Page 2 Advertisements Column 4

NZ Truth, Issue 1196, 1 November 1928, Page 2

' ' HBBhSs BbmH BBiSI^^B IB^hßlh BEO^IH >i HhßH^^^^B I^^^H^^^Hl I^^^B^^^^^h B^^^^^^^^H ' ' vbßSEHH^dßhbS^bl^^^h^^^B ■^^^^^^^^■B^^^^dS^^^^^^V I^^^^H^fl^l^^^^^^^^^S ■M^HnßtS^H^^^^H^^Bfl^^v One of the Bored Thoroughly and Tested By Modern Hydraulic Methods '-" ■■■[ Anyone acquainted with the early history of the "West Coast will tell you 6f the sensational finds, of . gold made on the famous Five Mile Beach, South Westland. References are made; to the fabulous returns m • ''Rambles on the Golden Coast/ \" Romance of Wes£^^ written about this romantic portion of New Zealand. Owing to the primitive methods employed m the early days, however, and the difficulty m reaching the deeper gold layers, much.more remains than has ever been taken away. This is verified by that noted Hydraulic Mining and' Consulting Engineer, Mr. R. T. Stewart, who reports: — : ■ , ' ■ ". r "Your property, consisting of the Special Claim on the Five Mile Beach at Okarito, together ; "with the water rights from Lake Alpine, is the most valuable mining property which I have been "called upon to investigate man experience extending well over' 40 years. That the ground is rich "has been conclusively proved, first by an exhaustive boring test, and more recently by means of a ■■• . . , . "hydraulic elevating plant. Although the values as ascertained by means of the test carried out with "the Keystone boring plant were exceptionally high, it has now been proved by the more recent test ■ • ■ "with the hydraulic elevating plant that the groiind contains a great deal more gold than the results "from the bores had indicated." : " . • ..-t. ■ • . ■ ; It is now proposed to put on this area a modern hydraulic power dredge for the first time. Particulars are given below. The contributing capital consists of 102,000 5/-' shares. Already 70,000 shares have been applied for, and, as only 32,000 5/- shares are available, no time should be lost m sending m your application. Abridged Prospectus of Okarito Five Mile Beach Gold Dredging Co., Ltd. (A Company to be incorporated under the provisions of " The Companies Act, 1908") Capital - £5€),600 Divided into 120,000 shares of 5/- each, of which 18,000 shares fully paid up will pc allotted to the Vendor Company m. part, consideration of the sale of special claim, water rights, and dredging machinery situated near Okarito (see item under "Material Contracts"), and the balance. . 102,000 shares, are now offered for public subscription on the following terms:— 1/- .per share on application, 6d.. per share on allotment, and the balance m. calls of 6d. per share, payable at intervals of not , less than one month. . ' . PROVISIONAL DIRECTORS: / . - ' (Who -will hold office until the Statutory Meeting). .... : ROBERT LEE, Esq., Mining Engineer, Dunedin. \ ' JOHN WHEELER, Esq.y Company Manager, Bunedin. JAMES McINTYRE STEWART, Esq., Boring Engineer, Dunedin. ' GEORGE WILLIAM BOWRON, Esq., Merchant, Dunedin. .; BANKER'S: . The National Bank of N.Z. Ltd. • .. . , • SOLICITORS: / Messrs. Moore, Moore & Nic'hol, Security Buildings, Dunedin. . ' AUDITOR: • ' C. E. Richards, P.P.A.N.Z., Public Accountant, Alexandra. ' ' .■■* . SECRETARY:" . ' " , G. W. J. Bell, 8.C0m., A.P.A.N.Z., Public Accountant, Trustees Executors' Buildings, 24 Water Street, Dunedin. ORGANISING PROMOTERS: The Gold Development Corporation Ltd., 24' Water Street, Dunedin. , OBJECTS OF THE COMPANY. The general objects of the Company are set out m the Memorandum of Association, a copy of which forms part of the • Proapectus. . . The primary object of the Company is to purchase from the Vendor, "The Gold Development Corporation, Limited, of ' ■ ■ Dunedin" — ■ v •...■•■ . 1. Special Claim of 158 acres on the Five Mile Beach at Qkarito, South Westland, situated m Block XIV, Okarito Burvey District, held under License. No. 2416, dated 13th September, 1928, issued by the Warden at Hokitika. 2. ..Water Race License No. 2417, dated 13th' September, 1928, with right to 6 Heads of water from Lake Alpine. 3. Dredging Machinery, consisting of main ladder, complete set of buckets (4% cubic feet capacity), together with connecting links, manganese pins, ladder rollers, chairs and bearings, top and bottom tumblers and ladder, hangers, crown wheel and pinion; friction gear and spur -wheel second motion shaft; pulley and pinion, with bevel gear for winch, drive on first motion shaft and bevel gear for screen drive; revolving screen complete with all driving gear and. rollers; ! complete set of Cutten's dredge winches; .(6 barrels). 10 m. Robinson centrifugal gravel pump— now on Wan&anui-Wa-taroa Dredge at Salt Water Beach, South Westland. V SUMMARY OF PROSPECTING RESULTS. , An examination of Mr. R. T. Stewart's report m conjunction with the plan of the Claim will show that five out of the . 33 bores put down were outside the boundary of the Claim, and were for the purpose of testing the ground running under the lagoon. Of the remaining 28 bores four were discarded — three on account of a stone becoming jambed m the shoe, and . one owing to its progress being stopped .by buried timber. . • • . ■ The remaining- 24 bores give an average gold content over the whole 158 acres of the Claim of 11.18 d per cubic yard. It is considered that the dredge is capable of dealing with a minimum of 447,000 cubic yards of ground per annum, which on a basis of lid per cubic srard5 r ard would yield per annum .. .- .. " •• £20,487 10 0 Estimated annual expenses (including redemption of capital) — . . \ Wages and running expenses .... . . . . > . ■..< £ 3,000 00 Maintennnce, renewals, depreciation, etc. .. .. •• •• •• •• •.i 2,500 0 0 Overhead expenses (including rents, income tax, directors' „ , fees, and contingencies) •• •♦•■.. .... .. 1,500 0 0 Redemption of shareholders' capital ... ••: ... .. .. 2,000 0 0 ■ — .. 9,000 0 0 Annual Surplus •• ...... .. ..• .. :.-., .. '.. .. £11,487 10, 0 This annual surplus works out at 38.3 per cent, on the shai-eholders' capital. Individual shareholders m the promoting Company (Gold Development Corporation, Ltd.) have such confidence m the • future of this proposed Company that they have applied for a reservation of 33,850 contributing shares, and have already paid the application money thereon. . . , ■' , ' , ar APPLICATION FOR PROSPECTUS. Immediate Application Necessary. The Qold DeVelopment Coil) Oration Limited ., The attractive feature of this investment is ' . 24 Water Street, Dunedin. : the fact that the Promoting Company has Please send* me copy of Prospectus of the Okarito Five thoroughly prospected this claim, using the ile .Beach Gold Dredging Co. Ltd. latest approved methods ; every endeavour has • ' been made to eliminate those unnecessary risks .__ usually attendant upon mining ventures offer- . . . • • ed to the public. . • . . " " , > Address •• • •• • — •• THE FOLLOWING OVER SUBSCRIBED Since the above advertisement was set up telegrapHic advice Has been received that tKe share issue of The OKarito Five Mile Beach Gold Dredging Company, Limited, has been over subscribed. . - . ■ ■ ■ . ' ' - • • • • Ine liaiiondi oanic or iitw <i*c<ucuui, liiihuuu C vm6rniPTinKi d atv« HEAD' OFFICE .-. 8 ■ MOORGATE, u^imUuin, t.0., d. . SVD3v R * ril V« MS>f%.XC**y Profits ....... £2,165,572 Reserve Fund and Undivided paid mi n advance by Postal Notes, Stamps, or Money Order are as follows: Subscribed Capital £6,000*000 Paid-up Capital ....... £2,000,000 - N.Z. Secretary and London Manager — Arthur Willis. . TWELVE MONTHS 15 0 HEAD OFFICE IN THE DOMINION —WELLINGTON six months 7 6 ' • GENERAL MANAGER- G. W. McINTOSH. ' THREE MONTHB. 88