The Karaka and Tararu Tunnel Scheme.

Thames Star, Volume X, Issue 3125, 22 February 1879, Page 2

The Karaka and Tararu Tunnel Scheme.

A meeting of the promoters of the Tararu and Karaka Tunnel Scheme was held in Mr Frater's Office yesterday afternoon. Present—His Worship the Mayor (in the chair), Messrs Renshaw, Deeble, Otto, Cocks, Allom, D. G. MacDonnell and others. Mr Otto explained the steps he had already taken to float the scheme on the Thames, and stated that promises to take up o?er 6000 shares had been received by him. It had been suggested that a prospectus should be printed and distributed, and Mr A. J. Allom at his request had kindly drafted one. The Chairman read the prospectus, which seemed to meet the approval of all present. It was suggested that brokers should be appointed to place the scheme upon the market both on the Thames and in Auckland, and for the purpose of having the views of Messrs Frater, Hennelly and Gel lion upon the subject the meeting was adjourned till 7.30. At that hour Messrs Frater and Gellton attended. The former thought that some modifications should be made in the constitution of the company before it would be very favorably received by the general public. Mr Gellion thought it the best course to place it in the market through the hands of brokers, who would very soon find out the feeling and opinion held by the public upon the scheme. Mr Win. Howe said he was prepared to give the scheme support, but still was not very sanguine of its being floated in its present form. Finally it was decided to request Mr D. G. MacDonnell to take the plans, prospectus, and the letters received from the Government to Auckland, and lay the same before capitalists and other persons likely to take up shares. Mr MacDonnell is to write to the promoters during next week upon the amount of support likely to be obtained in Auckland, upon receipt of which information the future steps to be taken will be determined upon. This concluded the business.