THE MOKAU COAL MEASURES.

New Zealand Herald, Volume XXVIII, Issue 8482, 5 February 1891, Page 5

THE MOKAU COAL MEASURES.

A NEW ENTERPRISE. [BY telegraph.—own CORRESPONDENT.] Wellington, Wednesday. I am informed on the best authority that Mr. Guinness, M.H.R., executed this afternoon an agreement with Mr. Joshua Jones, of Mokau, for a lease of a part of the Mokau coal measures, to be worked on a co-operative basis. Mr. Guinness represents a considerable section of Grey Valley miners, who will pu j their labour into the new enterprise, sharing the profits upon the estimated value of their labour. They will receive an allowance for their support in the intervals of each settlement of profits. I am told at the same time there are seven responsible men providing the necessary capital. Two of these reside in Wellington. There are two shipowners who have promised to help the enterprise. It is said that a capital of £10,000 to begin with will be all that is necessary for a fair start. It is further stated that vessels of seven feet draught can go right up to the new coal mine, and that vessels of 12 feet draught can be loaded at the "heads." Mr. Jones is to receive a small royalty on the coals won. The mine is stated to be 110 miles from Onohunga and 140 miles nearer to Wellington than the Grey Valley. As to the quality of th'e Mokau coal, it is said to be good for steam purposes and excellent as a household coal, bub nob so good for blacksmiths and gas purposes. The new venture creates a good deal of interest here.

[by TELEGRAPH.—PRESS ASSOCIATION.] Wellington, Wednesday. Mr. A. R. Guinness, member for Graymouth, before he left Wellington this afternoon, signed an agreement with Mr. Jos. Jones, of Mokau, for the lease by the Grey Valley Miners' Association of 2000 acres of Mokau coal property on a royalty rental. The lease is for thirty years, and practical operations will be begun within one month.