THE Grey River Argus. SATURDAY, JULY 4, 1868.

Grey River Argus, Volume VI, Issue 386, 4 July 1868, Page 2

THE Grey River Argus. SATURDAY, JULY 4, 1868.

After considerable delay, the Grey River Coal Company (Limited) is fairly launched upon the niaiket, and its shares are now offered to the public ou the most liberal terms, The Company is launched under very favorable auspices, with a stiong and highly influential body of Provisional Directors in Christchurch, aud a managing local committee in Greymouth. The csipital of the Company is .£IOO,OOO in 2000 shares of £50 each, of which amount it is proposed now to raise £25,000, by the issue of 500 shares. The calling up of these shai'es is spread over a period of time, which will make it a matter of no difficulty for nearly every one of the residents in this town, who has the true interests of the district at heart, to take up shares to a small amount. On each £50 share, a deposit of £2 is to be paid on application ; a further sum of £3 on allotment ; and the balance at intervals as required by the directors ; but no call will be made with less than two months' notice, and then it shall not exceed £5 per share. It is easy to understand how the Company can offer such liberal terms, for the large and increasing demand for the mineral which they supply warrants them in expecting to have a continual flow of cash into their bankers, sufficient, at all events, to carry on the operations in the mine. About the end of last year the Company obtained the lease of the coal reserve on the Westland side of the Grey River, comprising about 5000 acres, at a moderate rental, with power reserved to them to purchase at the expiration of seven years 1 25 acres of land, in blocks of 25 acres at a time, at the rate of £2 per acre, which, it must 'be admitted, is a very trifle, compared with the value of the minerals known to exist in the ground. But it has been made compulsory upon the company to bring down to Greymouth 5000 tons. of coal within eighteen months of the date of the lease, and to construct a tramway or railway over a portion of the estate ; and after that the Company must bring to port 10,00.0 tons of coal annually, upon which they must pay a royalty of sixpence per ton to the Government. The Company are further empowered to construct a line of tramway or railway over the Crown lands from the mine to town, and are authorised to levy tolLs on the line. The construction of this line is quite practicable, and has been j reported upon favorably by some eminent engineers, who report that the incline of the Une would be about 1 in 440 feet from the mine to the point of shipment at Mawhora Quay. The towage of barges containing coal over the bar for the supply of the ocean steamers ia touched upon in the prospectus, but we believe there is not the slightest reason for the Compauy anticipating any difficulty in this direction, as, for a long time to coir.c, the demand

for the trading steamers and sailing crafts which come to the coal wharf will be quite equal to the supply. We are glad- -tmsee that the selling price of the coal, placed on board ship in port, is fixed as low as 10s per ton, and upon that price the Company anticipate realising a profit of 25 or 30 per cent., which we have no doubt they will easily do, after the tramway op railway is constructed. It is to be hoped the inhabitants will show their appreciation of the objects for which the Company is established by taking up shares, as it is generally admitted that upon the devslopment of our coal mines the prosperity of the Gi*ey District largely depends,