Waipa Railway and Colleries, Limited.

Te Aroha News, Volume XXVII, Issue 4485, 6 November 1909, Page 2

Waipa Railway and Colleries, Limited.

A PROMISING WAIKATO UNDERTAKING.

A rROJECT, which appears to have all the elements of commercial success is now occupying the attention of some of Wellington’s shrewd business men. The opening of the Main Trunk line has very clearly demonstrated the fact that an enormous market awaits the best quality Waikato coals in the Taranaki, Hawke’s Bay, Wairarapa, and Wellington districts, and with the object of meeting this demand, a large and valuable coal area has been secured by Wellington men under very favourable conditions. An area of 1774 acres, or nearly three square [miles of ground, has been definitely secured and an option of 5,000 acres additional is also held at Te Akatea, six miles from Ngaruwahia. After writing down the estimated quantity by 35 per cent, there still remains 22J million tons available, which, on an output of 4,000 tons per week, gives a life to the mine of over a hundred years, and this on one seam alone, leaving the other seams as an unconsidered asset. The quality of the coal is beyond question, as proved by analysis and practical tests. The coal field and railway route of six miles to connect with the Main Trunk at Ngaruawahia have been reported on by several expert railway and mining engineers, among whom is Mr J. Hayes, F.S.Sc., mining engineer (Jate inspecting engineer of Mines to the" New Zealand Government), Mr J. P. Maxwell, M. Inst. BC B , Wellington, may also be mentioned. iMr W. M. Hanny, late General Manager of the Manawatu Railway, who is interim managing director of the new company, also visited the property in company with other directors and they express themselves as being very pleased with the prospects. The Jproject as a whole is one which has commended itself to business men and investors, and the fact of there being no loading of capital by the payment of cash or the alloting of paid-up shares to promoters, is an evidence of the genuine nature of the undertaking. Information will be given and applr cations received by Messrs Baine, Lamb, . and Co,, Te Aroha. Attention is drawn to the fact that all shares subscribed prior to the date of registration of the Company will carry a cumulative preferential dividend of G ) per cent, for three years, •