THE Grey River Argus. THURSDAY, MAY 21, 1868.

Grey River Argus, Volume VI, Issue 367, 21 May 1868, Page 2

THE Grey River Argus. THURSDAY, MAY 21, 1868.

Mn Ollivier, the honorary secretary, and one of the promoters of the Grey River Coal Mine Company, arrived in town on Tuesday, for the purpo.e of organising the preliminary arrangements regarding the opening of the Company's mine, and for securing the co-operation of persons locally interested. We are given to understand, on the authority of Mr Ollivier, that the Company are determined to push ou the undertaking, and will permit nt) unnecessary delay in commencing operations on a complete scale. Mr Ollivier has authorised Mr Usher, C.E., lately engaged by the Nelson Coal Company, to test the mine, which is at once to be done. A drive, which may afterwards serve as a water-level, has been commenced from the face of the scam opposite the river, which will be carried upwards and traversed by cross drives. It is expected that in about two months the operations conducted under Mr Usher's superintendence will have disclosed the character and direction of the seam — of its extent there can be no doubt whatever, as the coal crops out in places along the range for miles. The sale of the coal will be entirely under the control of Mr Kilgour, who, having, we understand, become a shareholder in the Company, will represent the promoters here until alocal directory is formed. The promoters regard the establishment of a local directory, or board of management, as an essential condition, and in order to secure the co-operation of the public here, a numH^f shares will be set apart especially district. The Company's capital

is fixed nominally at ,€30,000, in shares of £5 ejicli, but they have jiowcr to increase it. We may say on authority that when the capital of <£30,00Q ha s been subscribed, a- leading h'imncial concern lias agreed to advance a further sum of £20,000. On Mr QUivier's return to Christchurch, the share-lists will be opened, and agents appointed to dispose of them iv Westlaucl, A complete survey of the route for the railway — which will be seven miles longer— is to h& made forthwith, and on its complex tion tenders for the work will be called for and the line j'mshed forward without delaj T r The terms of the Company's lease compel them to complete the rail, way and bring down 10,000 tons of coal before June, ISG9, so that it is obviously necessary that much time should not be wasted in. constructing the line. Late in the clay as it is, the Qrey Ptiver Coal Company do at last appear determined to develop the immense field of mineral wealth that has been conceded to them. And it must be regarded as a satisfactory token of the hquesty Qt the intentions of the pro nioters that they wish to place the ! general management of the mine and j railway in the hands of a local company. In seeking the co-opurafciqn of the public of Westland, the promoters do not, we \ are informed, desire it tq be thought that such cq.-operation is essential to the raising the required capital, The ■\vhole of the shares could be readily disposed of by the promoters, but they thiuk — and rightly so, we imagine — tlxat greater efficiency and more effective control iv the management can be secured by a local directory, Of pom-be it is understood that all important matters affecting the interests of the shareholders will be dealt with by the Central Board. As we understand the proposed arrangement, it is precisely similar to that which obtains with re* giird to banking and other institutions in the Colonies whose head-quarters are in London. We have no doubt that the Company will tint! a reasonable amount of support in Westlaud. The inhabitants of Greymouth, and especially those who have invested capital here, will doubtless see that their interests are closely bound up with everything that will develop the resources of the district, and give a permanent value to property. That the working of the coal fields on a scale commensurate with their importance will import a stability to this district which nothing else will give it, few will be bold enough to deny; and as we have reason to believe that the Company to whom the coal field belongs are thoroughly in earnest, we hope they will be heartily supported by th« public.