TARANAKI STEEL SAND.

Wellington Independent, Volume XXVI, Issue 3321, 17 October 1871, Page 3

TARANAKI STEEL SAND.

— «, A meeting, very numerously attended, was held last evening, at the bijou theatre of the Empire Hotel. At an early stago there were only about fifty or sixty persons present, that number being soon increased to 100. Amongat those present were Mr M'Glashan, M.H.E., Mr Wakefield, M.H.R., Mr Pearce, M.H.R., and Mr Hunter, M.H.R. On the motion of Mr Buchanan, the Hon W. B. Khodes was voted to the chair. Tho Chairman said they were all very well aware that the iron sand had beon before them for many years, bub up to the present time efforts at utilising it had not met with any great success, the general cause of failure having been attributable to an insufficiency of funds. However, the results of tho experiments had, in nearly all cases, been highly satisfactory, so fur as the value of the sand was concerned, and more particularly did this remark apply in the present instance. It had been proved beyond dispute that the iron sand was the richest material of its kind j in the world and in quantity was inexhaustible, tbe beach line from Taranaki up to Manakau Heads forming an uninterrupted field for'the labors of such companies as it was the object of the promoters of the present meeting to see in existence. The recent experiments proved that the quantity of Bteel ore to be obtained from the sand in its natural state was 60 per cent, and its value in England abont£so per ton. There was no doubt it would bothc most important of any of the industries of Now Zealand. Flax, he considered, had now become a success, and they wanted new industries to help New Zealand along— to find new fields for labor. There was before the Industry Commmittee of the House a report that had not yet been printed which would no doubt be very valuable to them in any future action they might take in furnishing data on the subject they had met to discuss. He would like to have seen a few more members of the Assembly present, because it would have been advantageous to have had tho result of the meeting communicated to every part of tho colony. Tho amount of money to be raised by the company would require to be very large, considerably more than they were likely to bo able to raise in Wellington, and he thought that as the whole of New Zealand was likely to be benefited by the success, it was quite possible they might get some part of the mouey raised elsewhere, Mr Smith, together with the Staffordshire men who assisted him with the late experiments at Mount Cook Barracks, were present propared to give the mooting every information upon the subject, both with respect to the process they employ, and the cost of carrying it oub. They would give some approximate idea of tho amount of capital required to commence operations and to continue working on a euffi-

ciently large scale to pay any company that may choose to take up and work his process. Information upon any point connected with the project Mr Smith would be happy to afford.

Mr Smith, nfter demonstrating to the meeting three reasons why former experiments had been unsuccessful, stated that the iron sand of Taranaki differed from tho steel found in all other countries in nob being impregnated with impurity of any kind, the scientific men of Europe having declared it to be the finest steel known. These scientific men considered thai there were three great obstacles to its being melted in New Zealand or olsewhore— one of those reasons being that it would be impossible to prevent the metal escaping from the furnace on account of its fineness. Many attempts had been made in Sydney and Melbourne to smelt it, and had all failed. [Mr Smith explained his method of compounding the sand with drift sand and clay, which being put in in equal proportions with the sand gave a yield of over forty per cent.] Tho company which he proposed to form had every probabiI lity of being able to obtain six miles of the beach, and abundance of bush land in the neighborhood, the timber from which there would be no difficulty in obtaining. This would be a necessary consideration in their proposals, because they would require charcoal for their furnace. Steel of a corresponding quality to that before the meeting was worth £50 per ton. The failures of the experiments made in Taranaki he attributed to tho want of practical men such as those who were engaged in the recent experiment at Mount Cook ; if practical men had beeu engaged in its preparations heretofore, the steel sand of Taranaki would be an article of commerce at the present day. The only thing wanted now was capital, ! and in six or nine months they would have } the thing in tho market as an export of New Zealand. They had not to wait for seasons, as with woolor grain crops; the thing was there at all times, and the moment any persona were ready to prove to the Taranaki Provincial Counoil that they could smelt the sand by a payable process, they wore prepared to grant [ a portion of tho beach equal to that | occupied by the Pioneer Steel Company — six ! miles, with a forest for producing charcoal at hand. At the present time Professor Mushet was making an imitation of our steel, which was selling at as high a price as £90 a ton. The most important uses to which the t steel could be put was in the manufacture of i pivat wheels, stamper heads ; the durability, it would be eaßy to prove, was threo times that of tho material at present employed by English maiiufacturera, its tensile • power and brilliancy of quality having been flatteringly testified to by Mosley & Son, of England. No Bteel could produce better cutlery. Mr Smith gave it as his opinion, based upon careful calculation, that the ore could be produced at an expense of £15 a ion, which, after the company got into working order, could be reduced to £10 ; indeed, Mr Davis, brother of the late Mr Davis of the Museum, had informed him that he had over-estimated the cost of production. The furnace he proposed to construct would produce forty to fifty tons of ore per week, and it was considered by the late Mr Davis, F. 0.5., 1?.G.5., that a company with a capital of £30,000 would be able to clear a profit of £100 a day. The cost of the furnace he put down at £1800, which would lasfc four years without requiring to be lined. Of course a great outlay would have to bo gone into before they could reasonably expect a return ; £12,000 was tho least they could expect to expend before paying a dividend, this amount to cover the blowing apparatus, stock, fuel, wagos, &c, the works to be carried on by twenty men, in two shifts. In the matter of outlay, a great deal would depend upon tho location of the works, and as to the obtaining of hands, he .was positive that there were furnace-keepers in the province as good as any that could be got in England. If they succeeded in raising a company and he were put in the position of manager he would undertake to produce metal from the furnace within 6ix months from the time of the material being placed on tho ground. Mr Aston and Mr Hitohens, practical smelters, bore out all the statements of Mr Smith. Mr Nathan eaid that he had listened to the statements made, but what they had heard amounted merely to verbal statements. Tho meeting had been furnished with no calculations by which they could check 'Mr Smith's figures, so as to ascertain whether they had been based on reliable data. He would therefore ask whether Mr Smith and tho other gentlemen were prepared to take any risk in the undertaking, and to what extent. Some statement of the kind would be a guide to intending shareholder and induce them to invest their capital. For instance, it would fcske six months before fchey would produce any material, and would they be prepared to work for that time without auy wages, or for only a portion of the usual wages, so as to impart a feeling of sincerity to the undertaking ; that would be some sort of a guarantee to persona who intended to invest. He merely brought this before tho meeting as a suggestion, so as to afford an opportunity to those present of giving opinions on the subject. Mr Smith said he, and tho other gentlemen connected with him, were prepared to risk something in the undertaking. It must not be forgotten that these men would sacrifice a good deal in selling their lands and cattle, and breaking up their homes, to go to Taranaki to work. If they could afford to work for six months for nothing they might as well go and take up a bit of the beach themselves. If tho comtmny were formed, the risk they would uudertuke would be as many shares as they could afford. (Loud applause.) Mr Hay then proposed, " That the following gentlemen be appointed a committee, with instructions to draw up in detail a financial statement allowing the amount of capital the company would require, and to confer with his Honor the Superinteiadenfc of Taranaki as to the terms on which a lease of six miles of the Taranaki beach could be secured, and what encouragement the Provincial Government of Taranaki would give to any company who started. Chairman, Messrs Hunter, Pearce, Mills, Nathan, Marchant, Lockie, Lemon, Hay, and Buir<3, with power to add to their number, and to appoint a paid secretary." Messrs. Hunter and Peaboe made some practical suggestions on the means whioh should be adopted in the initiatory stage of the company, tho former suggesting the appointment of a paid secretary ; and the latter, tho starting of a subscription list for the purpose of defraying the preliminary expenses. Ih e Chairman said ho considered that so far the project had been exceedingly satisfactory. The meeting had hud the opportunity of listening to the statement of Mr Smith, who had brought his experiments to so successful an isßue, statements which he hoped would go forth the length and breadth of New Zealand, and impress on tho public of tho colony tho importance of this great undertaking; The committee appointed was an excellent one, and that was all that could be expected to be done at tho present meeting. But he would tell them at once that it was no use going into a small company. If they were going in for a company at all let them have one that would rauko the trial a successful one. All they wanted was sufficient capital, and £30,000 was tho smallest amount that they should raise. He did not suppose that that amount would bo required, but it would be a great mistake to etarb without sufficient funds. They had heard from Mr Smith that a great plant would be required to provide for the many requirements of tho company, and if all that ho had mentioned could bo obtained for ten or twelve thousand pounds, that was a very reasonable sum indeed. £300,000, or £40,0000, or even half a million would not be too much for an undertaking of this kind; but it must bo a failure if they went in for anything leas than £30,000. Of course they could^not expect that tho money would bo all raised in Wellington j they must go forth to all New Zealand,

A subscription to defray the preliminary expenses was opened, and names representing about twenty guineas were at once put down. A vote of fchanks to the Chairman terminated the proceedings.