THE IRON INDUSTRY.

New Zealand Herald, Volume XLIX, Issue 15130, 22 October 1912, Page 5

THE IRON INDUSTRY.

OUTLOOK IN NEW ZEALAND. A SYNDICATE'S PROPOSALS. [BT TELEGRAPH. — CORRESPONDENT.] CmusTCinrncH, Monday. Is the course of an interview Mr. J. B. Laurenson, who acted as spokesman for the. deputation which waited upon the Prime Minister (Hon. W. F. Massey); regarding the Ethelburga Syndicate and its desire to work the Parapara iron ore deposits, made a. statement regarding the position taken up by the syndicate. Ho stated that the Government was asked for assistance to the extent of a subsidy bonus up to 10s per ton for 65,000 tons per annum. Tho Etheiburga syndicate guaranteed to spend £650,000 in plant and equipment within five years. Within three years they would be spending in addition £180,000 per annum in wages. Tiie Government had the right of getting all its requirements at costs plus livo per.cent. It was assumed that the syndicate would bo able to turn out pig iron at something like 35s per ton, whereas tho present price was 103s at main ports. The Etheiburga syndicate comprised a. group of men who had big interests in other parts of the world, and at the present moment held a contract for a £3,000,000 railway in South, America,, whero they required enormous quantities of iron and rails. It was that fact which made it possible for them to put np works largo enough to turn out material at a cheap rate. They had not only this present market in South America, but also large interests in Panama and other places. Then there was another point, comparatively speaking in recent years scientists had discovered that basic slag, a by-pro-duct from the smelting mills, was a wonderful fertiliser. Last year New Zealand imported 16,000 tons of" basic slag, which was sold to the farmers at something like £5 per ton. 'lho syndicate could well treat it at £2 per ton." They would have A minimum quantity of 20,000 tons to sell. It had been proved that this fertiliser increased the productivity of tho soil by 20 per cent. As a matter of fact the pumice lands of the North Island were entirely useless without basic slag. Another point was that if we could make tho financial magnates of standing who were behind the "Ethelburga syndicate interested in the industrial life of New Zealand it would be a' complete reply to the charges that foreign capital was * entirely scared away from the Dominion.