Important Purchase of Coal Leases
TPer Press Association.] Wellington, August 4.. An English syndicate has purchased the Oobden Railway and the Coal Company's propety at Coal Creek, near Greymouth, Further particulars show that to-day was the last day in which Mr McDougall, in London, was allowed to have the matter in band. Word was received today that L2OOO had been deposited in the Bank in London, which represents the amount to be paid to Now Zealand shareholders who hold seven tenths of scrip, and the present lessees are to protect the property until Mr McDougall arrives in the colony. The property consists of 4500 acres, and LUOOO or L9OOO has already been spent in developing • it. Several seams of coal of excellent quality have been discovered, the largest being 15 feet thick. Mr Alexander McDougall, who was secretary to the old Company, will leave for the colony in a few days, and will represent the new syndicate. The Company will construct a railway from Coal Creek to Greytnoutb, a distance of about 4£ miles.
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Bibliographic details
Feilding Star, Volume XV, Issue 31, 5 August 1893, Page 2
Word Count
174Important Purchase of Coal Leases Feilding Star, Volume XV, Issue 31, 5 August 1893, Page 2
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