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The traditional landowners of the area around Dights Falls were the Wurundjeri Balluk people apart of the Woiworung language group. The rocky outcrop at Dights Falls was an important meeting place for trading, marriage, dispute resolution and other ceremonies nearby the junction of the Merri Creek and Yarra River.
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Charles Grimes, Surveyor General of New South Wales, is believed to be the first European to explore the Yarra River. At Yarra Falls (Dights Falls), he led his survey party on a river expedition, reporting unfavourably on the prospects or settling there.
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When Melbourne settled in 1835, the land was sub-divided and the first public land-sales were held slowly after.
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In 1839 John Dight acquired Melbourne block 88, that included 26 properties along the Yarra River. The first steam powered flour mill was constructed in Melbourne by 1841. He used the river to power his mill and in order to regulate the water flow, Dight constructed a rough stone weir.
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The Dight's family mill and property by the Yarra changed hands many times in the mid to late 1800s.The Dight family abandoned flour milling in 1864 .
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Edwin Trennery subsequently divided the land when he purchased the Dight's Family property in 1878.
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The original mill by the bank was unoccupied until 1888 when flour millers, Gillespie, Aitken and Scott, began operating under the name 'Yarra Falls Roller Flour Mill' and constructed a new mill.
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The enterprise (Yarra Falls Roller Flour Mill) was sold in 1891 to Melbourne Flour Milling Company.
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In 1909, the mill changed hands for the last time before it was destroyed by a fire, The ruins of the mill can still be seen today.
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The first reconstruction occurred in 1918 when timber washed away in the flood. The Minister of Public Works declared reconstruction on the weir.
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A breach on the weir on 24 December 1940 caused a another reconstruction. In 1967, another breach came because of the rainfall. The structure was then upgraded as the weir we see today.
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In 1993 Melbourne Water realised that the weir was a barrier for fish migration made a rock fishway to allow fish to move around the weir.