the Company, together ■ w ifcli an estimate of the probable cost thereof, ; —-such report and estimate to be lodged with the Warden along with the application for a Government loan or subsidy of £4030. ' Mr William Pyle was appointed agent for ! the Company at St. Bathan's. Mr James Marshall, of B mnockbnrn, was unanimously appointed Manager of Works, for the Company. The salary was at £3 per week, and the period of engagement at six months: the manager to enter upon duties on a day to be named by the Directors'. It was resolved that operations be commenced at the lower end of the proposed water-race, near the Royal Standard Saddle, j so soon as the weather will permit. The remainder of the business done wasi mostly of a routine character.