The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1871-12-30 00:00:00

lIRMEIIII

Lii

BOARD OT DIRECTORS.

SOLICITURi.

Name of Company.

The cm 1 eetimateu under:—

THE CASTLE DES AR
k.,!A1l thin.

lneorpoe.ited under the Companies Arta. 1861 sad 1.67.
with limited liability. Capital £BO,OOO derided lilt°
8,000 shares of £lO earl, payable as follows:

£1 per share on application.
Et per oh ire on rilotmenl,
pr *hare no 1.1 February, 1872,
reqairsd.

TL, who:e ioutt Carl be paid up so allotuteat, sod
Akio: wsrraoti .‘t., brarir " i,sued at the opti"o of the
applietut. If no allotment is male, the amount paid will
be returned in full.

The Right Honourabie Lord ROBERT MONTAGU
M.P.. Chalon in of the Cornwall aul Devon Iron Mim s
Corporation, Chairman.
Major-General Charles Campbell. 18. Oloneeeter-place,
Portman-square, London, Deputy-Chairman.
H. 0. Firmatone, Esq Iniu Master, The Lays, Stour.
bridge
' .

Wor.lsworth !lath:um. Esq., Iron Miter ;(11essra.
Harrison. Ainslie. and Co.), Ulveratone.
Allred II lekinan. Esq., Iron blaster, Spring Vale Furna-
ees, Deep Fields. Staffoidshire.
Thomas Lewis, Fag , Iron Broker (Mourn. Lewis Bro-
thers). Pe !infields, Wolverhampton.
W. A. Hicks, Esq., 6, Shinhope-terrace, Hyde-pork.
BANKERS.

London—London Joint Bank, Princes-street, E.C.
Birmingham—Birmingbarn Banking Company (Limited),
Northampton—Northamptonshiro Banking C,onpany.

Itobert Gritho, Esq., 2 (treat George-street, SW., Lou-

don.
Messrs. Parker, Rooke, and Parker', 17, Bedford-row,
London.
BROKERS.

London—Masan. Albert Severs and Co., 50, Thread.
needle.ttreet. and Stock Exchange.
Liverpool—Messrs. Bold and Elva, Castle•street.
Sat:extant run Tall.—Mr. N. M. Ey rs.
Offices-22a, Austinfriara, E.C., London.

Thu, Coinpahy IA I Tined to purchase and tako over 114
a going concern the rxtensive iron ore mines mud lime-
store quarries under the estate of the Corporation of the
Sons of the Clergy, tit Stowe Nine Churches, in the
county of Northampton, now being worked by tile Castle
Dykes lion Ore Company, Limited, and also to acquire
the two blast furnaces adjoining, and to work the two
concerns under one management.

he t state is shout 2.01)0 acrem in extent, anti the quam
tity of iron ore under it is estimated at nmre than
6,000,000 tons. The whole is held nuder lease, renewable
trith,ut paytnont of any fine, at a rent of £l,lOO per an-
Maui. meriting into a royalty on all ore raised after
40,000 tons per annum. The royalties are, on the iron
ore 6.1 per On of 2,4001b5., and 1.1 per ton on the like
weight of limestone.

The pcoperty cannot be move favourably situated for
the markets, being iuteisected by the main line of the
London and North-Western Railway, which places it in
direct communication with North and South Stafford-
shire, South Wales, and the Midland district, and offers
facilities for the transport of ore fully equal to any field
of ore in the county of Northampton. The East and
West Junction Railway, which joins the Loudon and
North-Western system at Ellsworth, within six miles of
this property, will, when completed, materially shorten
the route to the South Wales market. (See map accom-
panying the prospsctus). In the prospectus of that
Company it is stated that " in the year ISO a total of
540,259 tuns of Northamptonshire iron ore was raised ;
of this quantity the greeter portion was carried to the
South Wales district, where the demand for this ore con.
Mandy increases." . .

The' mines are connected by a tramway, about lj mile
in length, with the main line of the London and North.
Western Railway, so that railway waggons can be run up
to the pits, and the ore loaded direct into them from the
face of the bed. A commodious siding, equal to the
exigencies of a very large trade, has been made adjoining
the main line. The Grand Junction Canal also passes
through the estate.
. . . . .

Though technically this is called a mine, it is in reality
a quarry, and consequently free from any of the risks
and uncertainties of a mining speculation, for the ore lies
in a horizontal bed of from Ave to twelve feet thickness,
at an average depth of from live to seven feat from the
surface. The cost of getting it is so light it being all
surface work) that the ore can be delivered in railway
waggons on the main line, exclusive of royalty, at the
low price of Is 6.1 per ton, and even this will be reduced
on a larger output.
A large sum of money has been expended in opening
and developing the mines and making the tramway ;
workshops, officea, coal wharves, machine house, lime.
kilns. &c., have been erected, two locomotives have been
purchased, and the mines are now in thorough working
order, with contracts on hand for:more than 100,000 tons,
which contracts can be inspected at the offices of the
Company. The present out-put is about 1,000 tuns per
week, but it can be easily raised to four and even six
times that quantity. The quality of the ore is well known
in the markets, many thousands of tons having been sold
both into Staffordshire and South Wales within the last
few years, and is equal if not superior to any of its class.
The usual yield of Northamptonshire °roe is about 30 per
cent, but liOrne of the ore on this property yields consi.
derably upwards of 40 per :cent., it having been assayed
by Messrs. Johnson ano Sous, the assayers to the Bank
of kingland, up to 49 per cent.
The limestone is a fine bed of some 25 feet in thick.
nese, and is of excellent quality for smelting purposes,
and is connected by tramway with the main line.
The furnaces, which were erected at a cost of £24,000,
are aituated unnindiately adjoining the siding on the
main line of the London and North-Weatern Railway,
and are contiguous to the iron ore and limestone. The
cost of production is therefore much favoured by their
position, vraich gives them special advantages. One is
perfictly new, never yet haviug been blown in. The pair
woi pet a some 330 to 350 tons of pig iron per week.
It is calculated that, at average prices, the profits On •
yearly out.put of only 200,000 tons of iron ore will am-
ount to at least £.15,000 per annum.
It has recently been estimated by Mr. W. Speneer, of
the lien of Messrs. Bolcklow, Vaughan, and Co. !ride
Money Article of the Times of 12th December), that pig
Iron can be made in the neighbourhood at a cost of 30s
per ton; and all the conditions in the case of the Castle
Dykes Company are at least as favourable as in the use
referred to.

The present selling price of such pigs in £3 Ifs per
ton, which would show a profit, with a very moderate ad-
dition in respect of the ore sold, of upwards of lid per
cent, per annum on the nominal capital of the Company.
No doubt such on estimate must be considered to be, to
say the least, extremely sanguine ; but, after making
every allewatice, enough remains to show that a very
large return may be safely calculated upon.
The Riede of this valuable prop,rey, inclusive of every-
thing thereon, t ,gether with tie ceutracts and g
have been purchseed for the sum of £42,000, of which
the vendors have agreed to accept in paidmp shares the
sum of
_1:18,000.

'the following agreements have been entered into on
behalf of the Company, and may be inapected at the
odious of the Company : An ag.eeznent, dated 18th 1./e•
tuber, 1071, between William M•Clure of the one part
and David Stevens of the other part. An agreement be-
tween baud Stevens of the one part, and Josiah Harris
of the other part, dated 19th December, 1871. And an
agreement between Arthur Hall and Edward Wilson of
the one part and David Stevens of the other vat, dated
19th December, 1971.

It is seldom that the public are invited to participate
in the immense profits that are made in good iron pro.
party, but when such opportunities haveloccurred, the
profits to the investor have been remarkable, as will be
seen by the prices of the shares of the following Limited
Companies:—

Amount
paid Price,
per Mhare

Conaett Iron Company,
Limited lO 0 iSi to £7 Prem.
Midland Iron Company
Limited
Ditto (New)
Buicklow, Vaughan, and
Company, Limited SO 0 0 38 to 40 Prem.
Park Date Irou ConspanY.i
Limited
Staveley Iron and Coal!
Company, Limited —.160 0 0 46 to 48 Prem.
Ditto (Sew)

50 0 6 to 8 Prem.
12 to 0 11 to 16 Prem.

The low rate at which the ore can be raised, the easy
access tu the markets, the extraordinary facilities afforded
for the n, iking 4 pig iron on the spot, from the position
of the furitanes with reference to the iron ore and lime-
stone, Ana me growing demand for this class of ore, ire
olvantages di for this property; %Mist the
alunint imi.recedented prosperous state of the iron mar-
kets as evidenced by the reiterated reports of the papers
leaves no &wilt as to the Wine of this crest industry.
Prospectuses, reports, plans, and every puticular, can
be obtained Own the Secretary. at the Others of the
Cruni...., the Solicitors, and Broke,.

RepoL. hy Mr. Henry E. Taylor, of the firm of Menirs.
John Taylor and Sons, of London, and Mem.. Lewis
Jmoth ra, of ‘Volverhampton.

No. r, Queen-street-place, Landon, Nov. 21, 1871.
Dear Sir,—Having inspected the Castle Dykes Iron
Ore Property, on Saturday, the 18th instant, I now beg
to hand you my repirt.
The extent of the grant is considerable—some 2,000
acres—but it is iniptiectile to tell with accuracy over how
ninth of it the .1M of ironstone will be found to spread
until it is further proved. Sufficient ore, however, has
been already ditrovered, by means of the opening. and
pita sank. to last, at the rate I propose to work, many
year.: and more no doubt will be fcund when it becomes
necessary to make fresh explorations.
The seam varies from 4 feet to 10 feet in thickness,
and where being worked now is about 6 feet, which may
be taken as a fair average.
It ,ies nearly flit, and t as a covering of about the same
average thicknees 35 itch which is easily removed,
1.1., ore is brown li.ein-etde. the Northam!).
tnexhire ()tilde, and meet* %%Oil 0 .-ady tone in the iron.
making district., to won-- ,tf it it, deliverable at •
low rate.

In order to work UM, valuable Scperait profitably, con-
siderable energy must he displryert, and I would recomr
mend ibst the present incline plane he done lowly with,
and tree the grielosrt be rodneed ti, iy lin to allow
&locomotive to pssa Ull it with he crn,,ty trucks.
one utak engrue, of from 14 t Ili too, w sold do all
the work with the assistanc. of • fr w horse. to tram
from short sidine in the openings.
A good road having been laid .11 the way from the
junctreri vruth ti,' 1,. eel N.W. Railway Inholit 11 mile),
and si.o•iv, put into the IC -rout pl.,ees il nplll Orion.,

coo, o the ro Or be r.keßied4u 400 tg;r;
peg .1124 more 11 d,,ga

Removing over-burden, breaking stone, e.
,d.

iitto t,ok.

O. prr t.on,

Tratun7ing and delivering 1., siding.— 0 'per tou.
C...trriagn 2 8 per ton.

Waggo-n hire
_ .

O 6 per ton,

Royalty
Sathri, damage% aril coutinencies

Total ...

5 6 per toe.

This is allowing for carriage to South Staffordshire,
and as the value there may, by a v.`.11, moderate calcula-
tion, be said to be fit 61 per ton, a clear profit of Is per
ton will accrue, which, at the daily output I have men-
tioned, will show at a glance what the annual net return,,
may be.

It wouhl to of considerable advantage to this property
if the iron furrinees adjoined the junction of its sidings
with theamain line belonging to it, and I would advise
that they he secured, remodelled, and set to work.
Eselitsive of purchase, I estimate the outiay required
to put this property, including the furnace 4, into good
working order, to be under 1:15.000, and with that, Mille
prerent price of iron, it can be made a largely psjing
concern.