Page 1 Advertisements Column 5

Lyttelton Times, Volume LVI, Issue 6474, 26 November 1881, Page 1

Public Companies PROSPECTUS OF THE WESTPORT COAL COMPANY (Limited), Nbw Zzalamb, (Tobo Registered undertbo "Joint Stock Componies Act, I 860.") CAPITAL ... £IOO,OOO. ... J? 80,000 Shares of £5 each i Of which 80,000 Shares will be taken by the present owners an pgrt payment for theproportlos. 16,000 Shares are now offered In New Zealand, and 35,000 in Australia, which will bo payable as follows, viz.: 6a on application ;5a on allotment; balance at intervals of not loss than three months, and in amounts not exceeding 10s per Share. It is not anticipated that more than £2 los per Share will require to be called up. The present owners taka their Shares paid up to £3 10a each, and will be liable with other Shareholders for the remaining £3los per Share. Provisional Directors .- Duhedin. A. J, BURNS, Esq,, Manufacturer. J. DAVIE, Esq. (M'LandreßS, Hepburn, and Co). ROBERT GULLIES, Esq., (Gillies and Btroot). ALLAN HOLMES, Esq, Solicitor. 1 O, JOACHIM, Esq. (CargiU, Gibbs, and Co). W. J. M. LAENA(jH, Esq., G.M.G., President Chamber of Commerce. JOHN M'GKEQOE, Eeq.. Civil Engineer. R. PATERSON, Esq. (Paterson and M'Leod). HEVaN PROSSER, Esq., (Kempthorne, Prosser, and Co). Mblboubb'z. The Hon JAMES BALFOUR. M.L.C. C. J. HAM, Esq., Mayor-Elect JOHN M'XLWkaITH, Esq., City Councillor JAMES ORMOND, Eeq. a (Jamos Service and Co). ROBERT HARPER. Esq. (R. Harper and Coi. The HonE.LANfITON, Temple Court THOMAS LOADER, Esq., Chairman Melbourne Harbour Trust ‘ ■ G. ROBERTSON, Esq., Publisher and Importer R. MURRAY SMITH, Esq.. M.L.A. J. H. WHITE, Esq., Shipping Agent Barkers; THE BANK OF NEW ZEALAND, Dunedin and Melbourne Solicitors .• ALLAN HOLMES, Eeq., Dunedin Messrs MALESON. ENGLAND, A STEWART. Melbourne. General Manager abd Secbktart : W. HAY DICKSON. This Company has been formed for the purpose of acquiring anal working on an extended basis the well-known coalmining property at Westport, New Zealand, now owned by the Westport Colliery Company (Limited). That property consists of leases covering areas of over 4000 acres, all coal-bearing, held direct from Government for a term of 99 years, with mines, railways, and other works thereon in active operation, and is one of the most magnificent properties in any of the Australasian Colonies, Whether as regards the quality of the cool, the extent and 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 so rapid, and the demand for the coal has become so great, as to call for the expenditure of more capital than is at that Company’s command j and an agreement has therefore been entered into to transfer the property, as a going concern, to this Company. It is. proposed to expend additional capital, as follows—viz.: — On purchase of Steam Colliers ... £BO,OOO In opening up other portions of the Coalfields ■ .„ 20,000 Total £IOO,OOO This expenditure is expected to produce on annual output of 250,000 tons. The present annual consumption in New Zealand is about 500,000 tons, and published statistics show the consumption to be rapidly increasing. With extended works in full operation, the cost of coal put into tracks at the mines will be 3s 9d per ton, including royalty and all other expenses, to which most be added railway and snipping chorees. These have been fixed at a maximum of 2s 9a per ton, making the cost fis 6d cer ton f.o.b. at Westport. The Government of New Zealand has intimated its willingness to reconsider 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 the cost 5s 6d per ton f.o.h. at Westport. An annual trade of 150,000 tons can now be Secured In New Zealand alone, at prices leaving lie fid per ton f.o.b. at Westport. The Company

have now contracts with the Government for railways, &0,, with Harbour Boards and Steamship Companies, which absorb a large quantity; and it is estimated that—without entering into active competition with New South Wales coal—an additional trade o( IOO.COO tons can bo done with Australia and Tasmania for gas ard other purposes, for which the ooai is specially suitable, at prices which will leave a substantial profit. Taking the figures above stated, and estimating the steamers to bo worked at an ordinary profit, the trade will yield profits equal to SO per cent per annum on the called capitalj but a net profit of only 3s par ton will enable handsome dividends to be paid, and leave a large surplus to be carried into reserve. The whole of the above estimates are baaed npon a continuance of the present exceptionally low price ot Newcastle coal. If, as is generally antioi* pated, the prices at Newcastle are aavanoed at the close of tlxlß year, the profits will be correspond* increased. s Company will also be able to compete successfully and profitably in the Victorian, South Australian, and Tasmanian markets with Newcastle coal as soon os it is deemed necessary to extend the trade beyond the limits above mentioned, as the superior quality and lower cost of output will more than compensate for the extra freight. The property is one el a most valuable character, and offers the following undeniable advantages as a profitable investment (or o ipital Ist. The concern is a going one, only requiring extension. 2nd. The Vendors take payment in Shares in the new Company for their outlay upon the properties, and will be liable for the balance of £2los the same as other Shareholders. 3rd, The coal is of such quality as to create almost unlimited demand, and is in New Zealand rapidly displacing Newcastle and other coals, wherever brought into competition with them. It is a highly bitumi* nous coal ot the best quality for gas, steam, emithy, foundry, and household purposes. Samples can bo seen at the office of the Brokers. 4th. The Government of New Zealand have spent over a quarter of a million of money in Hallway, Harbour improvements, ana Shipping appliances solely to open up the * Westport Coal trade; and by special Aot of Parliament all royalties derived from the properties, and profits from the railway, are set apart for Harbour improvements. 6th. The enterprise is free from the usual risks of ooal-mlniog, as the ooal can be worked level free, with natural drainage and ventilation. „ ~ , 6th. The estimated yield from the field is over 100,000,000 tone from the seams now visible —running np to 531 t Sin in thickness, the average being over 201 t. This is not a matter ot guess, but the ooal faces, which aro exposed on cliffs, have boon actually measured and recorded by the Government geologists. 7th. Westport la the only port on the West Coast ot New Zealand having a largo river (ib« Bullor) well sheltered from the southwest (by Capo Foul wind and tho Steeples), and Is tho nearest Now Zealand port to Melbourne. Vessels can Ho In Westport Harbour with perfect safety in all weathers. The depth at high water In tho harbour is 24ft alongside tho ooal stalthes, and on the bar from 12(b to 16ft. Btb. The proposed extension of works will open up seams of ooal very much superior in quality to anything hitherto worked, and quite equal to tho very finest ooal found in