SALE OF THE GREYMOUTH COAL COMPANY'S PROPERTY.

Kumara Times, Issue 667, 16 November 1878, Page 2

SALE OF THE GREYMOUTH COAL COMPANY'S PROPERTY.

A Press Agency telegram-in our last evening'*' issue stated that the sale of the above property had been sold by auction.' The Grey River Argus of this morning reports:— '

."Mr Waller B. Moss yesterday, pursuant to previous announcement, submitted to public auction the valuable leasehold, mine, and plant of the Greymouth Coal Mining Company. The auction rpo(n' was crowded, and great iuterast was maintained throughout the sale. After reading the conditions of sale and the long inveutory of the plant aud chatties,- &c.,. the auctioneer asked for a starting bid. There was some slight hesitation at the first, until Mr Jas. Kerr offend £6OOO for the property. Afterwards the bidding increased in £2OO rises, until the saie was piacticalfy left between the representatives of Auckland and Dmiedin speculators, Mi Wickes and Mr JVJ'Kenzie,' the hammer finally falling at £II,BOO to the. bid of Mr M'Kenzie, the ageut of Dunedin purchasers.

And thus has gone a property ou which £46,000 has l>een expended; but, perhaps after it is. just as well that it has passed into hands more poweiful to accomplish its development than the late company. The Dunedin purchasers have become possessed of a magnificent property for comparatively a mere song, but it in their interest to utilise it, and no dou'>t they will use every effort in that direction. They have eapital, an I, further than that, they have political influence, *dn>h will make itself fi-.lt iu regard to the improvement of the port. We trust the purchasers .will be much more successful than the shareholders in the late comr pany have been.