TITANIC STEEL COMPANY.

New Zealand Times, Volume XXXIV, Issue 5680, 13 June 1879, Page 2

TITANIC STEEL COMPANY.

(per press agency.) Dunedin, Thursday.

A large deputation of Dunedin shareholders of the Titanic Steel Company waited on Mr. Macandrew to-day. Mr. Asher said the deputation waited on Mr. Macandrew on account of the manner in which shareholders in the Titanic Steel and Iron Company had been served by parties at New Plymouth. They addressed Mr. Macandrew particularly as a member for the City of Dunedin, because Dunedin and Otago shareholders held no less than 1346 shares. The capital was made up in £lO shares, and of this £8 per share had been paid up, all of which had been expended now. The Act incorporating the company required that before the grant of 5000 acres of land was made to the company it should expend £IO,OOO in Taranaki, and far more than this had been done. He understood that the Crown grant of land had been ordered by the Government to be issued ; yet Mr. Carrington (the then Superintendent of Taranaki) and Mr. Kelly had thrown a great deal of opposition in the way of the company, and had withdrawn the certificate on account of the company being alleged to have not spent a sufficient amount of capital. S nee, however, the company had expended sufficient sums according to even the reading of Messrs. Carrington and Kelly, and there could now be no objection to the granting of the land ; but the Crown grant had not been issued, and this placed the company at a very great disadvantage, for it prevented them obtaining charcoal on their land, and they were thus not able to prepare iron in the best way—in fact, they were crippled in every way that could be done. The company simply wanted their rights, and the land which they had paid for. Mr. Macandrew said he had always thought that the conditions were that the company were to manufacture a certain quantity of iron before getting the land, but he had recently found out that such was not the case ; so that the deputation were right in what they stated. He might say that he had visited the works, and was much struck with the beautiful machinery and the results obtained. He had seen Mr. Smith (which the deputation might, perhaps, know), and had given him an order for railway wheels. If the company could execute the order, he said the Government would give them an order for 50,000 wheels to start with. He also noticed that there was a large quantity of iron ready for smelling, and altogether he thought it would be a pity if the company did not continue its operations. Mr. Asher said the company wished to get into a proper position before it risked any more of the shareholders’ money. Mr. Macandrew said he had sent some fine iron to the Agent-General to get it experimented upon at Home. He would assist the company to the utmost of his power in getting the grant issued, and he thought this did not depend on their turning out so much iron. The Government could have no option in the matter.