OUR COAL TRADE.

Daily Telegraph (Napier), Issue 7497, 17 October 1895, Page 3

OUR COAL TRADE.

GREYMOUTH - POINT ELIZABETH

COMPANY.

The purchase by a wealthy English company of the Grey Valley Uoal Company's business marks an important stage in tbe history of the coalmining trade of the oolony. The new Greymouth-Point Elizabeth Ooal Oompany (Limited) was floated in England last year by Mr Alex MoDougall, with a capital of £200,000 and an additional debenture IBsue of £90,000. By the absorption of the Grey Valley Miile, it controls one of the largest and most valuable mining properties in tho colony, of nearly 6000 acres, namely 4700 acres of the Cobden Coal Reserve, abou? four and a-balf miles from the port of Greymouth, and 1280 acres comprising the Brunuer collieries, formerly worked by the Grey Valley Ooal Company. Tho new company takes over the wholo of tbe busineaa in the coloay of the Grey Valley Company, which originally acquired tho Brunner property, from Mr Martin Kennedy, who opened it up as far baok as 1874, since which time it has undergone rapid development As regards the Uobden field, a line of railway is now in course of oonatruotion to conneot the mine with the port of Greymouth A seotion of three and a-haif miles is already finished, and tenders are to bs called this week for the completion of the remaining uulo, also for the building of a railway bridge aoroßS the Grey Kiver, plans for which have been designed by Mr Napier Bell. Already something like £20,000 has been spent on railway works -and plunt, and it will take another £26,000 or £30,000 to oomplate the lino and bridge, and about £15 000 for opening up the coal fields. Mr James Bishop, one of the moat experienced managers in the oolony, who for the last thirteen years has had charge of the Bruuner minus, has .for ten months been engaged in opening up the seams on the Cobden field. It is expeoted the new mines will be in full working in the course of a few months, and from developments and disooveries made it has been estimated tbat the oompany could turn out 1,000,000 tons of ooal per annum if there happened to be _ market for th—t quantity. The coal, furthermore, is of excellent quality, suitable for oither household, steam, or gus purposes, ihe Resident Engineer is Mr J. D. Gillies, son of the late Mr Justice Gillies, of Auckland, and the directorate, the head-quarters ot which aro in .London, consists of the Hon. Ceoil T. Parker, iSiesars Joseph Macdonald, John Macdonald, and Alexander Bl'Dougall, of Wellington. Mr M'Dougall is also managing direotor in the colony, and will probably shortly bo joined on the local Board by Mr Martin Sunnedy, long and favorably known in ounueotion with the ooal Uade. The head offices of the company are in .London, 'but the head oolonial offioes are in Wellington, oooupying a suite of rooma iv the Government Life Insuranoe Buildings. Mr Bishop will hatvo the entire management of all tha company's mines and works on the Weat Coaet, and Mr J. L. Doogan, late Bopping agent of the Grey Valloy Coal Oompany at Greymouth, will act in the same capacity for the new oompany —Post. .