Page 3 Advertisements Column 3

Waikato Times, Volume XVII, Issue 1471, 6 December 1881, Page 3

Notices. THAMES VALLEY AND X ROTORUA RAILWAY COMPANY (LIMITED). NOMINAL CAPITAL, A'ooJcido/IN 400,000 SHARES OF OF£i EACH. Provisional Djrbctoks : Hon. James Williamson, Chairman. J, L. Campbell, Esq., M.D. F. P.Rich, Esq. vVra. Crush Daldy, Esq. E. F. Roche, Esq Jas. McCosh Clark, Esq. Thos. Peacock, hsq. Robert Graham, Esq. E. B. Walker, Esq. James Dilworth, Esq. Wm. Aitkin, Esq. Georgo Holdship, Esq. Nga Huruhuru Joseph Howard, Esq. Petera Pukuatua John Wilson, Esq Henere Pukuatua fhos. Morrin, Esq. Rotohiko Haupapa Wm. Innes lay lor, Esq. Arekatera Te Wera C. J. fetone, Esq. EiuPaimoi A. W. F. Hakombe, Esq. W. Maihi Te Rangikaheke Bankers : Bank of New Zealand. Soliciiors : Messrs. Jackson and Russell, Fort-street, Auckland. Engineer : J. Stewart, Esq., M. Inst. C.E., late District Engineer. Inierim Skcrbiary : Jas. Stewart, Esq., C.E. The proposed railway will be about seventyfour miles in length, and commences at a point on the Hamilton-Thames Railway, near the town of Morrinsville. 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 to the wooded plateau which divides the Upper Thames and Taurangj. 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 for tourists to New Zealand. The cost of the line has been estimated—after exploration— by Jas. btewart, Esq., late District Engineer, to be £2000 per mile tor the firbt section of thirty-five miles; of the remainder twenty foui miles, will cost £3000 per mile, and the remaining fitteen miles, about £4500 per mile, making a. total cost for construction (ot the class of the Government railways, and exclusive of rolling stock) ot £209,500. The cost of buildings and rolling-stock is estimated at £38,000, making a total cost of £247,500. It is proposed to construct the Railway in two sections : the hrst section of thirty-eight miles under the provisions of "Ihc District Railways Act, 1877," by which, on approval by the Government, the Colonial revenue is security for interest on the cost of construction and equipment, not exceeding 2 per cent., and the neighboring lands (rated in proportion to the benefits denvaDle 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 the landholders abutting on this section have expressed their willingness that their pioperties 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 bung under " The District Railways 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 are 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 ot the second section may be undertaken almost simultaneously with the first. The prospects of immediate and very considerable traffic on the line are 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 me.ins 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 necessarily for some years to come create a very large import traffic, and year by yeai, as settlement progresses, the export traffic of grain, stock, and other produce must also increase to very large dimensions. 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 tho purchasers of the lands known as the Patetere District arc taking active steps towards the immediate colonisation by comparatively small holders of tho whole ot the Lands they have acquired, or arc 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 considerable during the first years of their settlement. Again, the line in its course to Ohinemutu, taps a valuable forest of magnificent timber, from which— as soon as the line is completed so far— the whole of the Uppei Thames and Waikato districts will undoubtedly draw their supplies of timber for house building, fencing, and fuel ; and last, but certainly not loast, the large and ever increasing stream of tourists visiting New Zealand from all parts of the world, atti acted 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 riot Springs, by .in easy and most interesting route, thus giving to tho line the exceptional advantage of alaige 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 hilly torty miles the line proposed must, at a future md no very distant date, form part of the main line connecting Auckland with Napier and Wellington, thiough the interior of tho island. Regarding the traffic which maybe expected,.! comparison may be made with the existing line in Auckland. Seeing that on theselines there arc many miles of unproductive country, and that the valleys of the Piako, Waitoa, and Thames arc largely settled and stocked (and by the time the line is open may be expected to be tully so), looking also to the scheme for the settlement of the Patetere country, the Provisional Directors think the comparison a fair one. The latest leturns of the Kaipara-Te Awamutu Railway show a net revenue of £193 per mile per annum. This would give, on the first section of thirty-eight miles, a net revenue ot £7334, or 7^ per cent, on £roo,ooo. Estimating the revenue for the first year's working at only one-half that of the Kai-para-Waikato line, 3] per cent, will bo obtained, leaving only 3^ per cent, to be made up by the District Rate and Government contribution, or a little over ?] per cent, and under 1 per cent, respectively. For these reasons, and for others too numerous to men'ion, the Provisional Directors feel fully justified in lccommending 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 the hearty suppoit of the people of Auckland, both town and country, in a work which cannot fail, immediately on its completion, to add, as no one unifDVtafcing nas 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 Sharps of £1 each. The first issue of shares to be 200,000, on which it is not intended to call up more than 10s per Share, and it js anticipated that 5s per Share will suffice as paid-up capital, for trie first section of the Railway, because it is proposed to exercise the borrowing powers con tened 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. The payments on tho 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 bo rapidly taken up, early application will be necessai y. Priority of application will he a factor in the allotment of Shares by the Directory. No application will be received for less than 20 snares. The following Gentlemen are agents authorised to receive applications for shares, viz :—: — Joseph Newman, Auckland Alex. Saunders, Auckland 1 Chas. Alexander, Auckland - Samuel Vickers} Auckland < J. Friar Clarke, Auckland Robert If rater, Auckland John Mowbray, Auckland Robert Horne, Auckland T. B. Morpeth, Auckland J, M,. Lenn.9*, Auckland Wm. Flood, Auckland J T. VVickens,' Auckland F. G-. Ewiogftbn, Auckland ,Kennedy Hill, Hamilton t . , <

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