Directors' Report.

Nelson Evening Mail, Volume X, Issue 59, 10 March 1875, Page 4

Directors' Report.

To the Shareholders of the Para Para Iron and Coal Company, (Limited ) Gentlemen —On receipt of the articles of association from Melbourne, the Directors appointed by that deed immediately registered the company under the "Joint Stock Company's Act, 1860,'* and otherwise proceeded to initiate the business for which the company was organised. Their next duty was the appointment of a General Manager, a Mining Manager, and a Secretary, to which offices the following gentlemen were elected, viz, Mr James Anderson as General Manager, Mr John Marshall as Mining Manager, and Mr M. M. Webster as Secretary. The transfer of the Coal Company's property at Collingwood, and the freehold and leaße of the iron deposit at Para Para has been effected in accordance with agreement; and the purchase of a section of land containing 150 acres for furnace sites, and an acre and b half at the wharf site, has been concluded on most favorable terms. Plans and specifications of a modern blast furnace are being prepared by an experienced furnace builder, and its erection will be commenced immediately they are ready; good sandstone for building the outside occurs in large quantities at the coal miup, and for the lining the fireclay at the Para Para, or the steatite on Durvilie Islcni would be most suitable; but it is just possible that favorable arrangements may be made for the Bupply of the lining frcm the Grey, where there are two complete brickmaking plants in full work, which are turning out what appears to be a first class fire brick; it is the intention of directors to send some of these fire bricks to the Melbourne Rolling Mills for the purpose of having them subjected to the severest possible test in the reverberator^ furnace. Some time ago your directors were advised from Melbourne that a gentleman of large experience in iron manufacture, intended visiting the Para Para on his way from Victoria to England via San Francisco, and it was expected that some definite arrangement might be made with him for the selection of a thoroughly competent person to undertake the smelting operations, but a telegram was received from him the other day, unfortunately announcing his inability to visit the Para Para ns intended; this is to be much regretted as directors put off making any arrangements for a manager pending this gentleman's arrival. Immediate steps should be taken by the new Board to secure the services of a manager who thoroughly understands the reduction of iron ores. As the Directors are anxious to ofiord the fullest information to shareholders relative to what has been done during the short time they have been in office, they beg to append a progress report by the General Mauager; also, an approximate statement of receipts and expenditure. The amount due from Deposit and Allotment account is £12,000, and the most of this sum has been promptly paid. There are a few shareholder?, however, in the provinces, who, owing to the many unavoidable delays that took place in the formation of the Company, are simply waiting for some authoritative information about the proceedings of the Company before paying their allotment call. Considerable disappointment was experienced by your Directors at the refusal of the General Government to lend the Company rails sufficient for their tramway according to promise. This may cause some little delay in finishing the road, but there is a probability of obtaining the requisite quantity, either in Melbourne or New Zealand, by purchase. In conclusion, your Directors would observe that the prospects of this undertaking are such, that promoters, Provisional Directors, and the Directors appointed to initiate the business of the Company, have worked with a determination to make the Para Para Iron and Coal Company a success, and by diligent management, and at all times exercising the mo3t careful watch over the expenditure of your funds, your Directors have every confidence iu attaining that desirable end. We are, &c. (for the Directors), ROIiBBT LeVIBN, Chairman. Neleon, Bth March, 1875.