Page 6 Advertisements Column 2

New Zealand Herald, Volume XVIII, Issue 6271, 22 December 1881, Page 6

Public Companies. Thames valley and rotorua _ RAILWAY CO3IPANY (LIMITED). NOMINAL CAPITAL, £400,000, IN 400,000 SHARES OF £1 EACH. PfiorisioKAi, DißEcrrop.a Hon. James Williamson, Chairman. J.L. Campbell, Esq., M,D. F. D. Ri«h, E3q. Wm. Crash Daldy, Esq. E. F. Roche, Esq. Jas. McCosh Clark, Esq. Tbos. Peacock, Esq. Robert Oralram, Esq. E. B. Walker, Esq. Jaanes Dilworth, Esq. Win. Aitken, Esq. George Holdship, Esq. Nga Huruhuru Joseph Howard, Esq. Petera Pukuatua John Wilson, Esq. Ilenero Pukuatna Thos. Morrin, Esq. Rotohiko Haupapa Wm. Innes Taylor, Esq. W. Maihi Te Rangikaheko C. J. Stone, Esq. Arekatera Te Wera A. W. F, Halcombc, Esq. Era Paimoi Baxkers: Bank of New Zealand. Solicitors : Messrs. Jackson 6z Russell, Fort-street, Auckland. j Enoineer : J. Stewart, Esq., M. Inst. C.E., late District Engineer, i Interim Secretary : j Jas. Stewart, Esq., C.E. The proposed railway will be about seventy-four miles in length, and commences at a point on the Hamilton - Thames Railway, near the town ©f Morrinsville. From this point it runs southward through the centre of the gTeat valley of the Upper Thames, by a Tory easy route, for a distance of thirty-five miles; it then mounts to the wooded plateau which divides the Upper Thames and Tauranga districts; from this it descends, by an easy route, to its terminus at tho town of Ohinemuiu, making a further distance of thirty-nine miles. This completes an unbroken chain of railway communication between the city of Auckland aud tho Hot Lako distriot, which is the central point of attraction for tourists to New Zealand. The cost of the line has been estimated—after exploration—by Jas. Stewart, Esq , late District Engineer, to be £2000 per mile for the first section of thirty-five miles; of the remainder, twenty-four miles, will cost £3000 per mile, and the remaining fifteen miles, about £4500 per mile: making a total cost for construction (of the class of the Government railways, and exolusive of rolling stock) of £209,500. The cost of buildings and rolling-stock is estimated at £35,000, making a total cost of £247,500. It is proposed to construct the Railway in two sections ; the first section of thirty-eight miles under the provisions of "The District Railways Act, 1877," by which, on approval by the Government, the Colonial revenue is security for interest on the cost of construction and equipment, not exceeding 2 per cent., and the neighbouring lands (rated in proportion to the benefits derivable from tho construction of the line) are liable for interest not exceeding a further 5 per cent., thus giving a certain interest of 7 per cent, on the investment, even if the lino itself only pays working expenses. The majority of the landholders abutting on this section have expressed their willingness that their properties shall be brought under the operation of "Tho District Railways Act, and the Amendment Act, 1878." For the construction of the second section, passing, as it docs mainly through native lands, which it is not possible to bring under "The District Railways Acts," it is proposed to work if possible, under the "Railways Construction and Land Act, J SSI," By this Act, the Colonial Government is empowered to contract with a Company for the construction of this Railway, among others, and to grant such lands as are available as an endowment. In this cae only 28,000 acres are available, situated in tho Patetere country. This would not bo a suflicieut endowment, without rating powers, to warrant the construction of this section of the line, but the native proprietors have, in addition, agreed to give a considerable area of land to the Company. It is also proposed that the Company should acquire, by purchase, a further portion of native lands adjacent to the lino, which may bo expected to be largely increased in value by its construction ; aud, with this view, the Capital of the Company has been fixed at a sum sufficient to include such purchases. By this means, it is hoped the construction of the second section may be undertaken almost simultaneously with the first. The prospects of immediate and very considerable traffic on the line are as good, or better, than can be shown on any new line in New Zealand. The rapid strides made during the last few years in tho Upper Thames and Waikato districts show that the country has a power of production and of supporting a large population in proportion to its area—equal to almost any other part of the colony. The projected railway line will open up an area of from 1,500,000 to 2,000,000 of acres of available land, a large portion ready for immediate occupation, but at present wholly unoccupied, owing partly to the want of means of communication, and partly to the fact that a portion of this territory has but recently been acquired from the native owners. The settlement of this extensive area must necessarily, for some years to come, create a very large import traffic, and year by year, as settlement progresses, tho export traffic of grain, stock, and other produce must also increase to very large dimensions. But, independently of the ordinary sources of supply towards a railway traffic which "agricultural and pastoral settlement of thi country affords, there are special reasons which justify the expectation of an unusually rapid development of a varied, extensive, and paying business on this lino. It is now generally known that the purchasers of the lands known as th Patetere District are taking active steps towards th immediate colonization, by comparatively small holders, of the whole of the lands they have acquired, or are acquiring, through the agency of a powerful company in England. The importations consequent on the introduction of a large population cannot fail to be very considerable during the first years of their • settlement. Again, the line in its course to Ohinemutu, taps a valuable forest of magnificent timber, fromwliich —as soon as the line is completed so far—the whole of the Upper Thames and Waikato districts will undoubtedly draw their supplies of timber for house building, fencing, and fuel; and last, but certainly not least, the large and ever increasing stream of tourists visiting New Zealand from all parts of the world, attracted by the wonders of Ohinemutu and Rotomahana, will certainly prefer to use this line of railway, which will convey them easily in one short day fro:r» the city of Auckland to the Hot Springs, by an easy and most interesting route, thos giving to the line the exceptional advantage of a large passenger traffic at once, quite irrespective of the ordinary passenger traffic of tho country. It may also be pointed out that for a distance of fully forty miles the line proposed must, at a future and no very distant date, form pirt of the mainline connecting Auckland with Napier and Wellington, through the interior of the island. Regarding the traffic which may be expected, a comparison may be made with the existing line in Auckland. Seeing that on these line 3 there are many miles of unproductive country, and that the valleys of tho Piako, Waitoa, and Thames are largelysettled and stocked (and by the time the lino is open may be expected to be fiilly so), looking also to the scheme for the settlement of the Patetere country, the Provisional Directors think the comparison a fair one. The latest returns of the Kaipara-Te Awamutu Railway show a net revenue of £193 per mile per annum. This would give, on the first section of thirty-eight miles, a net revenue of £7334, or 7£ per cent, on £100,000. Estimating tho revenue for tho first year's working at only one-half that of the Kai-para-Waikato line, 33 per cent, will bo obtained, leaving only 3} per cent, to bo made up by the District ! Rate and Government contribution, or a little over 2J per cent, and under 1 per cent, respectively. For these reasons, and for others too numerous to mention, the Provisional Directors feel fully justified in recommending the undertaking to the Public as a work of national as well as local importance. As an investment of capital, it will be directly remunerative, and they confidently expect the hearty support of the people of Auckland, both town and country, in a work which cannot faU, immediately on its completion, to add, as no on© undertaking has added before, to the population, production, and the import and export trade of the wholo Provincial District. The Nominal Capital of the Companv it proposed to ! be fixed at £400,000, in 400,000 Shares of £leach. The first issue of Shares to be 200,000, on which it is not intended i o call up more than 10s per Share, and it is anticipated that 5s per Share will suffice as paid-up capital, for the first section of tho Railway, because it is proposed to exercise the borrowing powers conferred by the Acts. On the prosecution of the second section, it will be a question whether to issue more Shares, or make further calls on thoso already issued. The payments on the first issue to be Is on application ; and the balance by Calls of Is each, at intervals of not less than two months. Applications for Shares to bo made to the Secretary, Shortland-strcct, or through authorised agents 70,000 Shares have already been taken by 32 subscribers, in amounts not less than 1000. As it is anticipated that the wholo of the Shares will be rapidly taken up, early application will be necessary. Priority of application will be a factor in the allotment of shares by the Directory*. No application will be received for less than 20 Shares. Tho following Gentlemen are Agents authorised to receive applications for Shares, via.:— Joseph Newman, Auckland Alex. Saunders, Auckland Chas. Alexander, Auckland Samuel Yickers, Auckland J. Friar Clarke, Auckland Robert Frater, Auckland John Mowbray, Auckland Robert Home, Auckland J. B. Morpeth, Auckland J. M. Lennox, Auckland Wm. Flood, Auckland J. Wickens, Auckland F. G. Ewington, Auckland Kennedy Hill, Hamilton