HYDRO CONCESSION LTD.

Hokitika Guardian, 25 November 1930, Page 2

HYDRO CONCESSION LTD.

ANNUAL REPORT. The annual report of the New Zealand Sounds Hydro-Electric Concessions, Ltd., which holds an option over certa'n water rights in the 'ie Anau and Bowen Falls district lor the proposed extraction of nitrates from the air, reads as follows:

As notified in a circular .sent to shareholders, dated June 23rd, 1930, the option to purchase the company’s concessions was extended till October ■it It with a prov so that a further extension to December Cth would be granted on’y if the Board was satisfied with the arrangements for financing the project. In the meantime a cable message was received asking for cable messcvmfw yETA ETH R HS further payment ,o lithe grounds that the extreme financial depression and other colid lions existing ill Europe and America were such as to preclude obtaining the necessary capital at present, lint that the option holders were anxious to continue their scientific invest gatioilS with a view to their ultimately purchasing the Concessions. Yfiiii difectorb i’eit that they cioilid not agrbe to this proposal, alid stipulated what tliey • considered to be li reasonably subistaiitini Cash pUylnetit, #*".2 company having in the meantime obtained ail extension of the license from the Government until September sth 1933. The offer to extend the

option upon the terms st'pulated was not accepted. The company, by the terms on which it extended the option until October, has acqu'red the right to use the very comprehensive p'ansf for the power development prepared by Air 1:1. P. Gibbs, and is therefore able to offer them with the concessions to any other likely purchaser. In view of the option not having been exercised, your d’reotors have considered it expedient to reduce the expenditure

' in connection with the company to an absolute minimum. Jt is the intention of your directors still to perserve in their efforts, and to prosecute every find a purchaser for the j concessions whilst still keeping in touch in the meantime with the group which he’d the opt'on.