Page 8 Advertisements Column 5

Lyttelton Times, Volume LXXIII, Issue 9092, 1 May 1890, Page 8

Public Companies. 7i~h R OS PECTUS Jl of tub WHITE CLIEES DREDGING COMPANY (LIMITED), DULLER RIVER. To bo Incorporated under the Provisions o£ “ The • Companies Act, 1352.” NOMINAL CAPITAL ,-£10,000., Divided into £O,OOO Shares o£ 10s each. Of which 5000 Shares, credited as paid up to 7b Cd cacti, have basin reserved as part of tho consideration to ho given tc 'bo Vendor for his property to he train form! to tho Company; tbo remaining 15,0(;0 oh.iros being offered tor public subscription on tho following terms: — Sixpence par share on application; la on allotment, and the balance us required in calls of not more than Is per share, to ho made at intervals of not lens than ono month, DIVIDENDS TO BlfpAID AT PEE SHAEE. Digectoes : MAURICE JOEL, X'isq., 1 Power, Dnuetlia JOE hi BLAU.', lA;q., Seed Merchant (of Nimmo and Biair). Lnucdin SAMUEL JACOBS, iatq., Fancy Goods, Merchant, .Diiiicdm JULIUS HYMAN, Esq,, J.P., Brewery Manager, Dunedin WILLIAM BUOULAE, Enq„ Merchant (of W, Secular and Co.), Dunedin T. M. WXLEIWsuN, Aeq.. Chemist, Dunedin Dakkkks: COLONIAL BALK U6' NEW ZEALAND. SoLicrror. : EDWAED A, JOEL. Lnq., Bond street, Dunedin SnciiETAKT (pro Lem.): THOMAS CAL lb aIJ Ell, Rattray street, Dunedin Bnosaas : A. HART LEMAN, Bond street, Dnnedin E. and A. J. PaKK, Bond street, Dunedin. The proposed Company is to ho formed for the purpose (among other things) of acquiring and working by dredge tho White Cliffs Claim, situated on the Bailer Eiver, about 22 to 23 miles from We.stporr, which claim is now bold as a prospecting area for drudging by Air John Bassett. The holder of the area is entitled to take up, an a prospecting dredging claim, oau mile along tho river by a breadth of up to high water mark. The claim will bo about from 70 to 80 acres. Tho beaches of tho Culler fiiver, including (he banks and bed, have long been known to bo highly auriferous, and have afforded good wag- B to individual miners for years, but, on account of tho water, they have not boon able to work to a greater depth than from oft to sft; ercept in the old workings where the river has formerly run on a higher level, la these old workings, however, the miners wore able to roach a depth of about lift, wuen the ground prove 1 richer and the gold coarser at tho bottom 'than at the top. it may safely bo assumed that at iho greater depth of Lift to 20:t, which will be reached by a dredger, very much larger quantities of gold will bo obtained. The prospects obtained by Mr It. A. Tonug (of Messrs Young Bros), as stated in his reports (copies of which accompany this Prospectus) justify ouch a conclusion. The tOiita that have so far been mnda by driving pipes thow tho depth of wash to bo from lift to 22ft. Dredging on a large scale has not as yet been introduced on the Boiler Kiver, but when the spoon dredge (awkward and slow aa it- is) has been employed, the minors state that they have always made good wages. he to tho great richness cf the Bailor Hirer, intending investors are referred to the remarks on the Puller Warden’s District m the ‘‘Hand-book of New Zealand Mines, 1857," published by tho Government, and editad by W. J. hi. Larnach, Esq., C.M.G., M.H.li., then Minister of Mines, The claim is specially adapted for dredging—the river, where the claim ie, b.iug well spread, not over deep, and with good beaches. From the prospects obtained (an average of 22J grains par cubic yard), and from the fact disclosed in the report of Mr it. A. Youn s , M.E.A.M. Inst. 0.E., that gold is to he found throughout the claim, tho promoters are confident that this will prove one oc the richest claims in this now era of gold mining, Aa before slated, tho prospects obtained by Messrs Young Brothers shew an average of 22f grains—worth 3s Sd per cubic yard. Now, if the dredge lifts only 40 cubic yardo per bonr, and works only 210 days in tho year, and, say 23 hours (in three shifts) per day, tho gross product would be £26,080, Experience on tho Clutha and Shotover has shown that the cost of working by bucket dredge is not more than 41 per cnbio yard—i,e, s £3520 per year. It must be borne iu mind in ibis connection that tho cost in the matter of coal vjjll he much less iu tho present instance than in tho cases of the claims on the thetove? and Clutha. Deducting, however, tho whole of this amount and, say, £IOOO for wear and tear and office expanses, the net profit would he £31,560 available for dividends, representing 526 P.UR CENT FEE ANNUM to tbe contributing shareholders on the amount proposed to be called np. Assuming, however, that the average yield is only equal to Is per cnbio yard, which Mr Young considers a very low estimate (vide his raport), there will he a net profit of £6OIO, or equal to over 100 par cent per annum to contributing- shareholders on the amount expected to be colled up. It is estimated that to put on the ground a powerful steam bucket-dredge, fitted with all tho recent improvements, iu good working order, all necessary plant, moorings, buildings, Ac., will not cost more than £4OOO. It is not, therefore, anticipated that it will be necessary to call up more than 6a pec share. Tho claim is in the name of Mr John Bassett, but Messrs Maurice Joel and F. U, Maco have also interests in tho claim. The vendors are to receive 50CO shares credited as paid up to 7s 6d ; £312 10s when tho Company is fl -ated; and £312 10s so soon as the proceeds from the sale cf gold obtained from the claim amounts to £2OOO. The Directors feel that nothing more need he said to show the very valuable nature of the claim and tho exceedingly liberal terms of the 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 tbe floating of the Company, up to the first allotment of shares, are to he paid by the vendors. Tno expenses of and incidental to training and registering the Memorandum, and Articles of Association (which have been already prepared, and may be inspected at tbe office of Mr Edward Alexander Joel, solicitor - , Dunedin), and preliminary airesment wish tho vendor are to bo paid by thcComyany. An agreement dated the 17th cloy of March, between John Bassett, of the oae part, and Charles Darling, on behalf of the proposed Company, of the other part, for tho sale of the above-mentioned property, has been entered into, and any be inspected at the office of Me Edward Alexander Joel, solicitor, Dnnedin. As the above is the only contract to which the Company, or any person on behalf of the Company, is a party, applicants for shares shall bo doomed to waive the publication in accordance with Section 23 of "The Companies Act 1882” of particulars as to any other contracts. Tho Share List will close as soon as the requisite number of shares are subscribed for, and in no case will applications be received for less than 60 shares. In the event of the Company rot floating, the application money will bo returned free from all deduction. Early application is necessary to ensure shares, as it is not anticipated that the Share List will he opisn for more than a few days. Applications for shares will ho received by Thomas Callander, Secretary,Battray street, Dunedin; Mr F, G. Atace, Wosport; and by tbe Brokers of tho Company, from whom also prospectuses and reports of experts can be obtained. Prospectuses may ha obtained at the Colonial Bank,' where applications will be received, 5817 Insurance Companies. r Norwich Union Uiee Insurance Society. HEAD OFFICE—NORWICH, ENGLAND. Established ~, ,„ 1797 AMOUNT INSURED,., £250,000,000 PREMIUM INCOME ... £627,000 LOSSES PAID ... £6,500,000 ims settled with liberality and promptitude. J, M. HEY WOOD & CO.. CATHEDRAL SQUARk, CHRIsTCHURCH, Agents for Canterbury. 8215 |HE NEW ZEALAND PIKE AND MARINE INSURANCE COMPANY. Established 1353, Capital.,', ... ~.£1,000.000, Paid-up Capital and Kezarvo ... £410,000. S PREMIER AND WEALTHIEST COLONIAL COMPANY. Noted for Promptness and Liberality, Branches and Agencies throughout the World, DAVID CRAIG. Manager. COLONIAL INSURANCE COMPANY OFNEW ZEALAND, FIRS AND MARINE. CAPITAL £3,000,000- . Effects ©very description cf I’iro and MaruiQ Insurance at Jjoivest Current Bates, Being a purely local institution claims are settled with promptitude, CUFF & GRAHAM, Managers for Canterbury, 6707 131, Lichfield street, Christchurch, Agents wanted in narepreaeruod districts. Merchandise. W ARSE, JioCKLBT ft C/O (I.nnirD), WINE AND SPIRIT MERCHANTS, South Duitish Chameses. HEREFORD STREET. CHRISTCHURCH., (Cellar Entrance from Cathedral Square,) Tho Stock of Wines and Spin to held by this Company emoraces every needful variety tot ordinary or special use. Aasoned dov.oua of Liquors are ouppiiod fa family or invalid puroosaa. „ Special arrangements mavde for Balls or Dinner Parties, Look-up Bin Casas prcvided.for race meetings, picnics, <ko. , . . , W ines packed and forwarded (f re-ght paid) to any port in Now Zealand on receipt of remittance or satisfactory reference. A choice selection of finest Indian and Havana cigars, 8