IRON AND STEEL INDUSTRY

Dominion, Volume 1, Issue 65, 10 December 1907, Page 5

IRON AND STEEL INDUSTRY

—. 9 CREDITORS DIFFER. UTHUOW'S PROSPERITY HANGS ON ,THE RESULT. BT TEEEQEAPH—PRESS ASSOCIATION—COPYRIGHT. ' ' Sydney, December 9.. . Serious trouble still continues owing to the Commercial Banking Company's objection to the terms of the Government's promised loan of £75,000 to the Lithgow Ironworks, which provide that the Government is to have prior; security to that of the bank's previous advances. The Commercial Banking Company, has officially informed the Premier that tho bank could not accept Parliament's terms for advancing money to the Lithgow Ironworks.. Mr. Sandford, pioneer of tho. Lithgow works, also wrote to Mr. Wade to tho offect that tho bank had called upon him to pay the full amount of his overdraft. - An officer of the bank takes possession today. The whole of tho works, except the blast furnaces, will bo closed. There is great anxiety in Lithgow, as practically the whole town is dependent on the works. It is hoped that Government and Parliament will come to the rescue to prevent the works closing.

A DEPUTATION. 1 SYMPATHY OF THE PREMIER. (Rec. Deo. 9, 9.50 p.m.) Sydney, December 9. A deputation, representative of the whole of tho interests of tho Lithgow district, interviewed tho Premier (Mr. Wade)' to ask the Govornmont to use efforts towards evolving a scheme to prevent the closing of the ironworks. The speakers urged the importance of conserving a national industry, and referred to the disaster threatening the district and a large body of workors. Mr. Wade said he realised the serious effect upon the State that the closing down would have. The. Government was fully in sympathy with the deputation, but it would require time and anxious thought to seo a way out. Mr. Wood (Chief, Secretary)'said ho hoped that in /a. few days something would be ovolvod to I save the industry, and place it on a lasting footing. ,