Page 15 Advertisements Column 3

New Zealand Herald, Volume LXII, Issue 19201, 15 December 1925, Page 15

Divided into GO,OOO Shares of £l each, of which 9800 fully paid-up shares will be allotted to the Vendor as part consideration for the sale to the Company hereinafter mentioned, and the balance, 50,200, are now offered for public subscription on the following terms2/- per share on application, 2/- per share on allotment, and the balance in calls of 2/- per share at intervals of not less tha'n one month. Provisional Directors: CHARLES BRUCE MERCER, M.1., Mech.E., Consulting Engineer, Hamilton. ERIC CHARLES DAY, A.P.A.N.Z., Auctioneer, Hamilton. WILLIAM ROSS CARRUTHERS, C.E., Retired, Auckland. ARTHUR EDMUND WAKEMAN, Merchant, Auckland. ALLEN FRANCIS HOGG, Barrister, Auckland. SOLICITORS: MESSRS. HOGG, TONG AND PLAYER, 15, Customs Street, Auckland. BANKERS: BANK OF NEW SOUTH WALES. INTERIM SECRETARY: ARTHUR H. KITTO, Lister Building, Victoria Street East, Auckland. P.O. Box 765. AUDITORS: MESSRS. CHAMBERS, WORTH AND CHAMBERS, 23, Shortland Street, Auckland. CHIEF BROKERS: KITTO, LIMITED, 16, Lister Building, Victoria Street East, Auckland. Objects of the Company. The objects of the Company are set out in the Memorandum of Association of the Company which is published with the prospectus. The primary object of the Company is to acquire a dredging claim approximately three miles long, situated on the Molyneux River, Otago, New Zealand, being special claim One hundred and twenty-two acres, situated on the Molyneux River, starting below the junction of the Clutha and Kawarau Rivers, being Section One hundred and thirty-two, Block One, Cromwell Survey District, and Section Sixteen, Block Six, Wakefield Survey District, held under license, dated the 14th day of September, 1925, and formerly held by the once famous Hartley and Riley, Junction, Electric, Alpine, and Riley's Beach Claims, and to acquire and equip a modern dredge, and carry on mining operations. The W oriel - F anions Hartley and Riley Claim. The area acquired by the Company includes the famous Hartley and Eiley Claim, and the other Claims mentioned above. All of these names are household words among the mining community. The Company is, therefore, going to carry on its operations with modern, up-to-date machinery, over an area of approximately three miles "of tested gold country. Twenty-five years ago, types of light, Steam Bucket Dredges, quite inadequate to work these claims successfully, yielded some sensational returns when the dredges, with the river at its lowest winter level, were able to cope with the travelling drift, and to reach the bottom wash. The once famous Hartley and Rilev dredge began operations in December, 1838, and the yield to December 31, 1899, was 96860z., beine an average of I860?;, per week. During its short career dividends were paid amounting to £l2/5/- per share, a record unequalled in New Zealand dredging. The two largest weekly returns being 1187oz. 14dwt. and 1158oz. 19dwt. respectively. The other Claims included in the New Hartley Riley have all been tested by light dredges, and. wherever they were able to break through the thick layer of cement false-bottom and reach the rich, gold-bearing wash, phenomenal returns were obtained. Seeing what could be done with old-fashioned, inadequate dredges, which could only deal with travelling silt and light wash, what can be done with modern machinery under modern conditions ? Electric Bucket Dredge. The Claim will be worked with a very large Electric Bucket Dredge suitably designed for the work. It will have special equipment in front of the bucket ladder for pounding the rough, gold-bearing wash, and crushing up the irregular reef bottom to a depth of two or three feet. It is known that some of the richest returns from this area were won from the deep crevices of the reef bottom, on which the original dredge buckets couJd make no impression, and a plant, such as that already mentioned, will be able to cope with the crevices, and will thus have great prospects of success, as it is well known by mining men throughout Otago that these crevices carry enormous quantities of gold. Queen of AH Dredges. In the Hartley and Riley Claim itself, the Queen of all dredging claims, efforts have been taken to clean up its bed by means of the small bucket dredge, but, although some wonderfully rich returns have been secured in this way, and when the conditions were favourable, it is contended that any effectual process of cleaning up the bottom has never really been resorted to. Three Miles of River Bed, Of the three miles of river bed which comprise the Claim, only a few chains have been partly worked, and then only in a spasmodic way, as a great deal of difficulty was encountered in breaking through the hard, cemented crust on top of the rich, gold-bearing wash, and when this was done it was impossible to clean the gold out of the crevices. Except for the workings referred to. the bottom wash, throughout its length, still untouched, and the gold lying there is waiting to be won whenever a dredge capable, of reaching it is applied to the working of the ground. £20,000 Dredge. The most modern dredge and the most serviceable for the work in hand will cost approximately £20,000. It is contemplated that additional expenditure is necessary, but that the total outlaying will not exceed £30,000. This would mean that it is not anticipated at present that more than 10J- per share will be called up. Hie balance could be held in reserve. Success Not Dependent on Kawarau Scheme. New Hartley and Riley Retains its own Gold. It should be noted that the New Hartley and Riley scheme is in no way dependent upon the suetof the Kawarau scheme, and every ounce of gold won belongs to the Hartley and Riley shareholders. Irrespective of the outcome of that "scheme, the Company's Claim must' forge ahead to success. It is thought that the dredge will be equipped and that the Company will commence operations about the end of nexf summer. This will mean that shareholders may reasonably expect a return on their money shortly after that time. Fortunes to be Won. 1. The ground has been tested and proved. The old-time methods proved the Hartley and Riley to be the richest dredging claim in the world. 2. New and up-to-date methods should permit every yard to be worked over again and to a depth-pre-viously considered impossible. 3. Sluicing along the banks of the river and dredging the upper reaches has reached a minimum, therefore there is little or no travelling silt and tailings to contend with, so that the whole capacity of the dredge is made available for lifting and treating the gold-bearing wash. 4. Large numbers of shares have already been bespoken by persons well acquainted with the Claim and residents of the district. 5. Such is the faith of the local mining residents in the Molyneux River that a dredging company recently formed there was fully subscribed in a few days. 6. Application will be made to have the shares listed on the New Zealand and Australian Stock Exchange. The qualifications of a Director are 250 Contributing Shares, which shows the confidence the Provisional Directors have in t.ho future prospects of the Company. Working Man's Opportunity. Now is your'chance to make good. Every man, woman and child should have a few shares in this wonder-fully-proved gold mine. Remember, the old-fashioned dredges of twenty five years ago proved that enormous quantities of gold lay on the bed of the New Hartley and Riley Claim, and one pound shares sold 011 the Dunedin Stock Exchange at £25 per share. Old dredge masters say the gold is there, and an up-to-date, modern dredge will break nil previous and a few shares in the New Hartley may bring fortunes to Ifhose who are fortunate enough to get in at the first allotment. It has been proved conclusively that the ground can be successfully dredged, whereas the Kawarau scheme depends entirely upon the success of the dam; here we have no such limitations. The New Hartley and Riley Dredge will be able to work throughout the whole year (flood time excepted), whether the Kawarau Dam is a success or not. Kawarau shares, which are only one shilling nominal value, sold as high as 26/6, equivalent to £26/10/- for a pound share, and aro now quoted at about 6/6 per share. Further, the whole of the gold won by the New Hartley and Riley Dredge belongs to its shareholders, therefore success is certain. How to Apply for Shares. Cut out the attached application form and deposit, with 2/- per share application money, at any branch of the Bank of New South Wales, where prospectuses may be seen 011 application, or post direct to Kitto, Limited, Chief Brokers, Box 765, Auckland. Company, Linn ted. P.O. Box 765, Care Kitto, Limited, Lister Buildings, Auckland. To the Directors I request you to allot, me of the above shares upon the terms ot the Company's prospectus dated the Bth day of December, 1925, and I enclose herewith the sum of being 2/- per sharo on application, and I undertake to pay a further sum 01 iJ/- per sharo on allotment. I agree to accept the said shares, or any smaller number that may be allotted me, and I authorise you to register me as the holder of the said shares. Name in full Occupation Signature .