The Daily News SATURDAY, MAY 9, 1903. MR. CADMAN'S IRON AND COAL ENTERPRISES.

Taranaki Daily News, Volume XXXXV, Issue 112, 9 May 1903, Page 2

The Daily News SATURDAY, MAY 9, 1903. MR. CADMAN'S IRON AND COAL ENTERPRISES.

The Wtllicgton Evening Post, wiiting . on the above, says: -A rec?nt Westport telegram, which h s attracted a good dral of notice, seated that the Wes'port firm of Mucro and 0. mpany hid received a cablegram from Locdoa (author tot stated) to the effect that the Hod. A. J. Oidmsn had "su cessfu'ly placed the Waimangsroa coil . lease in concoction with his ironea; d scheme. Everything ij se t'ed, and the property will be taken ever after inspection by the company's engineer." Thh probably me ins thai: London ■ cipitalists have undertaken to send out an expert to report on the Cad man coal 1 and iron properties; aid that the . capitalists have undertaken to float a company if the expert's report is favourable. Up to the present the ■ Waimangaroa coal lease has not been much known outside the Wes f p:rt 1 district; still less has it bacn kno*n in connection with Mr Oedman's scheme. These schemes, of course, embrace tl e development of iron smelting in each island (Taranaki and Nelson), with the coincident and co-operative development of such coal d< posu's as miye suitable for smelting and conveniently situated, Thu', it was known that Mokau coal leases were held with a view to the development of Tdraneki ironsand, but in connection with Parapara, it was thought that Pupongicoal might, owing to the situati' n, bo f> und col vtnient. The above telegram, howj.evu', seems to indicate that tha Waimangaroa lease has been pis c3d in connection with Parapara, end will bear thereto the ssms relation aa Mokau is to bsar to the ironsand. Waimangaroa consists of a leasehold arei of 525 acres on the flat at the foo 1 ! of Denniston Hill, and was granted last year to Mr F. Munro, a member of the firm that has received the cable. Ko ! doubt tha reason why this leaso has been selected is that the oal which it J carries is admittedly suitable for smeb- : jing, and better adapted to this than to any other purp:so. It is a ec.fc ccal, i and it is understood that the old lessees i 1 who worked it years »go usad to told it to tha smeltera at Port Pirie i Australia. It the expert's report on j the several properties is Lv, urable, the success of the scheme will depend i largely on the manner in which the 1 company is floated. Mr Cadn.an has ■ no doubt had to against over- ' capitalisation. The ordinary fo :t of company formed for speculative purposes, with an exces-iva nominal cipital r and a fatally small woikicg cpp'ta), \ could no doubs have easily beon ar- c ranged - and just as easily proved a ( failure. What is wanted to create a coil and iron industry in these itknds < I is a compmy capitalised cn legitimate f i industrial Nothing els 3 cm pos- a sibly succeed in so largo £h under- 1 j taking. 8