Karaka and Tararu Tunnel Scheme.

Thames Star, Volume IX, Issue 3049, 22 November 1878, Page 2

Karaka and Tararu Tunnel Scheme.

PUBLIC MEETING.

A public meeting was held at the Academy of Music last night to receive report of committee appointed at previous meeting on the above scheme. His Worship the Mayor was voted to the chair, and read the advertisement convening the meeting. He believed most 1 of them - were -'aware that this matter, had-, been relegated; to v *W.4lpnimittee to report upon the feasibility of the scheme^ and this 'meeting was to receive such-report. He hoped gentle* men present, when.they.heard thereport read, would come forward and criticise it, ,so that the united'wisdom of the eonhnu* nity might be obtained to give success to the undertaking. _, ,'i: :<>. " Jw ; Mr McCullough referred to, the labors of the Committee (detailed in yesterday's •paper), and then read,a draft prospectus, the'gist of which was as follows :—' -, The. company to .be incorporated upder Joint Stock Companies' Act; capital to^be £60,000 in 20,000 contributing ihiMi nf £3 each, and 20,000, paid-up shims ofiJJ The former to be offered to the publio on payment of 6d per share on application, and.6d.on allotment; calls not to exceed Is per share, and to be made nptoftener than once in two months The paid up shares to be reserved,bat maybe used for paying part of the expenses of working the mine,at the disorejtion of director*. Directors prohibited from incurring liability ' exceeding £500 beyond oath aotaallj in hand. Dividends to be paid on amounts dontribdted. The Mayor, the Cousty Chairman, and the Chairmanof Harbor Boardto be trustees till the formation of the company. Mr W. McCullough to be (interim leofetary. Mr McCuliough said the payments on application and allotment, were, intended to be taken as the three first calls. The Chairman, invited suggestions or observations, r,,,. ■.■-..,.,,,; > " /-\ Mr Renshaw! said if no one had anything to- say'on the* matter he; would move that the prospectus! should be adopted by the meeting* ... >There ,was just one error that had crept in, .in. spying : . the prospectus, It was'that oni f shilling had been-set down ito be paid On ippliea* tion, and a similar-amount, on-allotment, instead of sixpence;^ 'and also that no call be made oftener <tnan v once in two months and" such calls not 'to exceed one shilling per share. The* all knew that the, yield of.gold had been eon* fined to asmall area here, and it was time they tried to enlarge that area. This scheme had been, long talked about, and. now irseemedlptbbable that it^ouid be carried to a success. He believed that the goldminingappliances-of_this field were equal, to any in the world, and there was no. reason whyJthey .should; ftoVLbe. more utilised to increase the yield of gold. He trusted people' would go into this iseheme;: not, Only aioja but on patriotic grounds, so as? to improve the> district. v MKny ofjthem had their all in this district, and were most reluctant to leave iL Ifthey ireritTn for - this proposal, it might he a failure, because there was no certiinty of its being a success, and tha£;apph*ednto all goldmining speculations. It nad, Been urged that paid up .scrip wife'a'iburce of failure, but .there was some misapprehension regarding how that could be wed. It wouTcfnot ,be paid up until fn^uivalen|t had been given for lt-^in labor for instance 5. (The speaker instanced how tha d. imatftra "flght use the paid up scrip in calling for and : accepting tenders.) He thought it offered a fair way for men to go in and work for rather less /than, tfte ■usual "rate.TThe .prospectus l was 5 lneajrrelMbut that wai accounted for by the fact that it wai thought-bestto leave all details to;the shareholders" He wbnld move that the prospectus as read be adopted, substituting 6d for Is in calls oh application and allotment. Mr McCullough seconded. He said an objection had:been^ mentioned,, to him by. Mr J. Brown, and the committee had) cpnside^edrthis r; matter. It was that the'ground should be surveyed difficulty the Committee had seen was the matter of expense, but if the prospectus were passed no doubt a report" #f this) nature would be necessary to induce the .peopld to, take tip shares.: • A question had been put as to whether any paid up share! were to be given to promoters, lie oould say no. Mr v Otto did ,not think r .ther«, was any necessity for a practical survey considering the experience regarduftvtbe^gxpqnd. They had the ground, and the men and th« pluck, and he believed tbe money would be forthcoming. - They had been drifting for years past, and were now almost in a state, of pauperism. If they didn't make amove to do something.for themselves they would very soon require to be shifted. They had mining Vur* veyors' reports, but it was all on paper. - .'" Mr! J. Brown .said he had had no inten- , tion of taking part, in this meeting, bnttu his name had been mentioned he deemed it necessary to say,a few words. •He bad no intention- of, throwing cold wdhr on the, scheme. In fact he/ihteidedLto take shares/ and would be pr&arep to contribute towards * the preliminary .He did nat approve'of putting this project on a, patriotic fooung.' liet ■ them reduce it to. a matter of pounds shillings and pence; <' - Let sr subscription be started to have a surrey made. Start .with,, the mill-owners, on Tarara. and Karaka, and , this candidates', ttt ' the Mayoralty, and when they had the funds let them have,&>proper surfer;made to decide where the tannelsi would be commenced in Tararu'and Karaka.,... itsiey could do'this,- and:show Auckland oapitalists 5 what they had. to go. ttpon,^they might dp very well.'- There were areas of and held under lioense included in the land granted for this scheme.'He was !.interested in one pf them,"and would it be advisable to prospect those areas for other people? This ivas a;,b}g thing;'and it required ■ very great*, cart, r how, this scheme was floated., He'distinctly wished it ra be understood that he did not wish to throw cold water upon it, but to have things put on,a proper footing. 'Alt present mining: stank- in the .nostrils of the people of Auckland. --■;■;„• „< r , ''"'. '''. ; • Mr Beddish tsked Mr Brown if the 'license he was interested:in was .being 'Worked. t ;■■> ' •■ ...-.■ ■'•..„,-,>.,<•-■ ' , Mr Ottb said no work had been done) for over,twelve monthsv -:'- ■>'^ s ,n Mr Behshaw said they did not wiah 4<j, have a break in the .matter introduced W a side wind:' Ho was'sorry suggestion had not been made a fortnight;. ago, ;If it were possible to have * Benort^ madeua week he would Umtoga} fa/ He^ wis under"the^m&m>£tov, had sufficient data to, go upon in MrWright's reports, HevouldnotvMthit. scheme purely on patuiotio groondj, boi>

if there were reasonable grounds for believing it would be a success, they had a double inducement to go on with the matter. Mr Otto urged immediate action in the matter. He had worked in this business for months past, and he was determined to go on with it, instead of going backward. Mr Brown explained that he was there by particular request of Mr Otto. He had only offered suggestions, and did not intend, to oppose the motion, He did not wish it to be understood, that he wanted

to disparage the scheme. Mr Cock supported the motion for adopting the prospectus, and he did not think it need interfere with Mr Brown's Suggestion to start a subscription and hare a surrey made. The scheme com' .mended itself to storekeepers and business men, as the money was not going out of the place. Mr Renshaw said Mr Bayldon's name had been purposely omitted from the prospectus, as the Committee did not wish to take too much upon themselves. The motion was then put and carried. '.';. VMr Renshaw said the next step was to provid^jj^ney to carry out the affair, and it wasTpposed to invite subscriptions, f such amxmnts to be credited to those advancing, the same when preliminary calls were made. He would propose that Mr Otto be authorised to canvas the district ■ with: this object, and that Mr Bayldon be employed to make the survey, the canYasser and surveyor to be appointed by the three trustees-the Mayor, County Chairman,, and Chairman of Harbor Board, such trustees to have discretion in employing Mr Otto. He thought they might safely leave the matter iri their hands! „> . , • , ,;,Mr McCullough seconded the proposal. They miist have money to make a beginning, and Mr Otto was so sanguine that it could not be entrusted to a. better m,an. He, deserved credit for the way .he had ituck to the matter so long. The motion, was thep put and carried, i and' after a vote of thanks to the Chair- ' man, it was announced that a subscription list would be opened at once.