Page 3 Advertisements Column 3

Evening Post, Volume XXII, Issue 123, 23 November 1881, Page 3

PE O S P E C T <U Oi" THE WESTPOET COAL COMPANY (Limited New Zealand. To be registered under the Joint Stock Company's Act, 1860. Capital, .£400,000 ; in 80,000 Shares of i each. Of which 30,000 Shares will be taken by tl present ownerg as part payment for the ore perties. .25,000 Shares are now offered i New Zealand, and 25,000 Shares in Victoria which will be payable as follows, viz. :— 5 on application ; 53 on allotment ; balance a intervals of not leas than three months, an in amounts not exceeding 10a per share. I is not anticipated that more than £2 10a pc Share will be required to be called up. Th present owners take their shares paid tip t £2 19s each, and will be liable with othe Shareholders for the remaining £2 10s pc Share. The New Zealand issue is now confined t 15,000 Shares, the Melbourne Directors hay ing telegraphed for a further 10,000 flharee PROVISIONAL DIRECTORS : DUNBDIN : A. J. Burne, Esq., Mannfactnrer John Davie, Esq. (M'Laundress, Hepburn and Co.) Robert Gillies, Esq. (Gillies and Street) Allan Holmes, Esq., Solicitor George Joachim. Esq. (Cargill, Gibbs, an< Co.) W. J. M. Larnach, Esq., C.M.G., Presiden Chamber of Commerce John M'Gregor, Esq., Civil Engineer Eobert Pater3on , Esq (Paterson and M 'Leod Evan Prosser, Esq (Kompthorne, Prosaer. and Co ) Melbourne : The Hon. James Balfour, M.L.C. C. J. Ham, Esq., Mayor-Elect Eobert Harper, Esq. (E. Harper and Co.) The Hon. E. Langton, Temple Court Thomas Loader, Esq., Chairman Melbourne Harbour Trust John M'llwraith, Esq., City Councillor James Ormond, Esq. (Jas. Service and Co.) George Robertson, Esq., Publisher and Importer E. Murray Smith, Esq , M.L. A. J. H. White, Esq., Shipping Agent BANKERS : The Bank ol New Zealand, Dunedin and Melbourne. GENERAL MANAGES AND SECRETARY : W. Hay Diokson. BROKERS : Messrs. Lvell and Gowan, Melbourne. Messrs. Clark & Co., Melbonrne. Messrs. Gillies, Street & Hislop, Duuedin, New Zealand. This Company has been formed for the purpose of acquiring and working on an extended basis the well-known. Coal Mining property at Westport, New Zealand, now awned by the Westport Colliery Company, Limited. That property consists of leases sovering areas of 4000 acres, all coal-bearing held direct from the Government for a term 3f ninety-nine years, with mines, railways, rad other works thereon in active operation, md is one of the most magnificent properties in any of the Australian colonies — whether is regards the quality of the coal, the extent md thickness of the seams, the economy of working, or the facilities for output and shipment. The development of the Westport Colliery Company's business since starting work about 12 months ago has been bo rapid, and the denand for the coal has become so great, as to sail for the expenditure of more capital than s at that Company's command, and an igreement has therefore been entered into ;o tramf er the property, as a going concern, » this Company. It is proposed to spend additional capital is follows, viz. : — )n purchase of Steam Colliers ... jBBO,OOO [n opening up other portions of the CoalFields 20,000 Total, £100,000 This expenditure is expected to produce in annual output of 250,000 tonß. The present annual consumption in New Zealand is about 500,000 tons, and published statistics show the consumption to be rapidly ncr easing. With extended works in full operation, the jost of coal put into trucks at the mines will ac 33 9d per ton, inoluding royalty and all )ther expenses, to which must be added :ailway and shipping charges. These have aeen fixed at a maximum of 2s 9d per ton, making the cost 69 6d per ton f.o.b. at WeBt3ort. The Government of New Zealand has intimated its willingness to re-coneider the railway rates as the trade increases, and there is every reason to believe that concessions in this item to the extent of at least Is per ton will be obtained, which would make ihe cost 5s 6d per ton f.o.b. at Westport. An annual trade of 150,000 tons can now be secured in New Zealand alone, at prices leaving 11s 6d per ton f.o.b. at Westport. The Company havo now contracts with the jrovernment for railways, &c , with Harbour Boards and Steam Ship Companies, which ibaorb a large quantity, and it is estimated ihat, without entering into active competiiion with New Sonth Wales coal, an addiional trade of 100,000 tons can be done with Australia and Tasmania for gas and other purposes, for which the coal is specially suited, at prices which will leava a substantial profit. Taking the figures above stated, and estimating the steamers to be worked at an wdinary profit, the trade will yield profits equal to 30 per cent per annum on the sailed capital ; but a net profit of only 2s per ton will enable handsome dividends to be paid, and leave a large surplus to be carried into reserve. 'J lie whole of the above estimates are based upon a continuation of the present exceptionally low price of Newcastle coal If, aa is generally anticipated, the prices at Newcastle are advanced at the close of this year, the profitß will be correspondingly increased. The Company will also be able to compete successfully and profitably in the Victorian, South Australian, and Tasmanian markets with Newcastle coal as soon as it is deemed necessary to extend the trade beyond the limit 3 above mentioned, as the superior quality and lower cost of output will more than compensate for the extra freight. The property is one of a most valuable character, and offers the following undeniable advantages as a profitable investment for capital : — 1. The concern is agoing one, only requiring extension. 2. The vendors take payment in shares in the new company for their outlay upon the properties, and will be liable for the balance of £2 10s, the same as other shareholders. 3. The coal is of such quality' as to create almost unlimited demand, and is in New Zealand rapidly displacing Newcastle and other coals, whenever brought into competition with them. It is a highly bituminous coal, of the best quality for gas, steam, smithy, foundry, and household purposes. Samples can be seen at the offices of the Brokers. 4. The Government of New Zealand tave spent over a quarter of a million of money in railway, harbour improvements, and shipping appliances, solely to open up the Westport Coal Trade ; and by special Act of Parliament all royalties derived from the properties, and profits from the railway, are Bel apart for harbour improvements. 5. The enterprise is free from the usual risks of (Joal Mining, as the coal can be worked Lvel and free with natura drainage and ventilation. 6. The estimated yield from the field is ovei 100,000,000 tons from the seam 3 now visible running up to 53ft 3in in thick ness, the average being over 20ft. Thii is not a matter of guess ; but the coa face 3 whioh are exposed on cliffs havi been actually measured aud recorded b: the Government Geologists. 7. Westport is the only port on the Wes Coast of New Zealand having a larg river (the Buller), well sheltered fror the South-west (by Cape Foul wind an the Steeples), and is the nearest Nei Zealand port to Melbourne. Vessel can lay in Westport Harbour with pei feet safety in all weathers. The dept at high water in the harbour is 24 fee alongside the coal staithe3, and on th bar from 12 feet to 16 feet. 8. The proposed extension of woika wi open up seams of coal yery _ mac superior in quality to anything hither) worked, and quite equal to the vei finest coal found in any part of Britaii The amount to be paid for this property : £84,000, of which .£60,000 will be payafc by 24,000 shares paid up to £2 10s lach, tl balance, £24,000, being liabilities of tl Company, which include £9300 in debt: turea, and will be transferred to the ne Company. A provisional agreement ha 3 also be< made to purchase, on advantageous term the property of the Grejmouth Wallse: Colliery Company, Limited, consisting 1000 acres coal-bearing area, containing seam 17 feet thick of the well-known Gre mouth gas coal, with the necessary ahafi machinery, and plant for working a lar output. The property also contains Val able aeams of fire-clay and building stoi The carrying out of this agreement will ha the double advantage of giving thi3 Co pany practical command of the only t' fields of true coal in New Zealand, and acquiring a valuable property at a low prii namely, £20,000— payable, £15,000 by 6( shares paid up to £2 103 each, and £5000 cash The two properties, comprising togetl over 5000 acres, upon which the owner 3 ha expended over '£Bo,ooo, together with n ways, rolling .Btock, machinery, plant a appliances, and all current contracts, v thus be transferred to the Company to total sum of £104,000, of which £75,000 v be payable in 30,000 shares paid-up to 10s per share. Appended to detailed Prospectus various certificates and reports ehow.ng