Page 19 Advertisements Column 4

Otago Witness, Issue 1911, 6 July 1888, Page 19

Prospectus PROS PECTUS OF THE MOUNT HIGHLAY CONSOLIDATED QUARTZ MINING COMPANY (LIMITED), MAEEBUKN (near Hyde), OTAGO. (To be Incorporated and Registered under the provisions of " The Mining Companies Act 1886." CAPITAL ... ... ... £20,000 In 40,000 Shares of 10s Each, Of which the Vendors agree to take 20,000 Shares in part payment for the several properties, the remaining 20,000 being offered for Public Subscription on the following terms— viz., 6d per Share on Application, 6d on Allotment, the First and Second Calls of 6d each, and the balance (as required) in calls not exceeding3d per share at intervals of not less than one month. " • (In view of certain satisfactory arrangements that have b ou made with the Bank of New Bouth Wales, it is not anticipated that the requirements of the comj any will necessitate the calling up ot more than s per share, including the amount paid on application and allotmeut. Pbovision al Directors : Hon. W. J. M. LAIINACH, C.M.G., M.H.R., Sandymount, Dnnedin -VINCENT PYKR, M.H.R., Dunedin Hox P. A. BUCKLEY, M.L.C., Wellington Hon. JOHN MARTIN, M.L.0., Wellington JOHN BLLIOI'T, ESQ , J.P., Gladbiook Station, Stiath-Taieri JOHN LAVKRTY, ESQ., M.C.C., Hyde CHARLES SLATEU HAY, Esq., J.P., Deep Dell Station, Macraes HIS WORSHIP THE MAYOR OF NASEBY (N. P. Hjokring, Esq., J.P.) RICHARD H. BROWNE, Esq., C.E. (Engineer of the Maniototo County Council), Naseby ROBERT STRONG, Esq., Manager of the Naseby Hydraulic Mining Company (Limited). Naseby JAMES MITCHELL. Esq.. Builder, Naseby JOHN B. NEALE, Esq., General Manager Green's Reef and Seam Workings Company (Limited), Ophir LESLIE A.^NORMAN, Esq., Managing Director of the Great Kastern Gold Mining Company (Limited), Rough Ridge THOMAS FOSTEK, Esq. (Foster Bros.), Hamilton South W. ERIC REYNOLDS, Esq., Taieri Lake Station, Hyde, ALEXANDER TEVIOTDALE, ESQ , Manager Marebum Gold Mining Company, Hyde. Bankers : TUB BANK OF NEW SOUTH WALES, Naseby. Solicitors : Messus STEWART, HOLMES, & DENNISTON, Liverpool street, Dunedin. Brokers : Messrs R. STRONG & CO., Leven street, Naseby. J. ALWENT CHAPMAN, Esq. Princes street, Dunedin JAMES HENDERSON, Esq., Hereford street, Christchurch Mhssrs T. .KENNEDY MAODONALD & CO., Wellington. Temporary Offices : JiBVEN STREET, NASEBY, OTAGO, NEW ZEALAND. The Mount Highlay Consolidated Quartz Mining Company (Limited), is being formed to acquire and to work, on an extended 6cale, those valuable gold mining claims at Mount Highlay. near Hyde, Otago, known as the Mount Highlay Company's and MAuley and Co.'s licensed holdings, situate on the right-hand bank of Mai eburn Creek. The claims in question are known generally as "THE MAKEBURN RKEFS," and under that designation have been b fl fore the public for some considerable time past. The properties offered comprise two Licensed Holdings of 25 and 30 acres respectively, aggregating a total area of 55 aces ; together with Water Races and Wi^er Rights, Machine Site, and tha Lease of a Valuable Water Race rising in Mareburn Creek, whence the motive power lor propelling the comf 1 pany's machinery will be obtained. The claims referred to, as well as the whole of the mining privileges enumerated herein, will be purchased by thecompany from the vendors for the total sum of £9500, to be paid as under :—£2ooo: — £2000 in cash, and the balance of £7500 (reserved as already stated) represented by 20,000 shares in the company (10.000 shares to be paid up to 10s each and the other 10,000 to 5s each. 20,000 shares a' c offered for public subscription, and the amount (6d per share) payable on application and allotment, together with the first and second calls, will realise f-xactly £2000. This amount represents the cash to be paid the vendors ; but iv order that no delay shall occur in commencing operations, the Bank of New South Wales has arrangf-d to allow the company a working overdraft of several hundred pounds, so that the work of reducing golden quartz can be commenced immediately all the machinery ism efficient order. Itis conjectured that, under f avourableci rcum stances , the machinery should b« in readiness for starting work by November at the latest. The vendors will pay all the preliminary expenses incidental to the floating of the company, including brokerage, commission, printing, advertising, and all ot her coats incurred up to the time of the a'lotment ot shares. Tho report of Messrß E. A. Withers and Matthew Thomas, two first-class authority s on the subject of quartz mining (annexed to the prospeotuß) is so very exhaustive and explicit that very little need be said as to the value and potentialities of the properties offered by the vendors. Ihe report in question shows conclusively that the Mareburn reefs are highl? valuable properties ; that they are true lodes ; and £that during the first three years of the Company's oveialionb the profits for division among the sharehbMers will be at least *2f),000. On leference to the report it will be seen that the e\ pert-, base their estimates on a very low average. Thus, one crushing of stone yielded nearly 2oz o gold ,»er fcou; a second, treated in Melbourne, produci'd about 30dwt ; whilo assays by different mineralogists of unpicked stone have given returns as high as 6oz per ton. Ihus, while the crushings of stone that havo been ti eatod have Riven an average of nearly 2oz of gold jier ton, the experts base, their calculations solely on stone realising loz. l; hat this estimate is very moderate, and, if anything, considerably under the avernge value of the stone, will be acknowledged by all competent authorities; and it may safely be nsserted that the profits anticipated by Messrs Withers and 'Ihomaswill probably be exceeded by several thousand pounds. It ia computed by oompetent judgea that the crushing of stone redu ed in Cunedin should have yielded 4oz per ton ; but for reasons explained by the experts, only about 2oz per ton were Becured. Some time later on, Mr Vincent Pyke, M.H.R,, being about to visit Australia, undertook to arrange for the treatment of a ton of stove at oqe of tho principal metallurgical establishments in Melbourne. Over 22cwt of quartz was sent dawn from the claim, to Dunedjn, \\hero it lay for severa', weeks. On reaching Melbourne, however, it was found that the quantity ot sp-nohad been reduced \a 16ewt lqr; and it wa3 subsequently ascertained tha.t while in Dunedin specimen-hunters h.ad amongst them carried away overQcxvt cf qiuirt2} Mr Pyke, being asked to explain fehe circumstances of the crushing, has replied as follows i— " Wellington, May 22, 1388. "The parcel of quartz from the Mount Highlay and Mareburn reefs which I took to Melbourne was lflcwt lqr in weight. It had been so picked over by specimen-himfers, and such a large proportion of it curried away, that when examined at the Footscray (Melbourne) Mt-fril'iirgioal Works by thoroughly skilled experts, with the assistance of powerful magnifying glasses, we were^, unable to discern a single speck of gold in the parcel. Nevertheless, it yielded loz Idwt lfa'gr of retoited gold, or at the rate of say Isjoz per ton of quarts. Under such circumstances, I feel confident that So: to the ton -would be a low estimate for a fair sample. The alloy was silver in small proportion, but in sufficient quantities to pay for ervviug. — ViscextPiicc." ' . The memorandum reoeived from the Manager of the Footscray Metallurgies! Works iv respect to the crushing is ss follows:— " Quartz, ldcwt Jqr, which produced loz ldwt 16g of retorted gold The st one carries 3 per cent, of pyrites, low in gold. It iq good crushing stone, containing nothing inimical to free amalgamation." (Tho ntt price obtainable for the gold in New Zealand is £3 17s 10 Jd per oz.) .On the strength of the crushing, and Messrs Thomas and Withers' report, an influential Victorian syndicate offered to float a large company in Mel-' bourne to purchase and work the properties ; • but'ar "they demanded as a sine qua non that they should be permitted to retain at least one-half the purchase, money and pa'd-np share? received (or the QlaUns, .