THE IRON AND STEEL INDUSTRY

Taranaki Daily News, Volume XLVII, Issue 81911, 24 December 1906, Page 2

THE IRON AND STEEL INDUSTRY

COMPANY TO i;n FI/JATUD IN i

COU)N r ilO& MANt'CACXritK OF PIG IKON. FURNACES TO IJK KKIJOTKD AT N it!\V Pijl AIOCTII. Interviewed by n "News" reporter on Saturday regarding tin; telegram from Nelson to l!u> effect, that' the Parapara iron lease held by the'Pul>lie Trustee on behalf of the Sir A. J. Cttdaian estate has changed hands, and been purchased by a Christchurch syndicate, Mr Berry stated that while in the main correct, it does not unite give the right impression, as it makes it appear as if the. late Sir Alfred Cadmun and Mr Berry's syndicate was sold outright to a Christchurch svilicate. This is not so, as the present holders retain a larger share than be fore. ,

The Cliristolmreti syndicate referral to have paid Mr Berry the first deposit as_agreed, and have cabled awav to obtain the services of an expert, who, upon arrival, will set out further works at Parapara first, after which he will come to New Plymouth and lay out a site for furnaces, tram ways, etc., and then will probably luve to leave to superintend the erection of the various plants required. In the meantime, said Mr Berry, the work of development will not stand still, but will be proceeded with under capable, management. It is not intended to raise the whole capital of £750,000 at once, but sufficient capital has already been promised to erect furnaces, and put pig iron on the markets of New Zealand and Australia, at a price that will shut out the imported article, while supplying a superior one. When this has been effectively done, it is anticipated that the balance of the shares will easily sell at a premium

From another source we learn that Mr Berry is to hold the position of a director on the board of the company when formed. A prospectus is to be issued as soon as time permits, and a limited number of shares will be put on the market, and the public of this colony, and perhaps Australia, will have an opportunity to subscribe but as stated above, nearly the whole of the first issue has already been taken up. ' "