TARANAKI IRONSAND.

Dominion, Volume 1, Issue 229, 20 June 1908, Page 5

TARANAKI IRONSAND.

' ; —< fr—; SYNDICATE GRANTED EXTENSION OF TERM. .. (BT .TELEGRAPH —PRESS. ASSOCIATION.) j •'*:••• —■ New. Plymouth, Juno 19. ' At the Harbour Board meeting to-day the following letter was received from the Publio Trusteo and the executors of tho late Sir A. J." Cadman: —" Wo regret to have to again request an extension of the leases of ironsand oh the foroshoro'at New Plymouth, and in doing so would mention that we had 'every reason to bolievo that a company was floated in London, and. the amount due to us was to be paid about the iniddlo of November 'last, and works commeliced at once, but unfortunatoly a big slump in the English and, American monoy markets occurred, and knocked all arrangements on the head. We now hive a New Zfealand syndicate arranging to take tho matter up* and pay a heavy deposit as a , guarantee of bona fides. An extension of the term'for'complianco with the provisions of the lease to, say, January 1 next would, wo feel sure, expedite the business. 'Wo have spent niany thousands of pounds, of which your Board has' had a shard, in to promote the iron industry' .iii . New Zealand, and wo would, therefore, ask the Board to meet us in this matter oncd more. If necessary wo could satisfy the Board that we do not wish to make anything out of investors, as our terms are-, very reasonable. Wo desire to. see tho industry established., and will bo satisfied to get our money returned." Tho Chairman explained that sinco the last meeting several tons of sand had been sent to England through Mr. Burgess, of Ngaifo; for experiment. It was decided to accedo to t!io request. i