PARAPARA IRON DEPOSITS.

Colonist, Volume XLIX, Issue 12019, 21 August 1907, Page 5 (Supplement)

PARAPARA IRON DEPOSITS.

The Lyttolton Times of July 30th staier^Tho Patapara iron ore deposits in the Nelson Province are to be exploited by a company that has been floated in London, with a capital of £550,000. A sum of £100,000 waa allotted in New Zealand, and the shares were placed in the hands of Messrs J. S. Schwartz and Co., Christchurch, who bad the whole allotment underwritten within a fortnight. The New Zealand directors include the Hon. Walter Johnston, of Wellington, Messrs Q. Humphries and W. Wood, of Christchurch, and Mr Hugo Friedlander, of Ash burton. The Parapara deposits have been worked for some

time as "Oadrnan's iron lease, M the estate being administered by tho Public Trustee and leased privately. It is a huge mass of haematite, of such bulk that, within about one hundred acres, it has been estimated by Dr Bell, head of the Mines Department, that there are one hundred and thirteen million tons of ore in sight, and three hundred n'illiou tons above furnace level. It is well situated for it is almost on the shore, and a little over a mile of tramway formation already connects the deposits with a wharf, which is in course of construction. It is anticipated that ore can be shipped into vessels of any size at such a cost that it will compete with any other supply to England. About £150,000 of capital is earmarked, for the erection of plant capable of turning out sixty six thousand-tons of pig iron a year, and comprising roll-ing-mills of var'ous classes. The Government has a staoding subsidy of £1 a ton for the first output of iron, and has offered to take seventy five thousand tons of manufactured iron suitable for railway and bridge work. Dr Bell, who is on his way to England, has prepared a report which will be presented toParliament at an early date. Dr Bell has, it is said, expressed the opinion that th«* opening of the deposits will originate what should be the largest raining concern in the Southern Hemisphere, and has stated that he has been astounded at the size of the deposit, and surprised that it was not taken up long ago. Parapara lies in Gold6n Bay, near Collingwood, about eighty milesjfrom Nelson.