Page 3 Advertisements Column 4

Oamaru Mail, Volume IV, Issue 1203, 24 February 1880, Page 3

PROSPECTUS PROSPECTUS OF The grbymouth wallseni COLLIERY COMPANY (LIMITED), CAPITAL £15,000. .In 15,000 Shares of £1 each, ; Payable as follows : —2s 6<l on application) 2s 6d on allotment, and Is per; montli afterwards. Promoters : E. Prosser, Esq. (Kempthorne, Prosser, and Co ) William Watson, Esq. (Martin and Watson) H. Law, Esq. (Henderson, Law, and Co.) John M'Gregor, Esq. (civil engineer) Robert Wilson, Esq., (R. Wilson and Co.] William Stavely, Fsq. (Stavely and Co.) Jas. Marshall, Esq. (Marshall and Copeland) John Davie, Esq. (M'Landress, Hepburn, and Co.) A. Rartleman, Esq. (Ritchie Bartleman, and Co.) G. S. Brodrick, Esq. (Brodrick and Carter] D. Brent, Esq. A. T. Dunning, Esq. (Dunning Brothers) William Jenkins. Bankers: National Bank of New Zealand. . Solicitors : Messrs. Haggitt Brothers and Brent. MAUGER FOR THE PROMOTERS : William Watson (of Martin and Watson) Secretary pro. tem. : John I. Carter. The promoters having had this very valuable property (which cost £45,000) offered to them, they have been induced to place it before the public on the following terms, viz. :—They propose to purchase the proir perty for the sum of £IO,OOO (for the partie culars of which see inventory attached) ; the remainder of the capital to be spent in putting the mine in good working order, so that the Company would be able to pay dividends shortly after starting, as the property would be perfectly clear of debt. The promoters can safely say that there never was a property of such value as this offered to the public on such favorable terms. The smallest coa'-mine in Otago has ® very nearly as much capital invested in it as j there would be in this Company, with this great difference—the one is brown coal, the other a true coal. The machinery and plant alone cost the original company over £IO,OOO, and would fetch nearly the money if forced into the market. The property is of much greater value now than it was when it was floated by the first Company, for the following reasons : The coal is easily obtained, is of the finest quality for household and manufacturing purposes, and its superiority for the production of gas has been proved by reliable tests in New Zealand and Victoria. Upon the most competent authority, the promoters are in a position to state that the Grey coal is superior to any other coal in the world for gas manufacturing purposes, yielding from 1400 to 1800 feet more gas per ton than the best Newcastle coal, and equal to 20 to 22 candle gas, as against 15 to 16 candles fpr the latter. The coal in Melbourne will bring 4s per ton more for gas-makingpurposes than Newcastle. For these reasons the gas engineers in Australia and New Zealand have expressed their willingness to use this coal in preference to any other, provided constant and regular supplies can lie obtained. This outlet will absorb at least 100,000 tons annually. As this coal is admitted to be the best steaming coal in the Colony, it is proposed to have constant supplies in depots and hulks at each of the ports, where steamers and the public can always get their supplies. The particulars of the property are as follow :—A lease from the Crown of 1000 acres for 21 years (and renewable for another term of 21 years) at a yearly rental of £2O. In the lease two shafts have been sunk ; the main or working shaft (circular) is 11 feet in diameter, and is 670 feet deep, from which coal has'been raised from a seam 17 feet thick. The shaft is bricked from stonehead to surface—a distance of 30 feet, and divided into three compartments. No. 1 or main brattice forms pumping pit; No. 2 or quarter brattice forms upcast shaft; No. 3 is used for downcast or working shaft. The other shaft referred to is chains from the main shaft, is likewise circular, 10 feet in diameter and 100 feet deep, and has been sunk through main seam of coal, and will be the upcast when the connection between the two is completed. A borehole 220 feet deep has been put down between the two shafts, 20i chains from main shaft, through the seam, and proved it the same thickness. The promoters, under the advice of their manager, contemplate erecting coke ovens, sufficient bricks being on the ground to builcl four or five ovens. Coke manufactured from the refuse coal from this mine is considered the best in the market, and is readily saleable at 303 to 35s per ton, f.o.b. at Greymouth. It is estimated that a large revenue will be derived from this source. Fireclay of most excellent quality is likewise found in large quantities, and is pronounced by competent authority to be eminently adapted for pottery ware, sanitary pipes, gas retorts, firebricks, &c Building stone of a very superior description also abounds on the ground comprised within the lease. At present it is being used in small quantities for monumental purposes, bearing as it does a high polish. It is fine cream-colored sandstone, easily orked, and does not disintegrate- from exposure to weather, «ud is considered superior to the far-famed Oamarn stone. The promoters have a very strong argu ment to use in favor of this Company which did not exist before. The Government have spent at Greymouth, in protective works, the sum of LGO,OOO, which has had the effect of allowing vessels to go in and out throughout the whole year. At the last session L 40,000 was voted for the same purpose, to be spent during the current year. Mr. Blair has informed the promoters that there is no doubt that there will be loft, of water on the bar as soon as the contemplated orks are carried out. The Government has a steam dredge constantly at work in the harbor, and is advertising for a new one. Mr. William Watson, of Martin and Watson, having taken considerable interest in the' Company, and beiug one of the largest shareholders, has be-n appointed by the promoters to float the Company; and, having the property lately, can supply intending shareholders with any further information. The promoters have taken up shares to the extent of L6OOO. The Share List will close on March 20th. ISSO. Forms of application can be obtained at the National Bank in Dunedin, Oamaru, Timaru, Christchurcli, Greymouth, Hokitika, and Wellington, and Messrs. Martin and Watson, Stuart-street, Dunedin. All applications to be sent to William Watson, of Martin and Watson, Stuartstreet, Dunedin, Manager for the Company;; John I. Carter,. Jetty-street, Dunedin. . Specimens of the stone fireclay, and brick n be seen at Messrs. Martin and Watson's office. REPORTS. PROBABLE QUANTITIES OF GREY COAL REQUIRED BY THE DIFFERENT GASWORKS PER ANNUM. . Y Dunedin, SOOO tons; Chnstehurch, 5000;; Lyttelton, 500 ; Oamaru, 600 ; Timaru, 600; Invercai'gill, 800; Wellington, 5000; Nelson S00; Greymouth, 500; Hokitika_, 500 ; Taranaki, 3l0; Auckland, 4500; Napier, 1000; Thames, 1500; Melbourne Metropolitan Gasworks, 30,000; Sandhurst, 3000 ; Ballarat, 3000; Geelong, 3000; Brighton, 500; Echuca, 500 ; Warrnambool, 500; Castlemaine, 2000; Hobart Town, 3000; Launceston, 1000. Total, 76,600. | EXTRACT ENGINEER'S REPORT, DUNEDIN GASj WORKS. I Eighty of what are known as White's Patent Anti-dip Valves are to be procured at a cost of L2OO for the Dunedin Gasworks. The use of these valves will, it is expected, ! permit of Grev River Coal"being exclusively: f used-; and the Gas Engineer explains that • this means spending L 13,000. in New, Zealand next yeaT, instead cf sending the money, out of the country. ' . Estimate on output of; 60,000 tons per ann. : 60,000 tons delivered at Greymouth at 12s 6d per ton, free on board... ... £37,000 0 0 Cost of winning ... £0 4 0 , v .. ■ Hauling ... ... 010 Railway carriage...- 0 2 0 Rent, rates, taxes, commissions,and .. . », incidentals ..., f 0. J. 6. s .■( | - 6 £25,000 0 ,of. : -' Profit on Coal 12,000 t0- ! 0-'*