COLLINGWOOD COAL-MIMING COMPANY

Nelson Evening Mail, Volume VIII, Issue 167, 12 July 1873, Page 2

COLLINGWOOD COAL-MIMING COMPANY

The half-yearly meeting was held in Collingwood on the evening of the 9th instant, when the' Directors reported the satisfactory progress of the work in the main drive. -The distance is about feef, and tho Strata' passed through corre*Bp,£nd with the section made by Dj^ Hecsr, teb -months ago; ThejS^si^seatn waar cut at the distance stated by Dr. H/ctor, find showed great improvement aft c\)mfMif^i wth the^>u#croo«% Numerous ' ajso, two in particular, of first-class blackJsnnd, yielding, according to analysis taade i^by Mr Skey, the Government analyst, 42 per cent, of iron to the toif of ore. This particular ora contains a larger pt>r efnfcage of carbonaceous matter j which would greatly facilitate the process of smelting. There are about, 260 feet, yet to drive, through tho coal measures principally, which the contractors are sanguine they will acpomplish by the end of the year. The water-blast, or air irompe, erected for the purpose of carrying air to the face of the drive, has proved a complete success, having worked night and day without interruption since the taps were opened in March last, and much credit is due to the mining manager, Mr Marshall, for the* intelligent manner in ( which he carried out the whole arrangement. In the event of ironworks being erected on the property, the water supply available will be invaluable as; anJ economical blowing power to the blast furnaces. .Thfiififfer^otMr Travers, on behalf of an English company, to purchase the mine, was so loose that the- Directors could not entertain it. But to test the sincerity of the proposal, they made Mr TiWers a counter offer, asking only , the sum he named with the very natural addition that, before binding themselves, they would require to know something of the constitution of the proposed English' company; how much capital they would be likely to call up; and also that they should stipulate to expend £2000 on permanent works on the mine; but this waa declined by Mr Travers. The hi^h price of coal, the general conviction that every effort Bhould be made to develope tbb coal-resources of tbs colony, and the fact that large sums of money were seeking investment in New Zealand, point to the present time as being the most favorable for increasing the. capital of the company, but as a few months would decide positively the value of the mine, the Directors were decided to wait till the new drive was finished, when they hoped to bo in a position to place before the public an undertaking containing all the elements of success.