HIKURANGI ROCKS.

Northern Advocate, 26 August 1924, Page 3

HIKURANGI ROCKS.

NEW LIMESTONE COMPANY

FORMATION AGREED UPON,

On Saturday, a meeting of Farmers from Hikurangi and the surrounding districts was held in the Parish Hall at Hikurangi to consider the advisability of forming a company to spawl and crush lime for agricultural purposes. The meeting was fairly well attended, but not as representative as it might have been. Mr F. McDonald, of Marua, took the chair, being the convenor of the meeing.

Considerable discussion took place as to the advisability of forming a company in view of the Waikiekie company being in existence, but it was stated that that company could not cope with the demand for lime at the present time and there was no reason why the valuable deposits of limestone at Hikurangi should not be reserved for the benefit of both present and future farmers of the district. It was understood that the Government was at present negotiating with the proprietor of the land it was proposed to purchase, with a view of retaining the well known limestone formations for scenic purposes; but, it was urged, the farmers were the first consideration and the lime could be put to profitable use.

Mr. Hodgson spoke on the value of lime for agricultural purposes, quoting not only his own but also his neighbours' results from its use. He considered that at present the farmers were not fully conversant with the benefits that were to be derived from its use and it would not be long before they would realise its merits and thank those who were responsible for reserving those deposits.

Messrs. Barnes and Elliot both expressed the opinion that if a company were formed it would halve the demand with the Waikiekie company, and this would have the tendency to-bring about in all probability a. dissolution of both companies. Mr. McDonald replied that he could not see why both companies could not operate successfully, as the demand, which was rapidly increasing, could not at present be met by the present Waikiekie company and it would be foolish to let the chance slip of reserving the rocks. It had been proved that the rocks contained 98 per centum of pure agricultural lime, and in view of this fact he thought those present would be justified in going ahead with the formation of the proposed company.

A resolution was passed that a company to be known as the Hikurangi Lime Company, Limited, be formed with an authorised capital of £10,000.

A provisional directorate was formed consisting of Messrs. F. McDonald, J. McLennan, G. Hodgson, P. C. Going - , T. Ellis, J. McLeod and T. Hedley (Tapuhi). These gentlemen are to go into the question of purchasing as trustees the land containing the deposits over which an option- is held.

The capital of the company is to be 10,000 shares of £1 each, and the terms of subscription are made very easy, being' 2/- on application, 2/- on allotment, and the balance in calls not exceeding 2/- at intervals of not less than two months. The minimum number of shares which may be taken up is fixed at ten, while the maximum holding of anv shareholder is not to exceed 250.

It was decided to fix the minimum number of shares to be subscribed before the directors may proceed to allotment at 5000.

At this point the meeting adjourned Avith a hearty vote of thanks to the chairman and to Mr. J. E. Beachen, who acted in the capacity of secretary during the meeting.

The provisional directors met immediately afterwards to attend to the further matters appertaining- to the flotation of the company. It was resolved to ask Messrs. Rishworth „ and Harrixon to act as solicitors to the company and also that .T. J-l. Beauhon, of Peebles and Beachen, Whangarei, be appointed interim secretary. The directors then adjourned, Mr. McDonald agreeing to interview the proposed vendors and to have a survey prepared by Mr. R. S. Finch if necessary.