THE IRON PROJECT. GREAT POSSIBILITIES OF PARAPARA.

Evening Post, Volume LXVII, Issue 26, 1 February 1904, Page 5

THE IRON PROJECT. GREAT POSSIBILITIES OF PARAPARA.

A HIGH QUALITY IRONSAND PRODUCT. " I am personally Katiirfled as Co the possibilities of Hie- enterprise, and it is simply a question of getting sufficient capital to develop the induntry. If sufliuiont capital id forthcoming, there is no rjiifhtion of noiiMblc fjiluic in our opeuitions, and they mußt t-ventuate in (ho most important oommerual undertaking this colony has yet witnessed." This emphatic and unhesitating endorsement by Mr. M. Fanner King, representative of Homo capitalists interested in building up nn iron industiy out of Pnmpara hematite 010 and Tar.maki irousand, speaks volumes for tho intrinsic value of a project that has been befovo - the colony so long. Mr. King went on to say that evciy oho referred to it os an irousand industry. It was not merely an ironsaud business, and it would assist tho sehf-me if in future it was referred to as tho iron industiy of New Healund. Before tho Para'pura lease came into tho scheme, it was of course purely ironsand. The sand had gicat possibilities, but it might be that they wore not yet fully developed. Very good steel and iron had been made from tho sand by Mr. E. M. Smith's process, but its full possibilities were not yot determined, and they preferred to await furthor developments. But nt Parapara, they had without doubt — as any one in the iron trade would recognise — " tho material in use all over tho world for the manufacture of iron, and millions of tons of it. Thcro is nothing to do with this ore but, to put it into tho furnaces and smelt it in the ordinary way;, but the sand must be prepared before it goes to the furnaces. Most of tho heavy ma-tt-rial for railways, bridges, etc., can be made easily from the Parapara ore; while we hope to manufacture from the sand a high-class steel for cutlery and other purposes. Tho vast deposits at Paraponi are moro than sufficient to supply the demands of this colony, whilo we hope to supply tho English market with leally high-class steel from tho sand." The intciviowing reporter asked whether any upecial boring or other means had been utilised to test the extent of hematite deposits in the Pajapara hills. Mr. King replied that no tuch boring was needed, as the quantity of 010 was undoubted. Ho showed photographs of a water-worn gorge, firstly that of an outcrop at 600lt above sea level, then one of an outcrop ub the lop of the gorge, 1100 ft above sea level. Huge blocks of tho iron ore wero visible throughout tho gorge. Where a road bad been excavated by former owners, tho quantity of iron oro piled tip (shown in a third photograph) amounted to something like 20,000 tons. The soil could' bs washed away from tho oro, tho water being used as in gold-sluicing. it Mas the intention of tjjo company to acquire the Waimangaroa coal lease, West Coast, na being most suitable for their purposes. Some amount of opposition within tho colony itself had, said Mr. King, been brokon down, by his offciing to submit tho prospectus ot the scheme to New Zcalanders in the first place. Thore had been a feeling among certain sections Unit, although they believed the property had groat possibilities, all the profits would go into tho pockets of ihe British capitalist ; and that being the case, they lw.d been inclined to look on the scheme coldly. Ho had, however, decided that beforo returning to London ho would publish an outline of tho proposal he intended to make to people at Home ; and any colonial investor who wished to bavo an interest would havo an opportunity of obtaining it if ho would communicate with him. If a colonial did not so wish, he nil on Id nob complain hereafter of tho prolUb made by tlie outside investor. The colony must derive great benefit from tho industry, for it would employ upwards of 1000 men. In order to foster a friendlyfeeling betwecu the labourer and the capitalist, ho would recommend thAb any application for shares from working men m tho colony should bo allotted in full. This would be a phase of tho ' profitsharing principle well fitted to a colony advanced in democratic ideas. Reverting 1o the recently-quoted article in tho Financier — reviewing what it called a prospectus privately issued, and Mr. Roddon's attittudc, Mr. King stated that this was "entirely a commercial enterprise, and the financial journalist has no right whatever to try to drag in the political element. So far as I know, tho only politicians financially interested in tho movement aro Sir Alfred Cadmau, who has during tho past three years devoted much timo and money to the scheme, and the irrepressible member for New Plymouth, who may be said to have spent a lifetime in trying to get the industry established in the colony. When, therefore, the enterprise is brought to a successful issue, these gentlemen will doserve i the fullest measure of praise and any financial benefit which may accrue to them. And now * I should like to say my opinion is that Mr. Smith has a thorough knowledgo of the •whole subject, aud when active work is commenced any suggestions of his will receive ov,ery attention, notwithstanding the fact 'that his process may be superseded by a better one."