PAPAROA COAL CO.

Dominion, Volume 5, Issue 1378, 2 March 1912, Page 8

PAPAROA COAL CO.

MEETING OF FIRST DEBENTUREHOLDERS. A meeting of first dehenture-holders in the Paparoa Coal Company (whoso mine is now closed down) was held yesterday afternoon, in the rooms of Messrs, Clarke and Meftzies, Mr. T. S. Weston in the chair. The meeting was called to discuss tho position of the first debenture-holders, and what action thsy should take in connection with the proposal of the company to write down tho value of £1 shares to 10s., and give first debenture-holders full value A shares in return for their debentures. It was pointed out by Mr. Dalziel that at least £50.000 moro capital would be needed, and that amount would be more easily raised among those who held shares than by the debenture-holders for, if tho shareholders did not have an opportunity of contributing further in the hope of saving all, it was not likely that others would com.-> to tho assistance of the debenttiroholders, when they, as owners of tho mine, wished to raise tho additional capital wanted. Mr. Weston described his position as "sitting on a rail." He thought that if some of the big shareholders were to put in more capital it might he wise for the debeutnre-holdcrs to throw in their lot with the scheme. The mine promised well, and there was an excellent prospect of developing a great field of "big" coal now that they hart worked through the faulty country. What wan wanted more than anything was a capable commercial man who knew tho coal business inside out. Without such a man they would never be able to build up a trade. Several alternative propositions were made and discussed, but it was mado clear by some of the debenture-holders present that whatever happened they were not prepared to grant preference to anyone, not even thoso who were prepared to put in fresh capital.