The Pamphlet Collection of Sir Robert Stout: Volume 2
Appendix E. — Prospectus Of the — Wallsend Coal Company Collingwood [Limited], Collingwood, Nelson. — Incorporated under "The Joint-Stock Companies Act, 1866."
Prospectus Of the
Wallsend Coal Company Collingwood [Limited], Collingwood, Nelson.
Incorporated under "The Joint-Stock Companies Act, 1866."
- Frank Guinness, Collingwood.
- Joseph Durham Brace, Collingwood.
- William Scrimgeour, Collingwood.
- George Riley, Collingwood.
- Robert Wilson, Collingwood.
- William Calyerly Riley, Collingwood.
- The Colonial Bank of New Zealand.
- Albert Pitt, Esq.
A Competent Manager Will be Appointed.
Capital, £5,000, in 1,000 Shares of £5 each,
Payable 10s. per Share on application, an additional 10s. per Share upon allotment, and Calls, not to exceed £1 per Share each; the first call to be made not sooner than one month after the registration of the Company, and future calls at intervals of not less than three months.
The object for which this Company is formed is to work the Coal mine at Collingwood, which has been opened up by the Collingwood and Para Para Coal Companies.
The owners have purchased the interests of the Para Para Iron and Coal Company in this Coalmine upon very advantageous terms, including a lease from the Crown in the Collingwood Coalfield of all the Coal in 160 acres of land for twenty-one years from 1st January, 1870, at a royalty of two per cent, but not less than £16 per annum, and a lease granted by the Nelson Land Board in 1875 of 760 acres in the same Coalfield at a royalty of two per cent, and not less than £38 per annum. Also 2½ acres and 13 sections in the township of Ferntown, all freehold, and adjoining the Company's wharf (also included in the purchase). On this freehold there are six cottages, manager's house, stables, storerooms, &c. In the Owners' purchase are included also 12 quarter-acre sections, leased from W. Collins, Esq., at £12 per annum, and the right of tramway through his land from Company's leasehold to freehold at a peppercorn rent. The purchase also includes all rolling stock necessary for successfully page 43 working the mine, 120 tons of iron rails laid down, and two barges originally costing over £800.
The Coal seams, five in number, have been cut at right angles to the dip by a main tunnel, capable of carrying extensive traffic, being 6 feet 6 inches high, 7 feet wide at the bottom, and 5 feet wide at the top.
The mine is at present capable of throwing out 30 tons of coal per day, and with a little more expenditure in driving levels on the strike of coal, that quantity could be doubled. It is intended to take steps for this purpose without delay.
There is an excellent iron tramway from the tunnel-mouth to the end of the wharf. The wharf is 7 chains 45 feet long, and has coal bunkers and other conveniences capable of holding 150 tons of coal.
The coal from the mine has been reported on by Dr. Hector and Dr. Black, who state that it is of a most excellent description. Mr. George, the Engineer of the Wellington Gasworks, has given it a high character for gas purposes. It makes excellent coke, being free from sulphur. The coal has been tried on board the "Rangitoto" and other steamers, and given thorough satisfaction.
The Company intend to send none but clean coal, and of the best quality, to the market, which can be supplied in Collingwood at 18s. per ton, or delivered in Nelson at 26s. per ton, leaving a handsome profit to the Company.
The Owners being possessed of a very valuable property, which cost the Para-para Iron and Coal Company over £10,000, are prepared to make the same over to the Company upon the following terms, viz.:—180 fully paid-up shares in the Company to be given to the present owners, and they also to receive out of the proceeds of the sale of the 820 shares offered to the public the sum of £900, to be paid thus: 50 per cent, of the proceeds of moneys received for applications, allotments, and calls of shares, to be paid to the Owners until such £900 be paid, the balance to be banked to the credit of the Company. This £900 and the 180 paid-up shares to be considered the purchase-money of the mine and plant.
The Owners undertake not to put their paid-up shares in the market until the whole of the shares offered to the public have been disposed of, nor within six months of the registration of the Company.
The above-mentioned 820 shares are now offered to the public until the 15th July, 1878, and none will be allotted until then. In the event of 420 of the 820 shares not being applied for within that period, the deposits paid by applicants for shares will be returned to them without deduction, and the Owners will retain the property and work the mine themselves.
Applications for shares can be made at the Offices of the Colonial Bank at Nelson, Wellington, Christchurch, Dunedin, and Auckland, and at the office of Mr. J. R, Mabin, Bridge-street, Nelson.
J. R. Mabin,Interim Secretary