At the time it was hoped that the discovery would be of considerable value, and the progress made in the way of experiments since has materially strengthened these good opinions.
A private syndicate has up to the present been conducting the initial work of development, but we understand that opportunity will shortly be taken of floating a company for the thorough exploitation of the field.
The rough ore has under test yielded 60 per cent of iron so that should the find prove at all extensive it is reasonable to suppose that a sound and profitable industry can be built up.
It is expected that a deposit of coal will be found in close proximity to the iron ore, and should this prove to be the case, it will, of course, greatly facilitate the working of the field.
Another factor towards successful development lies in the fact that the field is no considerable distance from the railway, thus sensibly reducing the cost of transport.
As already indicated, the tests of iron ore have proved very gratifying.
A quantity approximating three-quarters of a hundredweight was put through a local furnace last Friday and yielded some splendid lumps of sound, close-grained ore particularly free from slag and dirt.
It is intended to put a larger amount through at no distant date, and should this bear out anticipations, steps will probably be immediately taken to place the venture on a business footing.
It may also be mentioned that samples of coal from the locality yield a very high percentage of gas, being somewhat akin in general formation to the famed Newcastle and Westport coals.
Altogether, should the bright hopes entertained be realised an industry calculated to exercise a most beneficial effect on the progress of the southern portion of New Zealand will be established.
The Taieri Advocate came out for the first time on Friday last as a tri-weekly paper, and claims to be the first country paper in Otago to be published three times a week.
The property has changed hands and will now be conducted by Messrs J.
P. and F.A.
Walls, the former being well known as manager for the late proprietors. - ODT, 5.5.1908.
