LIMITED LIABILITY COMPANIES.

Cromwell Argus, Volume I, Issue 22, 13 April 1870, Page 5

LIMITED LIABILITY COMPANIES.

lu an article on the development of our quartz reefs which appeared in this journal some few weeks book, we advocated the formation of companies under the Limited Liability Act; and wo are pleased to notice that a start has been made in this direction by the shareholders in the claim situated on the Aurora line of reef at Bendigo, known as the V ictoria. They hold under mining lease, for a term of fifteen years, a little over sixteen acres of ground, and along the whole extent of the claim the reef has been traced to a depth of be tween forty and fifty leet. About twenty tons of the stone have been raised from the claim, and in the prospectus of the proposed company it is stated that gold is visible in the stone. With these facts before the public, it is only reasonable to hope that the shareholders in the claim will have no difficulty in floating the company. The capital will be £BOOO, in 800 shares of £lO each, and of these 600 are retained by the present shareholders, and the remaining 200 offered to the public. If this effort on the part of the shareholders in the Victoria claim to get machinery on the ground prove successful, it will result in the formation of many other companies, and by next spring we shall probably see many batteries at work on our reefs, the business of tjie district as a consequence largely augmented, and matters at Bendigo in the brightest possible state. There can be no question whatever of the great richness of the stone in several claims we could mention, and we are perfectly certain that the present shareholders in those claims would only be consulting their own interests by ending this “ waiting for a crushing” system, and placing their claims under the operation of the Limited Liability Act by the formation of the necessary companies. They would then be enabled to get machinery on the ground without delay, and would altogether be in a more satisfactory position than they are at present. We again express a hope that the proposed Victoria Quartz Mining Company will be successfully launched, and that it will be the means of many other claims at Bendigo being at no distant date profitably worked in a similar manner.