Failure Of Coast Concrete Venture

Press, Volume CIII, Issue 30563, 5 October 1964, Page 16

Failure Of Coast Concrete Venture

(From Our Own . Reporter) GREYMOUTH, October 4. The directors of Coast Concrete, Ltd., decided at a meeting here yesterday morning that the proposed company would not be floated. They said that only half of the £70,000 required had been subscribed.

The directors said that as the minimum subscription had not been raised within the statutory period all money subscribed would be repaid in full, but without interest, within a month. Reporting to the meeting, the chairman of directors (Mr A. Dalziel) spoke of early set-backs and lack of local support. “In spite of the early setback caused by Mr Neville’s enforced resignation, we had confidently expected a much better response from West Coast residents, especially from local organisations that had been continuously demanding increased local industry.

However, although there had been extensive press and advertising campaigning, together with personal . approaches, only £30,000 had been subscribed, he said. Although in the early stages individual subscript tions of about £20,000 had been promised, only about £15,000 was subscribed, -Mr Dalziel said.

“The businessmen of Greymouth let us down badly.** He said that out of 60 applications . from Greymouth, only eight came from local businessmen. There had been more than 300 applications for shares in the proposed company, but f

176 had been from persons not living op the West Coast, he said. “I confidently believe that the company would have proved one of the West Coast’s best industries if it had succeeded in floating. “The only thing missing was the support of enough enterprising West Coasters to get the wheels turning,” he. added.