TITANIC STEEL COMPANY.

New Zealand Herald, Volume XVI, Issue 5483, 13 June 1879, Page 5

TITANIC STEEL COMPANY.

I [by telegraph, press association.] Dunedin, Wednesday. A meeting of the shareholders of the Titanic Steel Company took place to-day, consisting of Messrs. Harvey, Mocedo, Helleyer, Ball, Watson, Blackley, Dutton, Clifford, Scanlau, Thompson, Lasher, and others. Mr. Lather said a deputation had waited on the Ministry, on account of the manner in which the shareholders in the Titanic Steel Company had been treated by parties at New Plymouth. They had addressed Mr. Macandrew particularly, as a member for Duneilin, because the Dun edin and Otago shareholders held 1346 shares. The capital was made up in £10 shares, and of this £8 per share had been paid, all of which had been expended. Now, the Act incorporating the company required that before a grant of 1000 acres of land was made to the company, it should spend £10,000 in Taranaki. Far more than this has been done, and he understood that a Ciown grant of land had been ordered by the Government to be issued. Yet Mr. Carrington, the then Superintendent of Taranaki, and Mr. Kelly had thrown opposition in the way of the company, and had withdrawn a certificate, on accountof the company being alleged to have not spent a sufficient amount of capital. Since, however, the company had expended sufficient, according to the even reading of Messrs. Carrington and Relly, there could now be no objection to the granting of the land, but the Crewn Erant had not been issued. This places the company at a very great disadvantage, for it prevents their obtaining charcoal on their laud. They were thus unable to prepare iron in the best way; in fact, were crippled in every way that could be done. The company simply wanted their rights, —the land which they paid for. Mr. Macandrew said he had always thought the conditions were to manufacture a certain quantity of iron before getting the land, but recently he found such was not the case. So the deputation were right in what they stated. He might say he had visited the works, and was struck with the beautiful machinery. The result obtained he had seen. Mr. Smith, whom the deputation might perhaps know, had given him a number of railway wheels to test the iron, and if the company could throw out a quantity of the quality he saw, the Government would give them an order for 50,000 wheels to start with. He also noticed a large quantity of iron ready for smelting, and altogether he thought it would be a pity if the company did not continue operations. Mr. Asher said the company wished to get into a proper position before it risked any more of the shareholders' money. Mr. Macandrew said he had sent five tons of the iron to the Agent-Geuoral, to get it experimented on at home. He would assist the company to the utmost in getting a grant issued ; if, as he thought, this did not depend on their turning out so much iron, the Government could have no option in the matter.