INANGAHUA LOW LEVEL TUNNEL COMPANY.

Inangahua Times, Volume II, Issue II, 31 March 1880, Page 2

INANGAHUA LOW LEVEL TUNNEL COMPANY.

—. ♦. A very largely attended meeting of the residents was held at M'Gaffin's Hotel, on Monday evening last, for the purpose of taking the preliminary steps towards floating a public company to drive tlie projected deep«level tunnel at Black's Point. Amongst those present were the Chairman and mem' ers of the County Council, all the principal business men, mining managers, as well as other leading persons interested in mining. Very great interest was manifested on all sides in the proceedings, which upon the whole bids well for tbe successful floating of the undertaking. Mr P. Brennan. the County Chairman, having been votpd to the chair, explained at some length the objects of tbe scheme and the advantages that would result to the community as a whole from the carrying out of tbe undertaking. He said the work was peculiarly one in which every man should lend a helping hand, as upon the successful floating of the company depended to a serious extent the luture of the district. The call they were about to make upon tbe public would not be a heavy one, provided that every man came forward to share in it fairly according to his means, and this it was the bounden duty of every resident to do. The place was at a very low ebb at the present time, and unless they were prepared one and all to put their shoulders to the wheel, they could not expect under existing circumstances to escape from a long continuance of the depression. He hoped therefore that at the right time erery property ho'der in the place, every mining and business man, as well as every miner who expected to obtain work on the field would come forward help to launch the undertaking. He called upon Mr Trennery to explain the result of the interview with the Minister of PubUo Works on the subject. Mr Trennery related the nature of the first negotiation by himself and Mr Gal« lagher with the Government, at Wel« litigton, as also of the subsequent inter* vier with the Minister of Public Works atßeefton. He said the Government had given a distinct promise to subsidise the undertaking to the extent of £ for £. and as a proof of bona fides had advised I that the work should be commenced at once, as there was a vote available from which the subsidy could be immediately paid. The first step to be taken therefore was the appointment of a Provisional Directory. Mr Byrne said when in Greymouth the other day he had been spoken to by Mr j Masters and several other gentlemen in* j terested in mining here, urging that no time should be lost in setting the company before the public: Mr Oxley suggested tbe advisability of throwing tbe company into a large num ber of shares at a small priee.^ Mr Trennerv agreed, and thought that a company of 24,000 shares of 10a each would meet the requirements of the case, and, at the same time would enable persons of small means to come in. After some further discussion Mr Hogg movei that a compiny be formed to be called the " Inangahua Lovr-Lpvel Tunnel Company, Limited," and that ..the capital consist of 24,000 shares, of 10s each. The resolution was seconded by Mr Byrne and carried. Mr Connolly moved that a Provisional Directory be formed, to consist of twelve persons be elected, for the purpose of drawing up a prospflctujj, Mr Oxley seconded the motion, which was carried. Tbe Chairman said that^ome previous conversation had taken place pi cc with respect to the appointment of the Proviss ional directors, and it had been generally agreed that the names of Mr F. HamiU ton and Mr J. Kilgour should be in eluded. He need hardly say that he fully concurred in that suggestion. Mr Trennery said that Messrs Hamil- | ton, Kilgour and Leitchfield had for some time past interested themselves a good deal on behalf of the undertaking, and he (Mr Trennery) should certainly desire to see two out of tbe tbree gentleman named

placed on the directory. Mr Hogg moved that the following gentlemen be the Provisional Directory of the proposed company, seven to form quorum: — Messrs Oxley, Trennerv, Cap* ies, Byrnes, Brennan, Clung, Kiigour, Praser, Hamilton, Gardner, Gulline, and Connolly. Mr Trennery said that as there would be a good deal of preliminary work to be done in connection with the floating of the company, it would be necessary that they should have a secretary, and that he should be paid a salary. When the company was formed it would, of course, be necessary to appoint a permanent manager, but in the meantime a secretary would have to be appointed. He moved that Mr Hankin be appointed secretary pro tern. Mr Connolly seconded the motion which was carried. Mr Byrne moved tßat the salary of the secretary be fixed at £2 per week. ( The motion was seconded by Mr Hogg and carried. At this stage of the proceedings a dis<* cussion ensued as to the size of the pro* posed tunnel, opinion being in favor of a ] double line of rails. Eventually the subject was left for future consideration. It was then suggested that the Provisional Direefors should meet and proceed to draft the prospectus, but as one or two of the members had prior engagements elsewhere, the meetisg was adjourned to Friday evening next. The proceeding" then closed.