Page 7 Advertisements Column 3

Auckland Star, Volume XXXI, Issue 83, 7 April 1900, Page 7

I ~~~ '■ " ' I PROSPECTUS. ABRIDGED PROSPECTUS. ROSS GOLD MINING AND ELECTRICAL TRANSMISSION COMPANY, LTD. Registered under " The Companies Act, 1882," and its aniejidmenrs. CAPITAL . . .. ~~~ . . ■ • £SO,OOO. In 35,000 Contributing Preference Shares of £1 each, and 45,000 Ordinary fully paid Shares of £1 each. 1 The whole of the ordinary shares will be allotted in complete payment of all the ; ; properties to be acquired and for all expenses of flotation, excepting cost of registra- j tion, which will be borne by the Company. . The Preference Shares will be entitled to a CUMULATIVE DIVIDEND OF SIX PER CEXT. on the amount for the time being paid up and to PRIORI! i t <JU j ■ CAPITAL. After a dividend of Sis per cent, has been paid on the Ordinary Snaves. > both classes of shares will rank alike for surplus profits. ISSUE OF 30,000 PREFERENTIAL SHARES, Payable as follows: —2s. 6d. per share on application, 2s. 6d. per share on allotment, 2s. 6d. per share two months after allotment, and the balance as recrairea "» , instalments not exceeding 2s. 6d. per share at intervals of nor less man uw moii t ha. The. whole of the proceeds of the Preference Shares (£35,00) together with A SUBSIDY VOTED BY PARLIAMENT OF £15,000, ■ will be available for expendiuuc on the property. K.B.—A SHARE REGISTER WILL BE OPENED IX LONDON. DIRECTORS.—Ron. J. A. Bonar, M.L.C.. Hokitika : Hon. J. V. Orraond. M.L.C., Napier; W. Eraser, Esq., M.H.R.. Wellington; W. A. Flt/.herbert, Esq., Lowei Hutt; A. E. Kernot, Esq., Wellington. BANKERS.—The Bank of New Zealand. BROKERS.—Messrs. Hareourt and Co., Wellington ; Messrs. Francis Hull and Co , Auckland; Messrs. Frater Bros?.. Auckland; Messrs. Ruddock and Walker, Auckland. This Company has been formed to work the well-known rich basin of goldbearing land known as Ross Flat, and more particularly to acquire the property now held by the Ross United Goldmining Company, Limited (in liquidation). The property consists of Special Claim No. T74-1, comprising 43 acres, with over 12 miles of water races with rights to over 70 Government heads of water; tne rights to 120 heads of water from Mlkonui River (recently acquired from the Government for the purpose of creating electrical power), and various pumping and winding appliances, tramways, complete set of bucket-elevators, blacksmiths and engineers' tools, and electric light installation. Also 52% acre 3of freehold land, Manager's residence, and offices. In addition to the property to be acquired from the Ross United Goldmining Company, Limited (in liquidation), the Government have marked off and reserved a block of 100 acres, which will be handed over to and become an asset of this Company, and regarding which the Government Engineer in his report to the Minister of Mines states that the area has been so defined ns to enable the drainage of the deep ground to be most economically effected, and further, that in it is included the choice lead in the flat. Included in the total area to be acquired are the " Cassius," " Morning Star." and " Excelsior " Claims, which were, until stopped by the influx of water, worked for a short time many years ago, with the following results: — " Cassius" .. 47220z for 35 weeks .. 1 Siios; per week. "Morning Star" .. 40940z for 34 weeks .. TCOoz per week. "Excelsior" .. 27280z for 22 weeks .. 1240z per week. 11.5440z., value £45,030. Roos Flat is situated 20 miles from Hokitika, with a good dray road leading to it, and lies in a basin surrounded by hills, all containing rich deposits of gold, now being worked by hydraulic sluicing. One of these claims, the Mont DOr, has already produced gold to the extent of £33,0550z., value £128,915, and is paying regular dividends. The flat consists of a series of layers of gravel, with deposits of rich washdirt between. Eight, such layers have been already cut and partially worked. The richest gold was got on the lowermost, but the main bottom has not been reached. It is proposed to work the property by means of the transmission of electrical power from the Mikonul River, experience having proved that pumping by steam power was too expensive, and that the available supply of water power is not su -icient to guarantee success, unless electrically transmitted. In view of the benefit which the proposed operations of the Company will confer upon the whole of the Ross Flat by draining the field and rendering available for mining purposes a large area of auriferous ground, the Government of New Zealand having satisfied themselves by the most thorough examination by their own experts of the practicability and probable results of the undertaking, by vote of Parliament, has granted a subsidy of £15,000, subject to a further sum of £35.000 beintr raised elsewhere and available for the purposes of the Company. The subsidy to "be paid pro rata upon the expenditure of the said £35,000. The present Issue of 35,000 Preference Shares is for the purpose of providing the necessary funds, and with the £10,000 to be provided by the Government, will place at the disposal of The Company a working capital of £50.000, which it is estimated will prove ample for the completion of the proposed new works. The property has been inspected and exhaustively reported upon at various times by S. Herbert Cox, F.C.S., F.G.S., H. A. Gordon, M. Inst. C.E.. Inspecting Engineer of Mines to the New Zealand Government, the late T. J. Waters. C.E., F.R.G.S , and more recently under the authority of the Government, by C. Napier Bell. M. Inst. C R , T. Perham, A.M. Inst. C.E., and E. J. Fenn, A.I.E.E. An approximate estimate of the financial results to be obtained on the completion of the proposed works may be arrived at by taking the actual experience of the Ross United Company during the short time in which the claim was worked on their deepest level. In 35 days, when it was in fair working order, though with Incomplete appliances, from 304 sets of timber, say, 354f! cubic yards of excavation, 5260z. 18dwt. of gold, value £1.008, was obtained—or. say. £5 1/6 per set of 0 cubic yards. The cost of winning such gold with the improved appliance intended to be used, would, according to the Ross Company's Mining Manager, be £2 4/- per set, thereby showing a net profit for each set of fl cubic yards of £2 17s. fid. The Mining Manager estimates that under the new conditions 100 sets per day could be easily dealt with. On this estimate the returns should therefore exceed £1,500 a week, or. allowing 12 weeks for off days and contingencies, say over £60,000 per annum. Assuming, however, the possibility of the Mining Manager's estimate not having taken into sufficient account unforeseen-difficulties that might arise to prevent continuous work it may be prudent to discount this estimate of annual profit by—say, one-third This' if borne out, would etlll leave an extremely handsome return on the investment. viz' £40,000 per annum. It must also be noticed that this is exclusive of any profit to accrue from the working by means of tributers of the eight Intermediate levels drained by the new machinery, of contributions from neighbouring claims for the dralnaee • thereof., and of receipts from sale of surplus water. Subscriptions for Shares will be received at any office of the Bank of New Zealand In New Zealand, Australia, or London. BOOKSELLERS. PUBLIC NOTICES. 6HAMPTALOOP & iOOPEH 118' D OWJN -DICTIONARIES & ENCYCLOPAE- U WSMF (Nest to tho Foresters' Hall), jA \ fEBRt. -^ 'ar 5° an^ well-solectcc' Adams-Dicty. Eng. Literature 10/6 'J/M' Mfc, |£&, &£^Kdl£ Annandale-Concise Dicty 5/ & 6/6 aOH > 'fim broidery, etc., etc, of overj British Empire Dicty 4?r W M fill description. Chambers' English Dicty.. 12/6 || M mm HS * Chambers' Etymological Dicty 3/6 **M\ Mmr „„.._ rTFAVirn A vr n Haydn's Dicty. ot Dates 21/ *$ ,J^ *TAISTiT?PArnBT? Imperial Dicty., 4vols, Half Morocco <^$)0r - lUU AUim Reduced to £5 5/ —_ ,— Latham's English Dicty W ASK FOR Nutall's Standard Dicty 3/6 & 5/ Ji&v CLEGG'S OOgllvle—English Dicty 2/6 TO§S«. PERAMBTTT.ATrms Ogilvie-Comprehensive Eng. Dicty... 32/ «&* Wlm w a rrrinS-o*™ Ogilvie & Annandale, Students' Dicty 10/6 %HL Bta Jg|§!a W. A. THOMPSON Rossiter..Dicty. of Scientific Terms.. 3/6 fflBJ-^JB & CO., Skeat—Concise Etymological Dicty... 5/6 JmßS&ziisi Sole Agents. Stormonth's-English Dicty 1/, 7/6, 8/6 /(SMis!W~& Works: ChristStandard Dicty. English Languarge. 45/ g£||g|^L§il church. Students' Standard Dicty .....13/ %%ffl\^>Mpgd 9?? nrrrvvi it Thumb. Dicty. ..«.«;.. 1/3 & V WP^^P 2S7' A QS ' Webster's English Dicty 45/ "WiUIP *>*&' AucKiana. Webster's Vest Pocket Dicty., In . : AlSofaLaVge Assortment >of t6d;ii/; ft V 6 JJOTICB OF REMOVAL. Dictionaries. 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