Page 2 Advertisements Column 4

Mount Ida Chronicle, Volume XXI, Issue 1072, 19 June 1890, Page 2

PROSPECTUS : . • | OP THE j BONA FIDE WATER - RAGE AND SLUICING COMPANY (Limited), MAEREWHENUA,/NORTH OTAGO. (To be registered under the Mining Companies Act, 1586.) Capital ... ■""/..£6000, ''"■ In 20,000 shares of 6s each, of which paid up to 5s are retained by the vendors. The remaining 17,000 are offered to the public on the following terms :—6d per share on application, Gd per"share on allotment, and the balauecin calls of uot more than 3d per share at intervals of not less than one mouth. It is.confidently auticipated that it will not be ' necessary to call up more than 4s 6d per share. The whole of the proceeds of the 17,600 shares, less brokerage for floating, will be a\ailable for the immediate construction of the company's works. PKO VISIONAL DIRECTORS. Thomas C. Howland,,Miue Manager, Maerewhenua. John Hutton, Farmer, Livingstone. Hugh- Wilson, County Glerk, JNaseby. Heury Aitken, Oamaru. Peter Banks, Provision Merchant, Oamaru. Edward Grave, Ship-chandler, Oamaru. J. W. Humrjhrey, Provision Merchant, Oamaru. William Waddell, Merchant Tailor, Oamaru. Johuißufleid, General Draper, Oamaru. • bankers :, Colonial Bank of New Zealand (Oamaru). SOLICITORS : - ; Messrs. Hislop and Creagh, Oamaru. SECRETARY AND BROKER : . Charles!". Roberts, Liyingstoue_arid Oaiharu. THE M aerewhenua gold-field has long been favorably known, as—when-water was available—a remunerative sluicing field, extending over a wide area. Operations have been going on for nearly r 2O years with varied results, the West 'Maerewiie-.uia always occupying the premier' place iu its yield of gold, relative to the amount of waier mailable. Duiihg the past year the field has been pro\ ed to be of much greater area than had previously been anticipated, the country between the Bushv and Sheepwash Creeks especially being of a highly payable character. The increase of water consequent on the completion of the Pioneer and howe's Races has led to the opening up of a number of payable claims lower down the spurs than had at an earlier date been known, proving the area of payable ground to be vastly greater than was looked for in the early days by the most sanguine. The comparatively small increascin watersupply in the spring previously noted increased the sale of gold in Oamaru by 4000z5., or about 70ozs. per month.

The only available supply of water at a reasonable outlay commanding the, whole field is that held by the promoters of this Company, consisting of a right to six heads from the south branch of the Alaerewhenua and tributaries. As there are no rights granted lower down, a fair supply will be available at all times. Mr. C. Y. O'Connor reports, under date May Ist, 1882:—"Isaw' the creek at proposed source of race (immediately below race now contemplated) on the 23rd ultimo. It was then running about eight heads." It is estimated that at least. six heads will be available during eight months in the year. The demand is so keei> that there will be no difficulty in- selling at the current rates all the water that can be delivered on the ground, especially as-'the race will command the highest known auriferous ground at Maerewhenua. Mr. O'Connor also says, in. the report already referred to :—"I should say that it is well withiu the mark.to estimate that the ground in this case would support the proposed race—an eight-head race from Otekaike—for 15 or 20 years." Messrs. Hntton, Farquharson and Howland, all of whom are, or have been practical miners for many years, have gone over the lineof race, and report it to be not exceeding 14 miles in length, including several syphon flumes ; further, that the course of the proposed race is exceptionally free from natural difficulties—the cutting, whilst it would be nearly all very easy, would at the same tihie be firm ami sound. Their estimates of cost of construction, apart from fluming, range from 12s 6d per clmiuto 20s Cd per chain all through. They also express the opinion that the cost of maintenance would be a mere bagatelle. The promoters believe that a minimum of four heads will be always available. Reckoning this :o be the average supply throughout the whole year, the gross returns w'ill be about £35 per week, representing an amount available for dividends equal to 30 per cent, per annum on a paid-np capital of £SOOO. The confidence of the promoters in the thorough nieces that they propose to deposit the scrip representing their shares in the bands of the Directors, to be held by them as a guarantee of good faith until a di\ idend shall have bepu paid, and further, they (the promoters) will yield their light to share in dividends till, say, 5 per cent, has been paid on the paid-up capital subscribed. Applications, accompanied by a. deposit of Gil per share, to be forwarded to the Secretary, at Livingstone; or, care of Colonial Bank, Oamaiu. Prospectuses, with forms of application, may be obtained from the .Secretary, or from either of the Provisional Directors,"or at the Colonial Bank,' Oiunaru. The .Share List will be closed a3 soon as the requisite number of shares has been applied for. The vendors undertake to refund all application fees in the event of the Company not being floated. MART7IMATO SCHOOL. A Concert and Dance will be held in the Schoolhouse, Maruimato, on the evening of Friday, June 27th, in aid of the School funds. Refreshments provided. Admission, 2s. A. M'LENNAN, Hon. Sec. NOTICE. MR. ALEXANDER PEARSON, Kyeburn, has been ap pointed sole agent for the Buckeye Harvesting Company for the Maniototo and Hyde Districts Buckeye Lowdown Elevator Light Mower Reaper Reaper and Mower Sheaf Carrier Transport Binding Twine Buckeye Lubricating Oil. I have at my forge, for inspection, a Sample Lowdown and Reaper-and-Mower.