TARANAKI IRONSAND.

Taranaki Daily News, 12 October 1917, Page 3

TARANAKI IRONSAND.

A PROMISING INDUSTRY

FIRST GENERAL MEETING. The first ordinary general meeting of the New Zealand Iron Ore Smelting and Manufacturing Company was held in the soldiers Club. New Plymouth, yesterday afternoon. Mr. F. D. Payne, managing director and chairman, presided, and the following directors were present: Messrs U.J. Perm. J. A. Heskett. W. H. Moyes R. J. Deare, and A. W. Reid. There was a good attendance of shareholders. THE BALANCE-SHEET. The balance-sheet shows that of the nominal capital of £OO,OOO in £1 shares, 23.075 had been taken up and 25,000 allotted (fully paid) to the vendors for purchase of rights, the uncalled amount being £6513, and calls in arrear £'2390 while the liability to sundry creditors totalled £8413. exclusive of the bank £499. The site, building's, machinery, and plant are set down at £17,247, while material and iron in stock are valued at £'.050. The trading account shows the cost of material, wages, and power as £2202, Sales of material and iron amounted to £349, the stock in hand being valued at £ 1650. CHAIRMAN'S REPORT. In moving the adoption of the report and balance-sheet, the chairman said that when the work was started, considerable difficulty was experienced in getting the machinery and motors ordered. owing to the war and labor troubles. The contract for the supply of retorts was let to a firm which promised to furnish them by January, but later they informed the company that it was impossible to deliver them' until the end Jof July. There was also trouble in getting the three-phase motors of the large size required. The coal strike also delayed matters, but the work was completed about June 19. When the coal Gtrike was expected it was thought necessary to gctjn stocks of coal. The com. panv was successful in securing 300 tons of Paparoa coal, and 100 tons from the State coal mines. It was found that this coal had laip in a dump for months, and the sea air had had a bad effect on it: consequently, it was unsuitable for coke-making. This caused considerable delay, but the coal was eventually sold and fresh supplies obtained, which were entirely satisfactory. A new industry such as this had to feel its way. It was supposed that certain things would do certain work, but that had had to be proved. As the work proceeded it was found that what was supposed to do certain work had to be altered several times. A definite start was made on August 17, when the small furnace ran for twelve hours. On that occasion the furnace was put to the stillest possible test. The furnace was charged indisand the result was that a considerable amount of "fines" was put in. The great heat of the furnace had sucked up a certain amount of water from the cooler, and had given a cold hearth. The second trial was made on September 12, when the operations lasted for four days. The metal then flowed verv freely and hotly.

The experimental furnace used was not adapted for water cooling, but an improvised water-cooling system pave satisfaction. The heat caused a good deal of expansion and contraction, and water therefore got into the furnace, which stopped operations n»ain till September 20, Since then alterations had been carried out. and the furnace was again--lit up on Monday last, and ran from three in the afternoon till 10 a.m. on Tuesday. During that time 115 pigs had been produced. The water cooler was working fairly well, and there were no leaks that caused damage, but titers had been a certain amount of leakage round the launder, which caused a great volume of steam heavily charged with fumes, and work became absolutely impossible until the water jacket was put right. Another start was made on night of the 10th instant. It was hoped the work would now go on without further interruption. Experiments had been going on in connection with the treatment of ironsand for the past 70 years, and the directors were to be congratulated upon the recent progress m&de. The problem of smelting iron sand on a commercial basis had .been solved. Small failures, of course, occurred before the process could be made a thorough business proposition. Thesi> failures meant that so much experience had been gained for the future. Anyone who saw the runnings would have no doubt that the process was proved. When a run was made the furnace was as clear as before it was charged. The riddle of the sands was no more.

During the year three vacancies had occurred on the board of directors, two —Messrs Lanrenson and Jenkinshaving forfeited their seats through failure to attend meetings, and Mr. Duncan Rutherford having died. The place of the latter had been filled by the directors appointing Mr. A. W. Eeid. Two mem'bers—Messrs G. Fraser and J. A. Hcskett—were retiring in accordance with the articles of association, but were both eligible for re-election. There were, therefore, four vacancies to be filled. The company was almost at the end of its tether as regards funds, but this wa« a matter for the consideration of the new Hoard of directors. In conclusion, the chairman said that the company was on the eve of a hiiee success, but shareholders must not. expect much in the vav of dividends for the next year—perhaps for the next two years. The first shipment of pis bad been sent to Dunedin on Wednesday, the forerunner of many other such consignments. He trusted that another year would see New Plvmouth the centre of a new and great industry.

In seconding the motion for the adoption of the report, Mr. W. J. Penn dealt with the difficulties the company had had to contend with. Mr. Heskott was in no way to blame for the unfortunate nosition which arose in connection with the first supply of Paparoa coal, which was said to he the best procurable fo» the purpose. It was a question of deterioration of the coal itself, and when the second supply was obtained there u-as no further difficulty as regards ••okine. There had been many other difficulties, for the industry was new. and the work was of a pioneering nature. When freezing works were to bo "ill. there were a dozen places nearbv

'■!'"re information could be obtained, '""hers had produced iron and steel by : •••inns processes, but never along sue-

•■■■ssfi'l commercial lines. Those of the -lirvholders who had thought it merelv "ecessary to erect works according to design, and go riirht ahead, had not understood the position at. all. The present results were most promising, and nothmi? better than the last few runs coulrt 'ie desired. Mechanical difficulties had K oen overcome, hut the small furnace wns at best a makeshift, and could not be relied on. The cmrmomr

on the right track, and the experience gained would help the company to a near success. Mr. Penn pointed out that tli| company was indebted to Mr. Payne, who was an expert in matters of building and design; to Mr. Heskett, metallurgist; and to Mr. Smallbone, engineer: for the strenuous and whole-hearted work these gentlemen had done, and the good work they had got from the men. Mr. Heskett. had been called up bv ballot. but the company was appealing oil his behalf, as he was essential to the carrying on of the industry. The report and balance-sheet were then adopted. ELECTION OF DIRECTORS. The election of four directors resulted as follows: Messrs. Geo. Eraser, .7. A. Heskett, A. E. Smalley, and F. J. V. Wilson. Mr. W. 11. Falconer was elected auditor. GENERAL. In reply to a question as to the difference between white and grey iron, Mr. Heskett said that white iron was produced when the furnace was first started by the rapid driving of the blast to get up the required draught. Grey iron was wanted in all foundries of New Zealand, and the demand for white iron was not more than a third of that for grey. Taranaki would liaVe to supply the whole of the demand. The grey iron smelted was of first class quality, but when the furnace was lighted up too often white iron would be produced. The very best results would be obtained only when the furnace ran continuously. There had been an improvement all along in the production. After the meeting many of the shareholders paid a visit to the works at Moturoa, where a very successful tap was made. i