SOUTHERN CROSS G.M.C.

Auckland Star, Volume XXI, Issue 160, 9 July 1890, Page 8

SOUTHERN CROSS G.M.C.

A NEW VENTURE,

Within the last few days has been issued the prospectus of tho Southern Cross Goldmining Company with a capital of £50,000 in 100,000 shares, with 2s paid up. The object of the Company is to purchase from the liquidator the Deep Level Cross Mine, consisting of about 34£ acres, together with one-fifteenth share in the Big Pump— including the right- ,tQ work and ..wind, from the" Big Pump shaft at the actual cost of winding ; and to provide funds to prospect and work the mine. One new departure is that the Company will be formed under the "no liability" section of the Mining Act, which means that shareholders cannot be sued for calls. If the directors incur any liability beyond the amount of the call made they are themselves liable. Under such circumstances it may be taken for granted that reckless expenditure will not be indulged in. Those who pretend to know, state that the continuation of the celebrated Caledonian lode runs through , the mine from the upper side of the Golden Gate shaft seawards, and is practically unprospected, excepting where it was cut in the Golden Gate shaft in 1869. There it was fourteen feet wide, and sixty tons yielded lldwt per ton, which although not payable at that time would now prove remunerative, as the cost of crushing has beon greatly reduced. The Prince Imperial reef was also worked upon until it touched the slide, when it was stopped owing to the influx of water. Other valuable reefs, such as the Saxon and Mariners, and the Caledonian Nos. 1 and 2, also paes through this ground, whilst Tookey's Hill might be crushed wholesale.