Page 8 Advertisements Column 7

Lyttelton Times, Volume LXXIII, Issue 9090, 29 April 1890, Page 8

Public Companies. PROSPECTUS OF THE WHITE CLIFFS DEED COMPANY (LIMITED), DULLER RIVER. To ba Incorporated under the Provisions of " The Companies Act, 1882.*' NOMINAL CAPITAL £IO,OOO, Divided in to £O,OOO Shares of 10s each, Of which 5000 Shares, credited aa paid up to 7s Gd each, have been reserved as part of the consideration to be given to the Vendor for his property to be transferred to the Company; the remaining 15,000 i-hirea being offered tor public subscription oa tho following terms fcixp-cco par share on application; la on allotment, and the balance as required in calls or not more than I s per share, to be made at intervals of not loss than one month. DIVIDENDS TO BE PAID AT PEE SHAKE, Dieectoes s MAURICE JOEL, E»q., Biewer, Dnnedin JOaE BLAIKjEsq , Seed Merchant (of Nimmo and Biair), Dunedin SAM Uhi. Ja(JOils, Lsq., Fancy Goods, Merchant, Dnnedin JULIUS HIM AN, Esq., J.P., Brewery Manager, Dunedin TVIL i.XAM! BCOULAR, Ecq,, Merchant (cf VI, ccoular and Co.), Dunedm T. hi. WILKINBuN, Esq., chemist, Dnnedin Bankebs* COLONIAL BALK off NEW ZEALAND. Solicitor : EDWAED A, JOEL, (tsq., Bond street, Dunediu Secbetaex (pro tom.): THOMAS CALiiiaADtlt, Jlnttray street, Dnnedin Bkokkus: A. BAETLEMAN, Bond street, Dnnedin E. and A. J. PaR K, Bond street, Dtmedin, The proposed Company is to be formed for the purpose (among other things) of acquiring and working by ctredgs the White Cliffs Claim, situated on tno Buller liivor, about 22 to 23 miles from Westport, which eiaim is now held as a prospecting urea for dredging by Mr John Bassett, The holder of the area is entitled to take up, as a pros-l-ieo ling dredging claim, one mile along the river by a breadth of up to nigh water mark. The claim will be about from 70 to 80 acres. iho beaches ot the Duller River, including iba bants and bed, have Jong been known to be highly auriferous, and have afforded good wag. s to individual miners for years, but, on account of tin* water, they have not been ablo to work to a greater depth than fromSft to Sft; except in the old workings where the rivet has formerly ran on a higher levd. In these old workings, however, the minors were able to reach a depth of about lift, when the ground proved richer and tho gold coarser at the bottom than at the top. it may safely be assumed that at i ho greater depth ot 15£t to 20tt, which will be reached by a dredger, very much.larger quantities of gold will be obtained. The prospects obtained by Mr B. A. Young (of Messrs STouug Bros), ns stated iu his reports (copies of which accompany this Prospectus) justify such a conclusion. The touts that have so far been made by driving pipes show the depth of wash to bo item I4£t to 22ft. Ln edging on a large scale has not as yet been in* troducsd on the Buller River, but when the spoon dredge (awkward aud slow as it is) has beeu em* p;oyed, tho miners state that they have always made good wages. a« to tho great richness of the Duller River, intending investors are referred to the remarks on the Duller Worden’s District in the *• Hand-book of Dew Zealand Mii.es, 1587,” published by the Government, and edited by W. J. M. Larnaob, Esq., C. * G.. M.H.8., thou Minister of Mines, The cl„im is specially adapted for dredging—-the river, where tho claim is, b.iug well spread, not over deep, and with good beaches. Prom the prospects obtained (aa average of 22J groins por cubic yard), and from tho fact disclosed iu the report of Mr it. A, Tonn s , M.E.A.M. Inst, C. 3., that gold is to ho found throughout the claim, the promoters aro confident that this will prove one ot tho richest claims in this now era of geld mining. As before slated, the prospects obtained by’ Messrs Young Brothers shew an average of 22j grains—worth Ss 54 per cubic yard. Now, if ths dredge lifts only 40 cubic yards per hour, and works only 2(0 days in the year, and, say 22 hours (in throe shifts) per day, the gross product would be £30,080. Experience oa the Clutha and Shot' over has shown that the cost of working by bucket: dredge is not more than 41 per cubic yard—he,, £2520 per year. It must be borne in mind in ibis connection that the cost in the matter of coal will be much loss in the present instance than in the coses of tho claims on the fihotover and Clutha; Deducting, however, the whole of this amount and, say, £IOOO for wear and tear and office ex* pauses, the net profit would be £31,560 available for dividends, representing 626 PIE CENT PEB ANNUM to the contributing shareholders on th() amount proposed to be called up. Assuming! however, that the average yield is only equal to Is per cubic yard, which Mr Yonng considers a very low estimate (ride his report), there will be a net! profit of £6040, or equal to over 100 per cent peff annum to contributing shareholders oa the amounts expected to be called ap, j It is estimated that to put on the ground » powerful steam bucket-dredge, fitted with all theL recent improvements, in good working order, all necessary plant, mootings, buildings, Ac., wail no S cost more than £4OOO. it is not, therefore, anticipated that it will be necessary to call up more than 6s per share. The claim is in tho name ot Mr John Bassett, but Messrs Maurice Joel and P, Cl. Mace have also interests in the claim. The vendors ore to receive 6000 shares credited as paid cp to 7s Cd ; £312 10s when the Company is fljatett; and £SIS 10s so soon as the proceeds from the sale ci gold obtained from the claim amounts to £2OOO. The Directors feel that nothing more need ha said to show the very valuable nature of the claim and the exceedingly liberal terms of tho proposed sale. The Company is to be deemed floated when 10,000 shares (other than those 5000 shares which the vendors are to receive) are allotted. All expenses of the floating ot the Company, up to the first allotment of shares, are to he paid by the vendors. Tne expanses of and incidental to tramjug and registering the Memorandum and Articles of Association (which have been already prepared, and may bo inspected at the office of Mr Edward Alexander Jod, solicitor, Dnnedin), and preliminary agreement whh the vendor are to be paid by the Company. An agreement dated the 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 propony, has been entered into, and may be inspected at tho office of Mr Edward Alexander Joel, solicitor, Dnnedin. As the above in the only contract to whiOU the Company, or any person on behalf of the Company, is a party, applicants for shares thall be deemed to waive the publication in accordance wit h Section 23 of “ The Companies Act lS82”ol particulars ns to any other contracts. 1 Tho Shs.ro List will close ns soon as the requisite number of shares are subscribed for, and in no case will applications ho received for lass than SO shares. In the event of the Company not floating, theapplication money will be returned free from all deauc* 1 tion. 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 he received by Thomas • Callender, Secretary, Rattray street, Datiediu; Mr F. G. Msec, Wosport; ami by th© Brokers of tba Company, from whom also prospectuses and reports of experts can be obtained. Prospectuses may be obtained at the Colonial Bank, where applications will be received. 6e17 Board and Bsaideaca. ALBION HOTEL, Maclaggan street, Dunedin; no extra charge during Exhibition ; by the tiaj 3s, or IBs per week; plenty of accommodation for \ hitorfl; night porter in attendance,—J, Davies proprietor. 4890 g INFERIOR PRIVATE BO IKD&REBIDENCE ) Gloucester House, 256, Gloucester street West, five minutes’ walk from centre of oily, public gardens, As. Terms moderate. friii 1 COMFORTABLE PRIVATE BOARD AND RESIDENCE, WAITaIIUNA HOUSE, 235, Cashel street W., five minutes from Pos Office, Library, Museum, See. 695 Merchandise. r yW abbs, Hockley & Co (LmiTsn), WINE AND SPIRIT MERCHANTS, Sonin Bbitibh Chaubbes. HEREFORD STREET, CHRISTCHURCH, (Collar Entrance from Cathedral Square.) Tho Stock of Wines and Spirits held by this Company embraces every needful variety for ordinary or special ass. As sorted dozens of Liquors are supplied Co family or invalid purposes. Special arrimi,-ojaoutß made tor Balls or Dinas* Portias, Lock-up Bin Gasea proridod.for race meetings, picnic?., &s. W inoa packed and forwarded (freight paid) to any port iu New Zealand on receipt of remittance oc satisfactory reference. A choice eeieutioa of finest Indian and Havann ciscara. 3 Undertakers. FUNERAL NOTICE. *VT A NDERSON « UNDERTAKER. Funerals furnished from £3 10s. Child rcu £1 15g ‘ Polished Coffin (Rimu and Kauri) £5 10s Address—lol, VICTORIA feTEEET. 28 James lam b FURNISHING UNDERTAKER, 25, Lichfield street east. Funerals completely iarmebod in tovm ot oonntry at most reasonable charges. 07 Please note the Address. N.B.—No connection with any ocher Firm in Christchurch. Telephone, No, S