Page 5 Advertisements Column 1

Dominion, Volume 5, Issue 1554, 25 September 1912, Page 5

Dated 18th September, 1912. i THIS PROSPECTUS has been filed with the Bcgistrar of Companies at Auckland. i!„P... .... ABRIDGED. ■ OF ' . v ..'... i (To be incorporated under "The Companies Act, 1908.") CAPITAL ...ZZZZIZZZ £30,000. ' > In 30,000 shares of £1 each. Issue of 12,500 Shares of £\ each, payable ss. on application, 2s. Gd. on allotment, and (he balance in calls not exceeding 2a, Od. each, made at intervals of not less than one month. i PROVISIONAL DIRECTORS:' I 1. PERCY ALEXANDER M'HARDY. of Palmer-ion North, Farmer. 2. 'EDMUND GOODBEHERE, of Feilding, Gentleman. 3. JOHN LONGITELD ROCHE, Gentleman, Auckland. 4. ENOS BOND (Messrs., Bond and Bell), Merchant, Auckland. 5. WILLIAM DUNCAN, J.P., Gentleman, Auckland. (With power to add two to their number.) ■' BANKERS; ' ' THE BANK OF NEW ZEALAND AT AUCKLAND. ; BROKER: . , ME. CLIVE NETTLETON, Queen Street, Auckland. ' . SOLICITORS: MESSRS. WYNYARD AND SKELTON, of Swanson Street, Auckland. AUDITORS: To bo appointed at first General Meeting. SECRETARY: MR". A. M. FICKFORD, Swanson Streets Auckland. _ The principal object of tho Company is to acquire tho freehold property, being Section 3, Block 111, Tairua Sumy. District, containing 256 acres, more or less, and to mine, develop, and render merchantable the opal deposits therein. The Vendor is Mr. Frank Feilding Haggitt, of Feilding, Solicitor, who is tho registered proprietor of the above ■ pro- ! perty, and represents the Tairua Opal Syndicate, and tho purchase price or consideration therefor has been fixed at .£15.000, to be satisfied as to .£II,OOO by the allotment of 11,000 shares of .£1 each in the company to tho Vendor, or as ho- shall direct, and as to .£4OOO in cash, payable .£ISOO within, seven days from (he date nf first allotment of shares of this issue, a further .£1250 within two calendar months from such date, and as to .£1250 within four caloudar months from such dale. The exact limits of; the opal-bearing strata are unknown, but from measurements taken it is confidently estimated that " there exists at least a million cubic yards of opal-bearing strata of a similar nature to that from which (ho opal already won has been obtained. The actual strata in sight is all above tho level of the surrounding country, ' being on a hill, about 150 ft. high. It is reasonable to suppose that a much richer and more, extensive held of opal bearing rock exists below the level of that in sight. • , The following reports deal fully with the property:— „_« '■ Barry Road, Waihi, EDMUND GOODBEHERE, Esq., August 12th, 1912. Chairman tho Opal Syndicate, ■ , Feilding. Dear Sir,— " " ': In response to the request for a statement for the Prospectus about to be.issued by your Syndicate, I have abstracted the following as being.the essential points of my report to you, dated July 30:— • ' .' ' I inspected the opal-bearing ground en Mr. Donaldson's farm, at the junction of the Hikuai and Wairua Rivers (Sec. 3, ( Bk. 111, Tairua S.D.), on the 22nd July. . ■ . ....... I. The opals occur in a rook which forms part of the main ridge, ond quarrying was proceeding in three places, marked on the accompanying sketch plan. This rock is volcanic, and has been so much altered as to become porous. Subsequently, solutions carryiug silica have acted upon if, and have in places almost completely converted it into a quartzite, i.e., a hard quartz rock,, in which the grains and cementing materials are both'quartz. . . ■ .. .-'• , Towards the close of this action, most of (he small cracks and crevices were filled with hydrous silica. , Much of ! this is in the form of Hydrophane, an opaque, white, or yellowish mineral; some is iho clear-coloured variety opal, and the two are also found blended together. ■The gems already obtained vary from opal streaked with cloudy hydrophane to the (rue opal, varying from blue and blue-green to purple, and the fiery red so much desired. The latter arc usually much smaller than the former. , Tho revenue . obtainable irom opal mining fluctuates exceedingly, owing to the very irregular distribution and value of the gems, and it is impossible to say what revenue mav be expected in the present ease until more work has been done, as indicated in Section 11. but THE SPECIMENS FOUND AT THE SPOT MARKED 2 CONTAINED SOME FINE STONES, and should give a handsome balance above the labour expended to date. Small cracks and solution channels in .the hard quartz ore found partly or wholly filled with hylrophauc and opal, and larger spaces in the main cracks or joints have occasionally induced the formation of larger opals. Opals have also been found on the weathered outer surface of the rock. These remarks apply mainly to the spot marked 2, on which work has been chielly confined, but the rock at 1 ; and 3 is precisely similar, though showing less evidence of opalisntion. ' 11. The extent of the silicified rock has not been determined, only about 40 days (of eight hours each) having been expended, and this labour has been chiefly directed to quarrying with pick, hammer, and gad, at the places mentioned above. The main rock mass probably extends over- a considerable area as one of tho constituents of the ridge, but the subsequent silicification and opalisation would not -necessarily be a general characteristic of this rock. Such action is an after-effect of vulcanism, and may be confined, to comparatively small rock masses. Its extent carl only be determined bv excavating at numerous places systematically distribuW over ihc area. Such prospecting should be put in hand at once to determine the prospe'etsof the venture. .THE BERT OF- GEMS WILL PROBABLY BE FOUND IN THE CENTRAL PORTION OF THE •AFFECTED AREA, AND CHIEFLY WHERE THE ROCK HAS ' BEEN DISTURBED AND CRACKED. ' 111. Gems which are enclosed in the hard quartz can only bo discovered by breaking the latter, and, as it is tougher than the opal, gems are liable to be fractured. 'This cannot bo avoided, however, it can only be minimised by sto'jpiug the use of the hammer as soon as nn opal is. seen.-and then cut the rock by a lapidary wheel. The 4 h.'p. \ !c----tor Petrol engine used for driving tho chafi'cutter would drive several lapidary wheels with ease, and only one\ attendant would be required to attend to these when running. It would cost about ,£25 (twenty-live pounds) to install' : four wheels. The subsequent preparation of tho gems is a matter for skilled workmen, and should be entrusted to firms who undertake such work. (The above gear will be essential if genu.ore to be. forwarded in good condition, whether found in cracks or in the hard rock. ■ I have the honour to be, Sir, ■ • Your obedient servant, ■ ' ■ ' ■ (Signed) A. JARMAX. - .. .. Aft.S.M., M.I.M.M. Immediately afterwards .operations were commenced on three new cuts. The result from these is shown in the , following:— , • " ftepsjrt re Opal-bearing Formation-at Hikuai,' near-- Imm, ...„., Coromiandel District,^New.Zjßaland^ 1. I have examined tho area containing above formation now Iwing mined for opal gem, .arid' would state that developments have been commenced at six (6)- distinct'silcs 'along the main formation of rock system, which extends for a distance of over 300 yards; exhibited by extensive suri'aco outcrops, with 'an estimate of about 100 yards "back?," the depth of general formation yet to be determined by boring at approved positions. 2. During investigation, at my instance, several blitsts were put in to exhibit fresh fnco to excavation and examination of result and output, front which numerous OPALS WERE ..CONTAINED IN THE .MATRIX, OF DIS- . TINCTLY PAYABLE QUALITY. The characteristics were of varied nature, including "Noble" (Royal) Opal, "Fire." or Red Opal, and many specimens of "Sheen," commonly termed "Harlequin," or multi-coloured opal. of. exceptional brilliancy, whilst much of tho matrix was interspersed with "Piuiirc Opal, of high market value. 3. The Opal Matrix occurring upon this property is closely allied to Rhyolitic Andosite, freely traversed by Chalce-; i dony, in various sections of the. face of rock throughout the general formation in which tho, Amorphous . silica'-' (opal) is liberally distributed. I observed but little hyaline (clear-white, colourless) opal present in the matrix, ' THE CHIEF CHARACTER BEING OF/IRIDESCENT BRILLIANCY, exhibiting varied degrees of reflected sheen- \ in coloured lights of an exceptional nature in activity of change. ; '''".', 4. I would suggest that the sites riiarked 1 and 6 on accompanying photograph receive prior attention by open-faco.' cutting, also that drill bores be put down at positions marked A. B. with a view, at point A, (6 ascertain: the depth of opal-bearing formation, and, B, to prove the extent of "backs." I 1 5. A very favourable feature in a geological point of view exists with regard to the extent and prospective value of ; this rock formation containing opal matrix, in the fact that the thermal action, strongly evidenced in' the rock. ' system,, being bounded oil the east and west" by ferruginous conglomerate,, whilst.the whole position of this opal- - bearing locality is situated inthe centre of basaltic and other, igneous rock formations. Still, further, there exists un-'i doubled evidence that the Opnl Matrix.has been introduced to the .surface by thermal action SUUKhXJUKNT TO■- i and DISTINCT FROM the very pronounced volcanic eruptions and agencies which prevail in the surrounding, district. This all-important feature is clearly shown by the rich formation .contained in the Opal Matrix being' RIX4UL.tR and WELL DEFINED, entirely devoid of eruptive fracture and displacements. THIS FACT LENDS" EVERY CONFIDENCE THAT THE OPAL MATRIX WILL CONTINUE TO A CONSIDERABLE DEPTH, PROBABLY TO THE "KERNEL" OF PAST THERMAL ACTION. 6. The situation of this area, has the great| advantage of ready means.of ingress and egress by steam launch passing within a few hundred yards of site of opal-mining operations. The general character of the rock containing Opal Matrixes of a friable nature, even in texture, which'could be readily worked liy "Sand Saw" 'operations, thus | .enabling the onal being extracted free from flaws, etc. ' " . ■ I HAVE NO HESITATION IN CONVEYING MY OPINION THAT THE HIKUAI OPAL FIELD IS OF VAST" PROSPECTYE AND PRESENT VALUE, well meriting systematic development operations to secure a highly profitable." ; yield at but small comparative cost and working expenses. ' ', , "lowa." , (Sgd.) LESLIE W. MACARTHUR. F.G.S.. 111, Hobson Street, Auckland. ■ 12 August, 1012. The stone is of varving qualities, as is always tho case with opal. There is a large proportion of pood saleable gem stone, some of which is of exceedingly good quality, and IT IS SAFE TO ASSUME THAT THE COMPANY WILL ALWAYS HAVE A READY SALE FOR OPAL MATRIX MADE UP AS NEW ZEALAND SOUVENIRS. Some idea of tho productiveness of the reef may be obtained from the fact that ON AN EXPENDITURE OF ,£l9 10s. IN WAGES. WHICH THE VENDORS GUARANTEE WAS'THE AMOUNT INCURRED, THE ACTUAL GEMS OBTAINED ARE VALUED AT .£2ll 155., vide the following letter :•- To the Chairman, SI, Shor.tland Street. Auckland, Tairua Opal Syndicate. August 9th, 1912. Dear Sir.— " '; Following your Tonuest for a valuation of the opal in my possession, I beg to report I have carefully inspected each stone, and tho value of the whole parcel in its present stale is .£2ll 15s. I am compelled to place only a conservative -value on many specimens, because, although it is probable that, after the' stones were cut. many more gems would bo exposed, yet I can only value those actually in >ight. I would point out that ■ this valuation does not include that parcel first shown me, and which was a considerable quantity. Yours faithfully. ' (Sgd.) A. LA'ESEN. The nbove item for wages includes opening up six cuts on different sections of the rpef, and the Lapidist's report only deals with tho gems, actually in their possession, which is probably not more than four-fifths of tho total.stones won. ■ Tho'farm on which the reef-is-situated consists of 25G acres (of which a'large nrcn is alluvial deposit),- well fenced and subdivided into numerous, paddocks.' There is also a good six-roomed bouse, blables, and other sheds, all of which will ba very useful in working tho opal deposit. The property is at the junction of the Hikuai and Tairua Rivers, and access to the farm is by either- level road orlaunch; freight oh goods from Auckland being at ,£1 per ton. On'the'measurements, it is estimated that there ore at least 1,000,000 yards of the rock in. which the opals occur. With a very considerable reduction from the return referred to 'opals of .£220 in valuo. from an .expenditure, of only J220), and the result- would bo a very large return to tho shareholders of the Company. .Very.little expense will be incurred in working the deposit,, and it. is quite probable that gems-of very high valun indeed may be secured. The fact that this is the only known deposit of saleable gems in New Zealand makes an assured success of souvenir jewellery, sales. From the result of the first test.it would appear that the company will bo revenue-producing from the start, so that the amount subscribed for working capital may not be required.to be.called up to any great extent. Dividends will be payable on the amount paid up on each share. Notwithstanding tho whole amount of any share may not be calledup, the holder shall bo at liberty to pay up any balance remaining unpaid thereof. The. contract for salo and purchase, and tho Articles of Association, provide that no transfer of any of the 11,000 shares forming part of the con- i sideration for the property as aforesaid shall bo accepted by the Company, for registration within six months from the dato ! of the first allotment of the shares of this issue. t The public rarely get an opportunity of securing shares in a Company with such bright, prospects. FOR PUR POSES'OF COMPLIANCE WITH THE COMPANIES ACT, THE FOLLOWING INFORMATION IS GIVEN ;- The minimum subscription upon which the Directors may proceed to allotment is .£IO.OOO. The estimated amount of the preliminary expenses,-whicli-are to bo uaid by the Company, is ,£2OO. The number of shares fixed by the Articles of Association as the qualification of a Director is 100 shares. The Articles of Association will provido that the remuneration of the Directors shall bo fixed by th« Company in general meeting. L ' ' '• Mr. Edmund Goodbehere, of Feilding, gentleman, ono of the/Directors of the Company, has a 1/GOIh beneficial share under the Vendor in the property, and will receive out of the purcfia.se price .£O7 in cash and 183 fully-paid shares. Mr. Percy Alexander M'Hardy, of Palmerston North, another Director, similarly has a 1 ,'24 th beneficinl share, .and will rrcive out of the purchase price aforesaid .£IOB cash and 457 fully-paid shares. They are interested to the extent mentionod above in iho ! promotion of the Company. A contract has been entered into dated the sth day of September, 1912, BETWEEN the said F. F. Haggilf, of the ono i part, and A. M. Pickford (as Trustee for this proposed Company) of tlio other part, bsing the Agreement, for Salo and Purchase of the properly, and may he inspected between the hours of 10 a.m. and 1 p.m. at the Ofiico of the Secretary, where copies of the proposed Company's Memorandum and Articles of Association may also be seen. ' ' The contents of the Memorandum of Association, with the names, descriptions, and addresses of (he signatories, and the. number of shares subscribed by them respectively, will bs found printed on the fold of the Prospectus. The commission which Directors may pay on subscriptions for shares in this issue shall not exceed 5 per cent, on tho nominal value of the slimes. Prospectus and forms of application may 1» obtained from the Broker of tho Company or his Agents. -'.'APPLICATION FORM. TO THE DIRECTOIIS Ol'- rjllll; rrlAlltlA /"kl'Al.S, T IMITI3D ' ' • •*■ *■ Bj (To )» Incorporated!, C/o A. M. PICKFORD, i National Chambers, Swanson Street, Auckland. Gentlemen— , i I hereby apply for and request you to allot me shares of .£1 each in (he capital of the abovenamed Company, upon terms of the Prospectus of such Company dated 18th September, 1912, and of its Memorandum and' Articles of Association. I enclose the sum of .£ being a depo.-it of ss. per share on the shares applied for, and 1 agree to accept such shares or any less number that may be allotted to me, and authorise you to enter mv name on tho. Register of Members of the Company alter incorporation iu respect thereof. . ' , ' Name in full l , Address , j Description or occupation i, Da ' e • , 1912. .' j SignitjiM i i , ;„,„ I