NEW ZEALAND'S MINERAL RESOURCES.

Otago Witness, Issue 2497, 22 January 1902, Page 17

NEW ZEALAND'S MINERAL RESOURCES.

MESSRS CADMAN AND SMITH'S COMPANY (From Our Otvn Coßiu:sro>cDEVT.) LONDON, December 14. As Messrs' A. J. Cadman and E. M. Smith intend, nothing unforeseen preventing them, to leave by the s.s. Karamea next week, I called again at the Agency-general yesterday to see whether their plans for the formation of a company to c\p'oit T.<ranaki ironsand and othei' of New Zealand's mineral resources were approaching fiuition. "You can say that we have definitely arranged with a big London firm to undertake the flotation of a private company with a capital of £500.000, of wh.ch the fir.t instalment will be £250,000 frr woiking capital," said Mr Smith, whom I saw. "There Will also be a good reserve of capita l ."

He then pioceeded to show me samples of engineer's tool steel made of Tnranaki ironsand, which had been put to practical test* with the greatest success, and lie said that before kaiing he would receive specimens of the finest cutlery, such as surgical instruments and razors, all made from Taranaki ironsand.

" Then do I understand t'"at your company is formed, Mr Smith?"

" We ha\e to go to the colony to complete some of the leases and opt ons. Mr Cadman purpose- to return to London in the spring, and meanwhile the iirm I have referred to will be 'making all pieparations financially. They have tho plans and specification?. Anangemei'ts have been made for a cable code and for constant coircspondenee. and, as I have said, Mr Cadman will return next year, leaving New Zealand about March or April, to complete " "Has this completion of title anything to do with Mr Jo-hua Jones and the Mokau estate?"

"Not a bit," replied Mr Smith. "Tie options we ha\e are altogcthci < uls de Mr Jones's property, or what he claims to be his property. Even the small limestone lease w; have thrown out, so that we are entirely free of Mr Jones and his squabble."

In conclusion, Mr Smith showed me A, long report he had received from an engineer who had inspected the products made from the ironsand, and they were reported to be "equal to the best Sheffield steel made by the best known methods of the trade. Managed on honest scientific and sound business lines, this engineer ?aid there should be a good margin of profit.