Page 1 Advertisements Column 4

Lyttelton Times, Volume LXXIII, Issue 9089, 28 April 1890, Page 1

Railway SToticos. NEW ZEALAND RAILWAYS. LATE TRAIN LYTTELTON LINE, 23th APRIL, FOB THE OPERA. ON MONDAY, 2StU April, a Train will leave Lyfctsiton for Christchurch at 11 p.m., and Christchurch for Lyttelton at 11.30 p.m., as on Tuesdays and Thursdays, instead of the 10 5 p.m. train from Christchurch anti 10.35 p.m. train from Lyttelton, which vrill not run. 5701 BY ORDEE. HANMER PLAINS HOT SPRINGS. HEALTH & HOLIDAY RESORT. TGI DLL PARTICULARS of the Accommodation JO available at Mrs FRY's Comfortable and Popular JOLLIE'S PASS HOTEL con be obtained Et the offices of tlio undersigned. THOS. COOK ifc SON, Excursion and Tourist Agents, 2127 Colombo Street and Cathedral Square. Election. Notices. TO THE ELECTORS OF IJtE WAIPAEA EOAD BOAED DISTRICT, ENTLEMEN,—At tire request of a number \JT of Ratepayers, I intend Offering Myself as a Candidate ct fbe Forthcoming Election, in the place of my neighbour, Mr H. F. Reece. From my long residence in the district, and intimate acquaintance with the various roads, X venture to think I should be able to serve your intercats, and hope at an early date to assist in slightly reducing the present rates. Faithfully yours, G, D. GREENWOOD. Tevxotdale, April 21st, ISSO. 5522 Public Companies; Prospectus OK THS WHITE CLIFFS DREDGING COMPANY (LIMITED), DULLER RIVER. To bs Incorporated under the Provisions of “ The Companies Ac;, 1852." NOMINAL CAPITAL £IO,OOO, Divided into 20,000 Shares of 10s each. Of which 5000 Shares, credited aa paid up to 7e 6d each, have been reserved a* part ot the consideration to be given to the Vendor for his property to be transferred to the Company; the remaining 15,000 shares being offered tor public subscription on the following terms: — Sixpence per chare on application; Is on allotment, and the balance as required in calls of not more than Is per share, to be made at intervals of not less than one mouth. DIVIDENDS TO BE PAID AT PER SHARE. Directors : MAURICE JOEL, Esq., B tower, Dnuedia JOHN DLAIr, Esq., seed Merchant (of Nimmo and Blair), Dunedin SAMUEL JACOBS, Etq., Fancy Goode, Merchant. Dunedin JULIUS HYMAN, Esq., J.P., Brewery Manager, Dunedin WILLIAM SCOULAR, Esq., Merchant (cf W. tcoular and Co.), Dunedin T. M. WILKINSON, Esq., Chemist, Dunedin Baxkebs: COLONIAL BANE OF NEW ZEALAND. Solicitor : EDWARD A. JOEL, bsq., Bond street, Dunedin Secretary (pro tcm.p : THOMAS CALjuiiNDER, Rattray street, Dunedin Brokers : A. BAETLEMAN. Bond street, Dunedin R, and A. J, Pnßd, Bond street, Dunedin , The proposed Company is to be formed for the purpose (among other things) of acquiring and working by dredge the White Cliffs Claim, situated on the Bailer River, about 22 to 23 miles from Westport, which claim is now held as a prospecting area for dredging by Mr Joha Dassoit. The holder of the area is entitled to take up, as a prospecting dredging claim, one mile along the river by a breadth of up to nigh water mark. The claim will be about from 70 to SO acres. The beaches of the Duller River, including the banks and bed, have long been known to bo highly auriferous, aad have afforded good wag. ato individual miners for years, but, on account of the water, they have not been able to work to a greater depth than from 3ft to Sit; except in the old workings where the river has formerly run on a higher level. Xu these old workings, however, the miners were able to reach a depth of about lift, when the ground proved richer and the gold coarser at the bottom than at the top. it may safely be assumed that at the greater depth of 15ft to 20ft, which will be reached by a dredger, very much larger quantities of gold will be obtained. The prospects obtained by Mr K. A. Young (of Messrs Young Bros), as stated in his reports (copies of which accompany this Prospectus) justify such a conclusion. The tests that have so far been made by driving pipes show the depth of wash to be from 14ft to 22ft. Dredging on a large scale has not as yot been in* troducedon the Duller River, but when the spoon dredge (awkward and slow as it is) has been employed, the miners slate that they have always made good wages. As to tho great richness of the Bailer River, intending investors are referred to tho remarks on the Butler Warden’s District in the “Hand-hook of New Zealand Minos, 1887," published by the Government, and edited by W. J. M. Larnacb, Esq., C.M.G., then Minister ot Mines, The claim is specially adapted for dredging—the river, whore the claim is, being well spread, not over deep, and with good beaches. From the prospects obtained (an average of 22$ grains per cubic yard), and from the fact disclosed in the report of Mr R, A, Youn s , M.k.a.M, Inst, C.B„ that gold is to he found throughout the claim, the promoters are confident that this will prove one ot the richest claims in this new era of gold mining. As before stated, tho prospects obtained by Messrs Young Brothers chaw an average of 22 1 grains—worth 3s 5d per cubic yard. Now, if the dredge lifts only 40 cubic yards per hour, and works only 210 days in the year, and. say 22 hours (in three shifts) per day, the gross product would be £'30,030, Experience on the Clntha and Shotover has shown that the cost of working by bucket dredge is not more than 41 per cubic yard—i.e., £3520 per year. It must bo borne in mind in this connection that tho cost in the matter ot coal will bo much less in tho present instance than in the cases of tho claims on tho Sfaotover and Clutha. Deducting, however, the whole of this amount and, say, £IOOO for wear and tear and office expenses, the not profit would be £31,500 available for dividends, representing 52G PER CENT PEE ANNUM to the contributing shareholders on the amount proposed to he called np. Assuming, however, that the average yield is only equal to Is per cubic yard, which Mr Young considers a very low estimate (vide his report), there will be a net profit of £6040, or equal to over 100 per cent per annum to contributing shareholders on the amount expected to be called up. It is estimated that to put cn the ground a powerful steam bucket-dredge, fitted with all the recent improvements, in good working order, all necessary plant,.moorings, buildings. Ac., will not cost more than £WCO, It is not, therefore, anticipated that it will he necessary to call up more than 6s per share. The claim is in tho name of Mr John Bassett, but Messrs Haurico Joel and F. (i. Mace have also interests in the claim. The vendors are to receive 5000 shares credited as paid np to 7s Gd ; £312 10s when the Company is 11 jated; and £312 10s so soon as tho proceeds from the sale of gold obtained from the claim amounts to £2OOO. The Directors feel that nothing more need be said to show the very valuable nature of the claim and the exceedingly liberal terms of the proposed an Jo. Tho Company is to be deemed floated when 10,000 shires (other than those 5000 shares which the vendors are to receive) aro allotted. All expenses of the floating of the Company, up to the first allotment of shares, ara to be paid by tho vendors. The expenses of and incidental to framing and registering tho Memorandum and Articles of Association (which have been already prepared, and may be inspected at the office of Mr Edward Alexander Jo-1, solicitor, Dunedin), and preliminary asieemsnt with the vendor ara to be paid by the’Company. An agreement dated tho 17th day of March, between John Bassett, of the one part, and Charles Darling, on behalf of the proposed Company, of the other part, for the sale of the above-mentioned property, has been entered into, and miy be inspected at the office of Mr Edward Alexander Joel, solicitor, Dunedin. Astheubove is the only contract to which the Company, or any person on behalf of the Company, is a party, applicants for shares shall be deemed to waive the publication in accordance with Section 23 of •* The Companies Act 1352"0£ particulars as to any other contracts. The Share List will close as soon as the requisite number of shares are subscribed for, and in no cose will applications be received for Joss than 50 shares. In the event of the Company not floating, theapplication money will be returned free from all deduction. Early application is necessary to ensure shares, ns it is not anticipated that the Share List will be open for more than a few days. Applications for shares will be received by Thomas Calionder, Secretary. Rattray street, Dunedin ; Mr F. G. Mace, Wonport; and by the brokers of the Company, from whom also prospectuses and reports of experts can bo cbt-dned. Prospectuses may ha obtained at tho Colonial Bont, Where applications will he received. 5317