Page 7 Advertisements Column 3

New Zealand Times, Volume LXXI, Issue 4306, 15 March 1901, Page 7

PR r, SPJ£OTUS OF THE AMIKITIA GOLD DREDGING COMPANY (Lm) - TO BE INCORPORATED UNDER “THE COMPANIES ACT, 1882, AND ITS AMENDMENTS. OA PITAL £12,000 IN J 2.500 SHARES AT £1 EACH. Of which 2500 fuly paid up Shares are to be allotted to the Vendors in part payment for the property. The remaining 10,000 Shares are offered to the public on the following terms: — Is per Share on application. Is per share on allotment, and the balance in calls not exceeding 2s per share, at intervals of not less than one month. PROVISIONAL DIRECTORS: W. H. P. BARBER, Esq., Wellington W. A. PITZHEBBEET, Esq., Lower Hntt W. FINLAY. Esq., Wellington D. S. GRAY, Esq., Wellington C. PALLISER, Wellington BROKERS: A. T. BATE, Lambton quay, Wellington. L. H. B. WILSON, 1, Grey street. Wellington. INTERIM SECRETARY. A. E. WATERSON, Grey street. Wellington THIS Company is to be formed to acquire and work mining privileges and mining areas, and in particular for the purpose of, inter alia, acquiring from the Vendors and working" by dredging a tjeehold block'of land.of 85 acres and a prospecting area (which will be exchanged for a special claim) of about 50 acres adjoining the freehold. The Vendors receive the sum of <£1250 in cash for. the freehold of the property, ir. addition to the fully paid-up shares. The Vendors agree not to dispose of any of their paid-up shares until one year after the registration of the company. i This claim is situated on the Matakitaki River, about 5 miles from Murchison, and consistes of river flats and low terraces. It adjoins and is of the same character as the well-known ground of the Kohikohi Gold Dredging Company, Ltd. . It will be remembered that the late Mr Gow concluded his report on thq Kohikobi property by stating that:— „ _ , j "1 have no hesitation in saying this is the richest property X have yet reported on for dredging purposes, and it is certain to give very handsome returns," This claim was being inspected by the late Mr J. Gow at the time that he was seized with the illness that resulted in his death. Mr J. Bishop was afterwards engaged to complete the inspection, of the claim, and his report, which was based on Mr Gow’s notes and tests, added to the result of his own observation, will be foun dappended hereto. Mr Bishop reports that the results of the tests showsthat a dredge working for five days in the week should return a net profit of ,£17,985 per annum. This calculation is made on the results of the top gravel only, and without reference to the probable increased yield of the gravel below the water level, which, hs will be seen from the report, Mr Bishop states it will be» fair to assume to yield over One Pennyweight per yard, or over Three Times the amount on which the above claim is calculated at. . Mr Bishop also reports in another letter that in the shafts from which the tests % 3 and a were taken, there was very littl e gravel above water level, that treated being only surface wash, and that these should be excluded from the calculations ot values, on the ground that the real wash was not touched. He adds that taking the tests as a whole they are, however, highly satisfactory, I have no hesitation in pronouncing the claim a good one.' If the tests above referred to are eliminated in working out the probable results, a still higher rate of profit will be shown. , It will be seen from Mr Bishop's report, that during the whole time the dredge is working the freehold she will be quite, secure from danger Of floods. It is pro-: bable that no attempt will be made to dredge the river (Wnich. forms part ot the prospecting area) until after the freehold has been worked.^ Prom these statements it would appear that this claim ia one which has a very great probability of returning large profits to the investors. , The expenses of and incidental to th e flotation and incorporation will be borne by the Company. Dividends will be pai d per share, irrespective of amount paid up. Priority of allotment will be considered in allotting tne shares. The only agreements entered into ar e the following: Ist. between Edward Baton of the one part and Houston Francis Logan ■ of the other part, dated 10th May, 1900. 2nd, between Edward Paton of the on© part and Houston Francis Logan , of the other part, dated 28th September, 1900. 3rd. Between Houston Francis Logan of the one part and Lewis-Henry Balfour Wilson, of the other part, dated 6th November. 1900. And 4th, between Houston Francis Logan of the first part. Lewis Henry Balfour Wilson of the second part, and Albert Edward Waterson. on behalf of the Company, of the third part, dated 6th November. 1900. These agreements may be seen on application at the office of the interim secretary. REPORT ON PATONS FREEHOLD ON THE MATAKITAKI RIVER. SITUATION AND EXTENT. The land is situated on the Matakitaki Rivdr, about four or five miles south from the Township of Murchison, from whence it is approached by a good road. The area is over 90 acres, partly flat and part teiraces, the sufac© of the former is about ten feet above water-level, and the terraces range from 20 to 30 feet high. ..Thu formation is aue to the action of the river, and the surface soil consists Ot from two to seven feet of sand and silt, the deposits .of floods prior to the cutting down of the present channel of the stream. THE DISTRIBUTION OF GOLD. In examining the property shafts were sunk at different points, to such depths as the water would allow. The gravel obtained was taken and washed through a sluice-box as in ordinary ground sluicing. . The work, extending as it does over a wide area, proves that the gold xb well distributed; this fact is further conflrme dby the work done on the adjoining property to the south (Spencer’s*), where the owner has carried on mining tor years, and apparently with considerable success. The two properties on the same run are in every respect similar. The results of the various tests are set out in the following table: Gold obtained. ‘ 13.5 2.27 .87 19.84 14.18 20.69 - 14.73 7.37 Value. 351 equals 13 cubic yards. 93.45gr5. In addition to the above, I as permitted to treat one and a half, yards of wash dirt taken from the water level by Mr Johnston, a miner on the river hank, the yield of gold was 2dwts 16grs This is mentioned as proof that the gold lives down, and will doubtless improve towards the bottom, but as this wash , . been jobbed of all the large stones for the convenience of putting through the sluice, and there was no means for ascertaining the quantity of these, the exact value per yard ot this lower wash cannot be stated. . . - It is, however, fair to assume that it will yield over Idwfc per yard. SUITABILITY FOR DREDGING. In sinking the trial shafts there were no large stones met with,, although there is certain to be heavier stones towards the bottom, at the same time it may be pointed out that the river beaches are singularly free from heavy Jfoulders; or other hindrances to successful dredging, therefore the area may be said to offer firstclass facilities for working, and the dredge will be perfectly free from damage by —This is the ground acquired by the Kohikohi Gold Dredging Company (Ltd.)- MACHINERY REQUIRED. A dredge of suitable type for the property should have buckets of four and a half cubic feet capacity, and will cost, approximately. .£7OOO. RESULT OF WORKING. Takin" the figures arrived at as the value of the wash. , and assuming 60 yards un hour as the actual output of a dredge, and taking this at five days, or 120 houra, per week, we have 7200 yards, which at seven grains per yard, equal ICSczs per week or £409 10s. less £SO working expenses. leaving a nett result of £359 10s, equal to an annual income of £17,975. t The above calculations are made as the result obtained from tests of the top gravel only, and without any allowance for the increased value certain to he realised from forking gatigfied from the tests made that the property will prove a highly payable one, and I ha ve every confidence in recommending it as a first-class investment. JAMES BISHOP. M.I.M.E. 20th August, 1900. Artists OS fa Q mis Of all kinds Wholesale Prisosmith & s:«i Cuba & . ; GO L D OLD •jpl LAKE LA K E The Very Beet CIGARETTE in the Werld. SALMON AND QLUCKSTEIN’B Gold OLD "JJI L - A K E LAKE COMPARE m f. a VAND AT a 2 WITH ANY TEA AT ANY PRICE SKY. 1/6 1/8 2/4 2/8 THE FARMERS’ CO-OPERATIVE FIRE AND MARINE INSURANCE ASSOCIATION OF CANTER BURT, LIMITED. have been appointed Agents fo: TT the above Company in the Waixa ™F a mEANb MARINE INSURANCE! effected at Lowest Current Rates. , ANNUAL BONUSES distribute: (amongst holders of at least Two Share “ 9. 6 1A CRUICKSHAN K AND CO.. _ A tracts Walrarapa District. . a