Page 4 Advertisements Column 2

Southland Times, Issue 4185, 28 November 1881, Page 4

Prospectus "OROSPECTUS OF THE WESTJL PORT COAL COMPANY (LIMITED), NEW ZEALAND. (To be Registered under the "Joint Stock Companies' Act, 1880.") CAPITAL £400,000, InSO,OOO Shares of £5 each: Of whi;:h 30,000 Shares will be taken by the prcs'-nt owners as part payment for the pro; •rties. 15,000 Kha res are now offered in N'-w Zealand, and 35,000 iv Australia, which will be payable as follows, viz.: 5s on application; 5s on allotment ; balance at ii:i oi Tills of not loss than three months, and in amounts not exceeding 10s per Shar.\ It is not anticipated that more than .C 2 10s per Share will require to be call, i up. The present owners take their Sha i-s paid up to £2 10s each, aud will be liabii: with other Shareholders for the remaining ii'l 10s per Share. PUOVISIONAL DIUECTOKS: DUXEDIN. A. J. M'i'vNS, Esp., Manufacturer JOLLX DAVIE, Esq., (McLandress, Hepburn, H.-..1 CO) ROB; 'IH 1 GILLIES, Esq., (Gillies and net) ALLAN HOLMES, Esq., Solicitor GEOKGI-: JOACHIM, Esq., (Cargill, Gibbs a:i;l Co.) W. J. 11. I.ARNACH, Esq., C.M.1., Fresi-d.-nt ' .'haraber of Commerce JOHN M'GUEGOR. Esp.. Civil Engineer UOBKRT PATERSON, Esq., (Paterson and JlcLciu) EVAN PIIOSKR, Esq., (Kempthorne, Proser, a:id Co.) MELBOURNE. The ITon. JAMES BALFOUR, M.L.C. C J. i!AM, Ksq., Mayor-elect JOHN McILWR AITH, Esq., City Councillor JAMK-s OUiIOND, Esq, (James Service and Co.) ROBKHT HARPER, Esq. (R. Harper and Co.) The lion. E. LANGTON, Temple Court THOMAS LOADER, Esq., Chairman Melbourne Harbor Trust GEOKGE ROBERTSON, Esq., Publisherand Importer 11. MURRAY SMITH, Esq., M.L A. J. H. WJBITE, Eg., Shipping Agent. Bankers : THE BANK OF NEW ZEALAND, Duuedin and Melbourne. Solicitors : ALLAN HOLMKS, Esq., Dunedin Messis MALLESON, ENGLAND AND STEWART, Melbourne. Ge:;ekal Manageu and Secretaey: W. HAY DICK SON. Brokers : Messis LYELL AND COWAN, Melbourne MESSRS CLARKE AND CO., Melbourne GILLIES. STREET AND HISL'^P, Dunedin. This Company has been formed for the purpose of acquiring and working on an cxtcml.'d basis the well-known coal-mining property fit Weslport, New Zealand, now owned by the \\ estport Colliery Company (Limited.) That property consists of leases coveting areas of over 4000 acres, all coalbean: jr. held direct from Government for a term of 99 years, with mine.;, railways, and other woiks thereon in active operation, aud is one of the most magnificent properties in any of the Aust'-alasian Colonies, whether as regards the quality of the coal, the extent and thickness of the seams, the economy of working, or thy facilities for output and shipment. Th;.: development of the Westport Coliiery Company's business, since starting work about 12 months ago, has becu so rapid, aud the demand for the coal has become so great, as to call for th>: expenditure of more capital than is at that Company's command, and an agreement has therefore been entered into to transfer the propeity, as a going concern, to this company. It is proposed to expend additional capital as follows, viz : — On purchase of Steam Colliers ... £80,000 In opening up other portions of the Coalfields; 2 ,000 Total £100,000 This expenditure is expected to produce an annual output of 250.000 tons. The; present annual consumption in New Zealand is about 500,000 tens, and published statistics show the consumption to be rapidly increasing. Wiih extended works in full operation, the cost of c..iii ( -l. into trucks at the mine? will be :Ls ikl i .;• ' -n, including royalty and all other expenses, to which must be added railway and shipping charges. These have been fixe: l , nt a maximum of 2s 9d per ton, making the cost 6s 6d per ton f.o.b. at Westport. The Government of New Zealand has intim.vel its willingness to reconsider the railway rates as th • trade increases, aud there is even' reason to believe that concessions in this item to the extent of at least Is per ton will be obtained, which would make the cost 5s 6d per ton f.o.b. at AVestport. An annual trade of 150,000 tons can now be secured iv New Zealand alone, at prices leaving lls Gd per ton f.o.b. at Westport. The Company have now contracts with the Government for railways, &c. with Harbor Boards and Steamship Companies, which absorb a large quantity ; aud it is estimated that — w'thout entering into active competition with New South Wales coal — an additio' al trade of 100,000 tons cau be done with Australia and Tasmania for gas and other purposes, for which the coal is specially suitably at prices which will leave a substantial profit. Taking the figure- above stated, and estima'ii!u r the steamers to be worked at an o dinary profit, the trade will yield profits cqnal to 80 percent, per annum on the called capital ; but a net profit of only 2s per ton will (.nable handsome dividends to be paid, and leave a large suiplus to be carried into reserve. The whole of the above estimates are based upon a continuance of the present exceptionally low price of Newcastle coal. If, as is generally anticipated, the prices at Newcastle are advanced at the close of this year, the profits will be correspondingly increased. The Company will also be able to compete successfully and profitably iv the Victorian, ! South Australian, and Tasmanian markets wish Newcastle coal as soon as it is deemed ] necessary to extend the trade beyond the l limits above mentioned, as the superior \ quality and lower cost of out-put will more £ than compensate for the extra freight. c . The property is one of a most valuable ( character, and offers the following uudeni- i able advantages as a profitable investment for 1 capital : — a Ist. The concern is a goinj one, only s requiring extension. I 2nd. The Vendors take payment in ) Shares in the new Company for tht-ir outlay upon the properties, .. and will be liable for the balance of £2 10s the s.ime as other Share- v holders. c g 3rd. The coal is of such quality as to c create almost unlimited demand, a and is in New Zealand rapidly dis- \ j) lacing Newcastle and other coals, c wherever brought into competition wivh them. It is a highly bitumin mis coal of the best quality for gas, steam, smithy, foundry, and household purposes. Samples can be seen at the offices of the Brokers. "" 4th. The Government of New Zealand have spent over a quarter of a million of money in Railway, Harbor iuq rovemeuts, and Shipping appliances solely to open up the Westport Conl trade ; and by special Act of Parliament all royalties derived from the pro; erties, and profits from the railway, are set apart for Harbor improvements. oth. The enterprise is free from the usual risks of coal- mining, as the coal can be worked level free. with natural drainage and ventilation. Cth. The estimated yield from the field d. is over 100,000,000 tons from the g< scams now visible — running np to c: 53ft. 3in. in thickness, the average d being over 20ft. This is not a matter of guess, but the coal faces, p which are exposed on cliffs, have teen actually measured and recorded . by tUe .Go verameat geologists, v ;