The Daily News. MONDAY, APRIL 28. GOOD NEWS FOR TARANAKI.

Taranaki Daily News, Volume XLVII, Issue 8091, 23 April 1906, Page 2

The Daily News. MONDAY, APRIL 28. GOOD NEWS FOR TARANAKI.

A cable received on Sunday night announces that the prospectus of the New Zealand Iron and Steel Company lias been issued, with a capital of six hundred and' fifty thousand pounds. After five and thirty years almost continuous effort on the part of a few onthusiasts, it seems that the immenso ironsand and ore deposits of Taranaki and Nelson are to be turned to profitable account. It has taken Mr Witheford over twelve months to so far complete negotiations as to form a provisional directorate, and issue a prospectus, and until it is definitely known that the company has been floated, there i 9 nothing to justify any over • sanguine anticipations. The obstacle in the way of the success, that Mr Witheford otherwise states is assured, is one that alone will take months to remove, if indeed Parliament sanctions its removal at all. Although during last session, a Committee of the House recommended in favour of the suspension of the clause in the company's leases giving the Government the right of resumption of the company's works, it is altogether problematical how the recommendation will be received by Parliament, amongst the members of which are a good number of " nationalises." Whatever may be the views of politicians on such a question, ho would indeed be a poor patriot who would place obstacles in the way of a concern of such vital importance to every man, woman and child in the colony, if the State is not prepared of itself to put the great mineral resources of the Colony to account. That which is particularly gratifying to us in Taranaki is "the significance attaching to the increase in the capital of the proposed company. Under the lessees' terms with the Government, the company is bound to commence operations at Parapara. The fact that the capital has been increased by £150,000 proves that the promoters arc desirous of commencing operations on the New Plymouth ironsand at the same time. That this is the intention of the promoters, is borne out by the reports of the negotiations that have recently reached New Plymouth from Mr Witheford. What the establishment of iron and steel works in this province would mean, it is impossible to say, but even the wildest dreams of Mr E. M. Smith, M.H.E., are not without the bounds of possibility. It is not too much to say, that while there is nothing to warrant any " booming," the outlook in Taranaki was never more promising. The prospects at the petroleum works were never so encouraging, We have just completed a record season in the matter of dairy exports, and now it appears that our minerals, on the proving of which close on £50,000 has already been spent, arc within measurable distance of being turned to profitable account.