THE IRONSAND INDUSTRY

Taranaki Daily News, Volume L, Issue 319, 18 January 1908, Page 5

THE IRONSAND INDUSTRY

The following letter -was received by the Harbor Board yesterday from Mr, J. W. Poynton, Public Trustee, acting in the estate of the late Sir Alfred Cadroan:—"l muah regret that owing to the great slump in the money markets of both Great Britain and America preventing the immediate settlement of the Iron Company, I am reluctantly compelled to ask for a further extension of the conditions of the ironsand lease until, say, the 30th July, when we hope to be in a position to commence operations. My iondon attorney states that, owing to the financial depression, a reasonable. time must be given to raise the necessary capital. I might be allowed to point out to your Board the considerable sume we have already paid by way of rent in lieu of royalties. Should the Hoard lease be cancelled, it will entail the sacrifice by us of large sums of money, as well as probably throwing the iron industry back for many years, should Mr. Berry sufficiently recover from his serious illness, he will be pleased to wait upon your Board and fully explain matters. I The chairman moved that the appliI cation be a'cceded to. He did not think I lie Board would benefit by cancelling ; t lie lease. The rente had been regui larly pnid up.—Seconded by Mr. McLean I and carried.