The Iron Project.

Taranaki Daily News, Volume XLVI, Issue 30, 5 February 1904, Page 4

The Iron Project.

GREAT POSSIBILITIES OP P-\RA-PAHA. I A HIGH QUALITY IRONSAND PRODUCT. " I am personally satisfied as to the possibilities of the enterprise, and it is simply a question of getting suff)c : ent capital to develop the industry. If sullk-ient capital is forthcoming, there is no .jiiestion of possible failure ill our operations, and they must eventuate in the most important commercial undertaking this colony has y.-t witness,*!.-' This emphatic an l l unlu-sitating endorsement by Mr M. Farmer King representative of Il o mc capitalists terested in building up an iron industry out of Purapara hematite ore and T a ranaki ironsand, speaks vo'umcs for the intrinsic value of a project that has been before t ->e colony so lo'iir. Mr King went mi to say that everyone referred to it as an ironsand industry. It ua.s not merely an ironsand' liu.sir.-ss.' and' it would assist the scheme if in future it was! lvi-iTid t,, as t !- c , j,. (m in _ dustry of New Zealand. IVfore the I'arupara lease came into the scheme it was of course purely irmisand. The sand had great possibilities but it might l:o that they were not' vet fully developed. y t . lv Kood M( , cl and iron Juki been made from the W d , by r E M ' process but its full posslljilit.ies were n< t vet determined, and they preferred 'to await further developments. liUt fit IVI )';11 ii(' ■> 11\ ,1 i douM a S any'one' rreo R n,s '--" the material in fact ore r- thf ,l,u ~lanuo - Tr % a,:<l , " illio " s "f tons "• it. II ,mt is nothing to no -vith naws or and'" " into the f i"--way b«"t n;. n i : tho °'' ,linar y from the ,Pa,,,para'' hopo to manufacture from the sand oth»r " tKI for c "l'erv and other purposes. The vast deposits at Pairapara are more tiian suflicient to supply the demands of this colony, while we hope to supply the English market with really highclass steel from tlw sand." The interviewing! reporter asked whether any social boii-ng- other weans had been utilised to test the extent of hematite deposits in the Parapara hills. Mr King replied that no such boring was needed, ; ,s the ~.mntitv of ore was undoubted. 110 showed photographs of a wnier-worn gorge, firstly that of an outcrop at 600 ft above sea level, then one of an outcrop at the top of the gorge, HOCft above sea level. Huge blocks of the iron ore were visile throughout the gorge. Where a road had been excavated hy former owners, tJie quantity of iron ore piled up (shown in a third I'-wtogiaph) amounted to something like 20,000 tons. The soil could be washed away from the ore, the water being used as in gold-Sluicing. It Was the intention of tb« company to acquire the Wainwnjgjaroa coal lease. West Coast, as teing most suitable for their ourpoaes. Some annum!, of opposition within the colony itself, said Mr King, had lieen broken down by his offering to submit the prospectus of the scheme to New Zealauders in the first place. There had been a feeling among d-r----tain Bections that, although they believed the projjerty had great possibilities, oil the profits would go into the pocket of the British capitalist ; and that being the case, they had been inclined to look on the scheme coldly. He had, however, decided that before returning to London he would jniblish an outline of t:,e proposal he intended to make to people at Home ; and any colonial investor who wished to have an interest would have the opportunity of obtaining it if he-would communicate with him. If a colonial did not so .wish, be should not complain hereafter of the profits made by the outside investor. The colony must derive groat tK-nefit from the industry, for it would employ upwards of 1000 men. In order to foster a friendly feeling between the labourer and the capvmlj jl, be would recommend that any application for shares from working men in the colony should be allotted in full. This would be a phase of the protit-shar-ing principle well lit tc-d to a colony advanced in democratic ideas. Beverting to the recently-quoted article in the Financier—reviewing what Jt called a prospectus privately issued, and Mr SuJdon's attitude, Mr King stated that this was -"entirely a commercial enterprise, and the financial journalist has no right .whatever to try to drag in the political element. So far as I know the only politicians financially interested in tlie movement are Sir Al-fred Cadinan, who has during t*ie past three years devoted much time and money to the scheme, and the irrepressible member for New Plymouth who may U- said to have spent a lifetime in trvmg to gx't the industry established in the colony. When, therefore, tlie enterprise is brought TO a successful issue, these gentlemen will deserve the fullest measure of praise and any financial benefit that may accrue to them. And now I should like to say my opinion is that Mr Smith has a thorough knowledge of the whole subject, ar#d when active work is commenced any suggestions of his will receive attention, notwithstanding the- fact that his process may be superseded by a better one."—Evening l'ost.