WANGANUI COAL MINING COMPANY (LIMITED).

Hawke's Bay Times, Volume IX, Issue 468, 8 April 1867, Page 3

WANGANUI COAL MINING COMPANY (LIMITED).

The Wanganui Times, of the 22nd, publishes the prospectus of the above Company, and makes the following comments on the undertaking;—

With a subscribed capital of iiO,ouo, divided into 2,000 shares of £5 each, the si mrehnlders pay a preliminary deposit of 10s. a share, which would realize £SOO. The Provincial Government may reasonably ha expected to add £SOO to that sum, simply because the shareholders’ preliminary deposit will be paid for the purpose of testing the auriferous resources of the district. —an object to-

wards which the province should contribute an equal sum. Again, the Provincial Council voted the sum of £3OO for boring rods for the district, but the vote was allowed to lapse. That sum

should be again placed upon the Estimates. But the principle noon which the Company is proposed to be formed is one of entire self-reliance, unless in so far as the prospecting is concerned. Immediately on the discovery of a payable coalfield the provisional directors would convene a general meeting of the shareholders, who would decide upon the action which the Company should take.

The expenditure of the provisional directors being limited to the preliminary deposit of 10s. a ishare, unless further outlay is sanctioned by the j shareholders, secures the Company against any loss on account of speculative expenditure. It is 'just as well to pay 10s. a share upon a certain number of shares as to pay an equal sum by way of subscriptions to have, the district prospected. Should either coal or gold be struck, the shareholders—men who pay their money and take an interest in the matter—should benefit by the discovery. Voluntary contributions are well enough in their way ; but in an undertaking of this kind it is necessary that the provisional directors should have shareholders to fall back upon, and that those shareholders should be placed in a position to reap any benefit which may arise out of the undertaking. It is unnecessary to dwell upon the benefit which the discovery of a payable coal-field would coni'cr upon this town and surrounding districts. Tlie Ilev. Mr. Taylor tells us that the town rests upon a bed of coal. Other competent observers say that coal is to be found a few miles from the town, on the river bank. Others say it is in abundance, but at a considerable distance up the river. Now, the ohje ;t of the Company will he to discover the nearest spot to the town where it does exist in paying quantity. This is an eject to which every man amongst ns should be prepared to contrihgte a small sum ; and as that small sum will constitute each subscriber a shareholder in the Company, and entitle him to any benefit that may arise out of the speculation, we trust there will be no diliiculty in tilling up the share-list. The names of the provisional directors will appear in a future aud early issue of this paper.