THE STEEL INDUSTRY.

Taranaki Daily News, Volume XLVII, Issue 81910, 22 December 1906, Page 2

THE STEEL INDUSTRY.

KEPOItTED SALE OF I'ARAPARA LEASE. SECLUvED J!Y~CI7tIISTCHUKC'H SYNDICATE. J'Olt FLOATATION- IN THE COLQNY. Per Press Association. Nelson, December 21. Tiiforiiuilion lias Urn received here that tin.: I'arapara iron lease liolil by the Public Trustee on behalf of the Sir A. A. .1. (.'adman estate, has changed hands, and been pin'chased by a Christchurcli syndicate. The company is to be floated in New Zealand at tile minimum subscription of .C 750,000. THE LOCAL IKONSAND LEASE. EXTENDED FOR TWELVE i MONTHS'.

The Public Trustee, as executor in the estate of the late Sir. A. J. Cadman, wrote to the New Plymouth Harbour Board on Friday, asking that the Hoard's ironsand lease be extended for one year, as he was not quite ready to comply with the conditions specified by January 25th 1007. "I hope shortly," he wrote, "to complete the formation of a Company to work both the ironsand and the l'urapara. leases, but it will take time." Ik was pointed out that the rent wou continue to be paid as usual. Air Oliver Samuel, as counsel f the executors, waited upon t Hoard at the request of Messrs R< and Wilson, solicitors. He explain! that by January 25th next the Boa would have obtained no less tha MB7 10/ from Sir A. J. Cadman an •Mr Berry in respect of the grants an leases now held by the executor. A

present the time limit for erectiol of buildings ami plant, etc, expired a( at January 25th. Mr Samuel asked the Board to pass a resolution extendin},' the time by twelve months, the Hoard to he entitled meanwhile to remove sand for ballast or for experimental purposes. He referred to the large expenditure already incurred by the promoters of the Company, who had fully established their bona-fides. fn the interests of the district it behoved the Board to show them every consideration.

.Mr Quilliam, 011 behalf of Messrs Covctt and Quilliam, solicitors to the Board, said the extension would not ell'eet the validity of the lease. Mr 0. McLean asked whether the lease would interfere with any oil boring concessions to other persons.

lie was assured by Jlr Samuel that 110 difficulty could arise in the future, lie had had this in view all along, and conscssions for either industry would not hamper the other. The Chairman (Mr J. B. Connett) expressed pleasure in moving that the extension be granted. The present promoters were "the only people the Board had ever "got money out of," and had proved their bonalides By paying the rental each year. As there did not appear to be anvone. else in the iicld, it was only fair that the Board should offer all possible facilities for the development of the industry.

Mr Ward seconded the motion which was unanimously agreed to.