PROPOSED GREY RIVER COAL COMPANY (LIMITED.)

Grey River Argus, Volume IV, Issue 274, 15 October 1867, Page 3

PROPOSED GREY RIVER COAL COMPANY (LIMITED.)

A large and influential meeting, convened Ijy circular, was held at Kilgour's Union Hotel, on Friday evening, to take the necessary steps for the formation of a Company" to work the valuable seam of CQal on the. south side of the Groy River. Mr J; A. Whall, M.P.C., was called to. the chair, and having briefly stated the object of the meeting, drew attention to the Ordinance under which the proposed company would have to mine, one of the clauses making i^compulsory to commence working within Bix months after execution of the lease, and that during the first eighteen months not less than 5000 tons w.ould have to be brought down to Greymouth. by rail or tramway. Mr J. Kilgoub informed the meeting, '. fit some length, the action he had taken h in the matter. It was proposed to start a p, company to lease the coal field, and by the ||:-, formation of a tramway to bring coals to ■£;.; the port at such, a cost as to induce ship■jfe; owners to trade here. It would be seen R ; from the preliminary prospeotus he had H^ -issued that 13,000 tons of coal had been U^exported and consumed for the last twelve BBphonths, and he had been informed that had under estimated the quantity. it was well known that under i^Bresent circumstances the large demand «HRjuld not be supplied, and that it became for the advancement of Greyg||pSbuth, that immediate steps should be ■ taken to develop the seam on this side. M Mr T. L. Shepherd, M.L.C., of Otago, ;|1 in moving the resolution placed in his !|1 hands, said that he considered it was one 111 of those Bchemes which would recommend ftl itself to all, being both a safe and perlal raanent investment. He would move— Wj\ " That the present supply of coal at the of Greymouth. being inadequate to the large and increasing demand for the it is desirable steps should be for the formation of a Coal Comto efficiently work and develop the coal measure on the south' side the Grey River, and thereby reduce price of coal to one-half the rates hitherto ruling." r Mr James Davies had much pleasure in seconding the resolution, and was surprised that action had not been taken in this matter -long ere this. He was satisfied it was a paying speculation, and. would add. to the prosperity of the district, and enhance the value of property in Greymouth. •.".' The Chairman, before putting the resolution, said that he had been informed that the Grey River coal, at Melbourne, brought 2s 6d per ton more than the Newcastle coal. ' r The resolution being put, it was carried unanimously. _ MrD. Gikdwood, in moving the second resolution, said that lie could bear out the statement made by the Chairman as to value of the Grey coal, but that the hi^li prices required prevented business being done on a large scale. He had on several occasions endeavored to procure cargoes from the present Coal Company for the Jjaunceston market offering 20s per ton, but this price had been declined by the manager. He would move— " That in the ■opinion of this meeting a Joint Stock Company (Limited) be, formed for the purpose of carrying out the foregoing resolution, such Company to be called the Grey River Coal Company, with a capital of L 20,000, in 4000 shares of L 5 each. Mr D. Maclean seconded the »resolu- -..'.." tion, and said that he also had been in /communication with the Nelson Coal Company for a supply of 1000 tons at 20s, but that their manager Jiad refused to entertain it at that price./ Mr E. B. Fox, in supporting the re- " solution, said that there could be no doubt ■_.'■'. that the establishment of such a company ■"'•";■' would be "a great benefit to the district, and that the proposed railway would open jip traffic for goods and passengers to the Arnold and Little Grey River districts. Mr ' James' Davies moved — - " That a Provisional Directory bo, appointed to consist of twenty local- directors with power to add to their number im other '\ districts." ■■•:■■- Mr Shepherd seconded the resolution, ; -which was carried. ' The following gentlemen were then elected as local directors: — Messrs J. Kilgour, J. Davies, D. Maclean, E. B. Pox, D. Girdwood, J. A. Whall, T. L. Shepherd, W. S. Smith, A. Hosie, G. ■ Perotti, J. Fitzgerald, T. Clark. Guiness, H. Hunt, J. Middleton, Hildebrand, W. Paul, J. Heron. It was agreed that the Provisional shoulg meet at the close of the to arrange the affairs of the Oomjwiy. Mr James Davies moved — "That a vote of thanks be accorded to Mr Joseph, Kilgour for the energetic 'action he had taken in starting the company." Mr Shepherd seconded the motion, which was carried unanim ously . A vote of thanks to the Chairman being passed, the meeting terminated.