Page 3 Advertisements Column 4

Waikato Times, Volume XVII, Issue 1469, 1 December 1881, Page 3

Notices.]

THAMES VALLEY AND ROTORUA RAILWAY COMPANY (LIMITED).

NOMINAL CAPITAL, IN 400,000 SHARES OF OF^t EACH.

Provisional Directors : Hon. James Williamson, Chairman. J, L. Campbell, Esq., M.D. F. D.Kich, Esq. ffm. Crush Daldy, Esq. * E. F. Roche, Esq Jas. McCosh Clark, Esq. Thos. Peacock, bsq. Robert Graham, Esq. E. B. Walker, Esq. James Dilworth, Esq. Wm, Aitkin, Esq. George Holdship, Esq. Nga Huruhuru Joseph Howard, Esq. Petera Pukuatua John Wilson, Esq Henerc Pukuatua fhos. Morrin, Esq. Rotohiko Haupapa Wm. Innes laylor, Esq. Arekatera Te Wera C. J. Stone, Esq. EiuPaimoi A. W. F. Halcombe, Esq. W. Maihi Te Rangikaheke Bankers : Bank ol New Zealand. Solicitors : Messrs. Jackson and Russell, Fort-street, Auckland. Engineer : J. Stewart, Esq., M Inst. C.E., late District Engineer. Interim Iskcretary : Jas. Stewart, Esq., C.E. The proposed railway will De about seventyfour miles in length, and commences at a point on the Hamilton- lhaines jßailway, near the town of Mornnsville. From this point it runs southward through the centre of the great valley of the Upper Thames, by a very easy route, for a distance of thirty-five miles; it then mounts te the wooded plateau which divides *• Upper Thames and Tauranga districts ; from this it descends, bv an easy route, to its terminus at the town of Ohinemutu, making a. further distance ot thirty-nine miles. This completes an unbroken chain of railway communication between the city of Auckland and the Hot Lake district, which is the central point of attraction fortourista to New Zealand. The cost of the line has been estimated — after exploration— by Jas. Stewart, Esq., late District Engineer, to be £2000 per mile for the first section of thirty-five miles ; of the remainder twenty foui miles, will cost £3000 per mile, and the remaining fifteen miles, about £4500 per mile, making a total cost for construction (of the class of the Government railways, and exclusive of rolling stock) of £209,500. The cost of buildings and rolling-stock is estimated at £38,000, making m. total cost of £247,500. It is proposed to construct the Railway in two sections : the first section of thirty-eight miles under the provisions of " The District Railways Act, 1877," by which, on approval by the Government, the Colonial revenue is security for interest on the cost ot construction and equipment, not exceeding 2 per cent., and the neighboring lands (rated in proportion to the benefits derivable from the construction of the line) are liable for interest not exceeding a further 5 per cent., thus giving a certain interest of 7 per cent, on the investment, even if the line itself only pays working expenses. The majority of tnc landholders abutting on this section have expressed their willingness that their pi oper ties shall be brought under the operation of " The District Railways Act, and the Amendment Act, 1878." For the construction of the second section, passing, as it does, mainly through native lands, which it is not possible to bring under " The District Rdilways Acts," it is proposed to work, if possible, under " The Railways Construction and Land Act, 1881." By this Act, the Colonial Government is empowered to contract with a Company for the construction of this Railway, among others, and to grant such lands as are available as an endowment. In this case only 28,000 acres arc available, situated in the Patetere country. This would not be a sufficient endowment, without rating powers, to warrant the construction of this section of the line, but the native proprietors have, in addition, agreed to give a considerable area of land to the Company. It is also proposed that the Company should acquire, by purchase, a further portion of native lands adjacent to the line, which may be expected to be largely increased in value by its construction ; and, with this view, the Capital of the Company has been fixed at a sum sufficient to include such purchases. By this means, it is hoped the construction of the second section may be undertaken almost simultaneously with the rst. The prospects of immediate and very considerable traffic on the line arc as good, or better, than can be shown on any new line in New Zealand. The rapid strides made during the last few years in the Upper Thames and Waikato districts show that the country has a power of production and of supporting a large population in proportion to its area — equal to almost any other part of the colony. The projected railway line will open up an area of from 1,500,000 to 2,000,000 acres of available land, a large portion ready for immediate occupation, but at present wholly unoccupied, owing partly to the want of means of communication, and partly to the fact that a portion of this territory has but recently been acquired from the native owners. The settlement of this extensive area must necessaiily for some years to come create a very laige import traffic, and year by yeai ; assettlementprogresses, the export tiaffic of grain, stock, and other produce must also increase to very large dimen- , sions. But, independently of the ordinary sources of supply towards a railway traffic whice agricultural and pastoral settlement of the country affords, there are special reasons which justify the expectation of an unusually rapid development of a varied, extensive, and paying business on this line. It is now generally known that the purchasers of the lands known as the Patetere District are taking active steps towards the immediate colonisation by comparatively small holders of the whole of the lands they have acquired, or are acquiring, through the agency of a_ powerful company in England. The importations consequent on the introduction of a large population cannot fail to be very considerabte during the first years of their settlement. Again, the line in its course to Ohinemutu, taps a valuable forest of magni-' ficent timber, from which— as soon as the line is completed so far — the whole of the Upper Thames and Waikato districts will undoubtedly draw j their supplies of timber for house building, fencing, and fuel ; and last, but certainly not least, the large and ever increasing stream of tourists visiting New Zealand from all parts of the woild attracted by the wonders of Ohinemutu and Rotomahana, will certainly prefer to use this line of railway, which will convey them easily in one short day from the city of Auckland to the Hot Springs, by an easy and most interesting route, thus giving to the line the exceptional advantage of a Targe passenger traffic at once, quite irrespective of the ordinary passenger traffic of the country. It may also be pointed out that for a distance of fully torty miles the line proposed must, at a future and no very distant date, form part of the main line connecting Auckland with Napier and Wellington, through the interior of the island. Regarding the traffic which maybe expected, a comparison may be made with the existing line in Auckland. Seeing that on these lines there are many miles of unproductive country, and that j the valleys of the Piako, Waitoa, and Thames are largely settled and stocked (and by the time the line is open may be expected to be fully so), looking also to the scheme for the settlement of the Patetere country, the Provisional Directors think the comparison a fair one. The latest returns of the Kaipara-Te Awamutu Railway show a net revenue or £193 per mile per annum. This would give, on tho first section of thirty-eight miles, a net revenue of £7334 f or 7$ per cent, on £100,000. Estimating the revenue for the first year's working at only one-half that of the Kaipara- Waikato line, 33 per cent, will be obtained, leaving only 3J per cent, to be made up by the District Rate and Government contribution, or a little over i\ per cent, and under 1 per cent, respectively. For these reasons, and for others too numerous to mention, the Provisional Directors feel fully justified in recommending the undertaking to the Public as a work of national as well as local importance. As an investment of capital, it will be directly remunerative, and they confidently expect tho hearty support of the people of Auckland, both town and country, in a work which cannot fail, immediately on Its completion, to add, as no one undertaking has added before, to the population, production, and the import and export trade of the whole Provincial District. The Nominal Capital of the Company is proposed to be fixed at £400,000 in 400,000 Shares of £1 each. The first issue of shares to be 200,000, on which it Is uot intended to call up more than los per Share, and it is anticipated that 5s per Share will suffice as paid-up capital, for the first section of the Railway, because it is proposed to exercise the borrowing powers conferred by the Acts. On the prosecution of the second section, it will be a question whether to issue more Shares, or make further calls on those already issued. m The payments on the first issue to be is on application ; and the balance by calls of is each, at intervals of not less than two months. Applications for Shares to be made to the Secretary, Shortland-street, or through authorised agents. 70,000 Shares have already been taken by 32 subscribers, in amounts not less than 1000. As it is anticipated that the whole of the shares will be rapidly taken up, early application will be necessary. Priority of application will be a factor in the allotment of Shares by the Directory. No application will be received ior less than 29 snares. The following Gentlemen are agents authorised to receive applications for shares, viz :—: — Joseph Newman, Auckland Alex. Saunders, Auckland Chas. Alexander, Auckland Samuel Vickers, Auckland J. Friar Clarke, Auckland Robert Frater, Auckland John Mowbray, Auckland ] Robert ' Homo, Auckland ! T. B. Morpeth, Auckland t. M. Lennox, Auckland w, Flood, Auckland T. Wickens, Auckland F. G. Ewington, Auckland Kennedy Hill, Hamilton

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