THE NEW ZEALAND STEEL AND IRON SAND COMPANY.

Wellington Independent, Volume XXVIII, Issue 3897, 26 July 1873, Page 3

THE NEW ZEALAND STEEL AND IRON SAND COMPANY.

The directors of the New Zealand Titanic Steel and Iron Company (limited) have decided to entrust to Mr Toxward, C.E., the preparation of the necessary plans and specifications for the erection of the blast furnace and charcoal and sand sheds at Taranaki. These plans will be ready in about a week, when tenders will be immediately called for the erection of the works. Several suitable sites for the erection of the furnace and buildings have been offered to the company. These sites are adjacent to the beach, and possess the great advantage of level filling for the furnace, in addition to being within a mile of the town of New Plymonth, and close to the main road and line of railway. Shares are being steadily taken up, and in the course of a few dxya n « r »oJ«i ~ ~_-i- 9---■will -vioifc-Okristclnirch and Dunedin, at which places a large number of persons have promised to take up shares. As an English company has also been formed, we think the directors are wise in pushing matters forward as rapidly as possible. They will thus be in a position to take the first steps towards claiming the Government bonuses for iron and steel, of which intention they have already given the Government notice. For the benefit of shareholders, we attach a letter respecting penalties, together with resolutions passed by the Provincial Council of New Plymouth, regarding bush land as extracted from the minutes of the Council for the 9th July : — "Superintendent's Office, " New Plymouth, July 11, 1873. "Sir,— ln reply to your letter of the 21st June ult., I have the honor to forward herewith copy of a resolution of the Provincial Council, by which you will perceive that though it is not deemed desirable to insert covenant in the lease releasing the Titanic Steel and Iron Company from payment of penalties ; yet, that in any contingencies, the provisions of the lease will be construed on the terms most favorable to the interests of the company. ' ' The penalty clause is merely inserted to enforce performance of conditions of lease on lessees ; and, failing this, to bring pressure to bear on defaulting lessees to determine lease. Undoubtedly, if, after a time, the company Bhould find itself, through no fault of its own, unable to carry out the provisions of the lease,, as to smelting, &c, payment of penaltywould not be either enforced or even demanded, provided the lease were ceded. — I am, &c, "C. D. Whitcombe, ' ' Provincial Secretary. "Robert Hart, Esq., Wellington." RESOLUTIONS. " That 5000 acres of bush land be sold or leased to the New Zealand Titanic Steel and Iron Company (Limited), on ifismsL^gflnarally «uailaE_io_ihogo g »a.«^ o< l to Mr Walduck. 7 ' " That the request of the New Zealand Titanic Steel and Iron Company (limited), for covenants to lease, releasing them from payment of penalties under certain conditions, cannot be entertained by this Council ; but that in all contingencies, the provisions of the lease should be construed on the terms most favorable to the interests of the company."