PROPOSED GREY RIVER COAL COMPANY (LIMITED.)

West Coast Times, Issue 645, 18 October 1867, Page 4

PROPOSED GREY RIVER COAL COMPANY (LIMITED.)

*r. ! (PEOSI THE ARGTJS.) A large and influential meeting, vened by circular, was held'at Kilgour's Union Hofel, on SViday evening, to take the necessary steps for the formation of a Company to' work?, the valuabL' sam of coal on! tKe staith side'ol tne' Grey River. . Mr J. A, Whall, M.T.C.. was called to the chair, and' having briefly stated the obj-ct of tha meeting, drew attention to the Ordinance under which' the proposed com pan}' would, have to mine, one of the clauses making it coinpul^qfy to comm net- working v% ithin' six," months afwr executii n of the lease, and that during the firs!, eighteen months nt-t less than 5000 tons would hare to bo brought down to Greynionthby rail or tramway. ' . Mr J. Kilgour informed' the meeting, at some length, thejiction he had taken in the matter. It w.as proposed to start a company to lease the coal" field, and by the formation of a tramway to bring coals to the port at such; a ".cost as to induce shipowners -to trade here. It would be seen from the preliminary prosper-tus he had issued that, 13,000 tons of coal had been exported aiid ! Consumed for the last twelve months, andhe had been informed that he had under estimated the quantity. However, it was well known that under present circumstances the large demand could not be supplied and that it became necessary, for the advancement of Greymouth, that immediate staps should be taken to devel p the seam on this side. Mr T. L. bhepperd, M.L C, of Ofcigo, in' moving the resolution placed' in 'his hands, said that he considered it;, was one of those schemes' which would redommend itself to all, being both a safe and permanent investment. • He would move^ — "That the present supply of coal' at the port of Greymouth being inadequate to the large and increasing demand for the same, it is desirable that steps should be taken for the formation of a Coal Company, to efficiently work and develope the extensive coal measure m the south side of the Grey Kiver, and thereby reduce the price of coal to one-half the rates hitherto ruling." _ - J , < Mr James Davies had much pleasure in seconding the resolution, and was surprised that action had not been taken in this matter Jong ere this , He was satisfied it was a paying speculation, and would add to. the prosperity of the district, and enhance the value of property in Greymouth. , . . The Chairman, before putting the resolution, said that he_ had been informed that the Grey Eiver coal, at Melbourne, brought 2s 6d per ton more than the JS ewcastle coal. The resolution being put, it was carried unanimously. Mr D. Girdwood, in moving the second resolution, said that he could bear out rhe statement made by the Chairman as to valve of the Grey coal, but that the high prices required prevented business being done on a large scale. He had on several occasions endeavored to procure cargoes from the present Company for the Launceston market, offering 20s per ton, but this price had been declined by the manager. He would raove — '• That, in the opinion of vhis meeting, a Joint Stock Company (Limited) be formed, for the purpose of can ying out the foregoing resolution, sucli Company to be called " The Grey Kiver Coal Company," with a capital of L 20.000, in 4000 shares of Lo each. Mr D. Maclean seconded the resolution, and said that he had also been in communication with the Nelson Company for a supply of 1000 tons at 20s. but that their manager had refused to entertain, it at that price. Mr E. B. Fox, in supporting th • resolution, said that there c- uld bo no doub that the establishment of such a company would be a great benefit to the district, and that the proposed railway would open up traffic for goods and passengers to the Arnold and Little Gray liivev distr cts. Mr James Diivies moved— '• Thtt a Provision.il Directory be appointed, to consist of twenty local directors, with power to aad to their number in other districts. 1 ' Mr Shepherd seconded the resolution, whii-h wa carried. The following gentlemen were then elected as local directors'. — Messrs J. Eilgour, J. Davies, D. Maclean, E. B. Fox, D. Girdwood, J. A. Whall, T. L. Shepherd, W. S. Smith, A. Hosie, G. Perotti, J. Fitzgerald, T. Clark, Guiness, H. Hunt, J. Middleton, Hildebrand, W. Paul, J. Heron. It was agreed that the Provisional Directors should meet at the close of the meeting to arrange the affairs of the Company. Mr James Davies moved — " That a vote of thanks be accorded to Mr Joseph Eilgour for the energetic action he had taken in sta-ting the company. 1 ' Mr fcheph'Td seconded the motion, which was carried unanimously. A vote of thanks to the Chairman being passed, the meeting terminated.