Page 2 Advertisements Column 2

Westport Times, Volume V, Issue 829, 24 June 1871, Page 2

j PROSPECTUS OP THE DFLI-BR RIVER TOWING > TItACK COMPANY, (Limited). Capital, £1500: In Sixty Shares of £25 each. Provisional Dikectobs : Mr Bailie Mr Hughes Mr Powell Mr Corr Mr Field Mr O'Connr Mr C. Minderman. It is proposed to form this Company for the purpose of constructing a towing track up the Buller River from Westport to Inin»ahua Junction, in order to facilitate the transit of goods from Westport to the Beefs at Inangahua, and to cheapen the cost of provisions to the miners engaged at those workings. It has been ascertained by practical experience that there is a sufficient depth of water in the Buller River from its mouth to the Inangahua Junction to float boats of considerable burthen—(see Provincial Engineer and Harbour Master's reports'),—and that there are numerous beaches along the river, affording natural facilities for the application of horse power for towing purposes. Those beaches are separated by tracts of bush and other obstructions, which being surmounted, will connect the beaches with one another, forming one continuous track, which will enable those engaged in the carrying trade to substitute horse power for manual labour. When this is accomplished the trade will be largely increased, and the carriers will be enabled, owing to this cause and the increased facility in transporting the goods to effect a very considerable reduction in the freight. As a private speculation the undertaking offers a safe and profitable investment. The Government have granted protection for the track, and have authorised the collection of a toll not exceeding £1 per ton upon all freight conveyed up the Buller river by means of this towing track. The protection may remain in force for six years, but it is very unlikely that so great a privilege will be permitted to remain so long in the hands of a private company, as the Government have reserved the right, at any time, to take over the track by givi.ig three mouths' notice and paying valuation or the actual cost of construction with ten per cent, added. In the event of the Government taking the track into their own hands, the tolls collected will be clear profit to the shareholders after deducting expenses of management, which need I not form an important item. It 13 proposed that there should be a deposit of £5 per share upon allotment, and a call of £5 per share when the company has been brought under the provisions of the Joint S:ock Co. Act and the permanent directory appointed. The entire cost of the track has been variously estimated at from £SOO to £IOOO but, fixing the cost of the various works at the ordinary prices paid by Government for such, the track would cost £610; and the .vire rope or chain, including fixing, from £SO to £6O. These wire rope* or chains are to be placed in the gorges, where the construction of the track would be attended with great difficulty and expense. The public benefits to be derived from the undertaking when completed and when placed in connection with the projected dray road through the Inangahua Valley, will be to place at the command of the population of the interior an easy means of communication with the port; it will reduce the cost of freight fully one half, and afford a quick and easy means of transporting machinery. To the inhabitants and businesspeople of Westport it will open a traffic with the most promising district in the Middle Island, and placo them in a position to receive the benefits which must accrue from the development of a district of which the river Buller forms the natural highway. E. J. O'OONOR, Sec. pro tern., Who will receive applications for shares. FORM OF APPf JCATION. To ttie Provisional Directors of the Buller Towing Track Company (Limited), Gentlemen, — Please to allot me Shares in the above-mentioned Company, and I hereby agree to take that or any less number which you may allot to me. I enclose you herewith the sum of A , being- a deposit of £5 per Shore on the number applied for.