THE IRON LEASES.

Nelson Evening Mail, Volume XLI, Issue 317, 22 December 1906, Page 2

THE IRON LEASES.

THE CADMAN ESTATE. PARAPARA AND~NEW PLYMOUTH. A JOINT COMPANY BEING FORMED.

[United Pbess Association.] NEW PLYMOUTH, Friday. The Public Trustee, as executor in the estate of the -late Sir A. J. Cadman, wrote to the New Plymouth Harbour Board to-day asking that the Board's ironsand lease be extended for one year as the. estate was not quite ready to comply with the conditions specified by 25th January 1907. "I hope shortly," the Public Trustee wrote "to complete the formation of a company to work both the ironsand and the Parapara leases, but it will take time." Counsel for the executors pointed out tbatxhe Board had I already received £487 10s, from Cadman and Berry in respect to grants and leases. The Board unanimously granted the extension. The chairman pointed out that the present promoters had proved their bonafides, and it was only fair that the Board should offer all possible facilities for the development of the industry. It is learnt that Washbourn's lease at Parapara and Cadman's lease in the same locality have been taken over by a Christchurch syndicate. A company is to bo formed in New Zealand to work the iron deposits, the capital of the company to be from £250,000 to £1.000,000.