London, Feb. 8. - It was mentioned in this correspondence a few weeks ago
that the Bennett Lake and Klondyke Navigation Company, Limited, intended shortly to issue the remaining 40,000 shares of its capital of £100,000, in order to further develop the Company's business, and the public was yesterday invited to subscribe for the shares,
which are offered at 5s. premium. The issue is made under the auspices of the New Goldfields of British Columbia, of which Sir Charles Tupper is Chairman. The Directors of the Navigation Company are as follows: Messrs. John Lowles, M. P., Chairman; G. B. Mee, H. E. Billing, F. E. Harman, and F. M. Rattenbury, the last named being Managing-Director.
The following is a copy of the prospectus, from which it will be seen that the Company intends to largely extend its operations:
The Company was formed In March, 1898, with a capital of £75,000, in 75,000 shares of £1 each, of which 60,000 have been issued, one-half in Victoria, B.C.. and one-half in London, the principal object of the Company being to establish rapid communication between Lake Bennett and Dawson.
The net results of last season's operations enabled the Company to pay
an interim dividend at the rate of 30 per cent. per annum for the nine months ended December 31st, on the issued capital of £60,000, and to carry forward a balance of profit earnings outstanding estimated to amount to a further 20 per cent. per annum for the period named. Prior to the declaration of the dividend, the accounts and vouchers to November 30th last were examined by the Company's auditors, upon whose report the Directors acted.
For an actual running period of four months, June 22nd to October 22nd,
during which 17 round trips were made, the Company's steamers - Ora, Flora and Nora - earned a gross income of $264,000 (£54,000). They also established a record in point of speed, enabling passengers to accomplish the journey from Victoria to Dawson within nine days. They carried the inward and outward mails during the whole period, as well as a large quantity of supplies for the Canadian Government and police use.
In view of the rapid development of trade over this route, the Directors
have determined to add to their fleet two or three new fast steamers with additional accommodation for passengers. They have been fortunate enough to secure the right of purchasing a tramway already built at White Horse Rapids; so that they will own the
means of continuous transport between Bennett and Dawson, a distance of about 525 miles.
The importance of the acquisition of this tramway will be realized when it is understood that every pound of freight has to be transhipped at the head of the rapids and carried a distance of four or five miles to the foot thereof, where it is then reshipped. A large additional income will be derived from this branch of the Company's
business.
The population of Dawson and the adjoining area is estimated at about
25,000, as compared with about 5,000 at the opening of last season. The food supplies, &c., for this greatly increased population, together with the materials required for the mining operations on the various creeks, must be brought from the coast, and will ensure an enormous carrying trade during the ensuing season.
It is also anticipated that, in addition to the large numbers of those already interested in the Klondike, who will be returning thither at the opening of navigation, a considerable increase in the number of new travellers will take place. As the Company's route has proved to be the easiest, quickest and most reliable, it will practically be the only one used next season.
Having thus successfully opened and operated a quick Summer transport
service, the Company proceeded, in anticipation of the stoppage of navigation at the end of October, to establish 18 trading stations, at intervals of about 25 miles, covering the whole distance between Dawson and White Horse Rapids, comprising well-built log houses, with sleeping and other accommodation for travellers, and stocked with some 80 tons of provisions and necessaries for Winter travel.
These stations are being worked at comparatively small expense, and will
undoubtedly yield handsome returns. The accommodation provided by the Company enables travellers to dispense with the burden of the large stock of provisions and outfit hitherto required for the journey of over 400 miles, which in the past made Winter travel most hazardous and costly.
Adjoining the Company's stations are Government police depots, thus ensuring protection for the Company's property, customers, and employees. Recent reports show that a large number of persons are travelling to and from Dawson this Winter, and as the Company has the monopoly of the stations established along the only practicable route, it is manifest that a large profit must accrue from this department of the business.
Comprised in the Company's very valuable assets are:
(1) The three fast steamers, Ora, Flora and Nora.
(2) The 18 trading stations with the equipment and supplies.
(3) Ninety valuable building lots, aggregating five acres, at the town of
Bennett, including an extensive wharf frontage in the finest position on the lake. (Bennett being at the head of inland navigation is a very important distributing centre, both for the Klondike and new Atlin Lake district, where large discoveries of gold have
recently been made. One bank is already established there.)
(4) A sawmill, fully equipped, at Port Rattenbury, on the Wheaton River
(near Bennett), with a capacity of 3,000 feet of timber per working day. The plant comprises steam planing, morticing and tennoning machines for making window frames and doors, which are in great demand in the district. The mill has been tn operation since May last, and in addition to other business, prepared the timber from which the steamers and certain scows were built.
(5) A shipbuilding yard (adjacent to the sawmill), with slips, &c., complete with six log houses and storerooms; also engineers' shop with a stock of tools, forges, and implements for shipbuilding, making and repairing machinery, &c.
(6) Seven square miles of timber limits on the Wheaton River, estimated to contain 1,000,000 feet of spruce (selling last season at 20 cents per foot).
(7) Five square miles of timber limits on the Hootalinqua River.
(8) A railway charter granted by the Dominion Government for the construction of a railway or tramway from Marsh Lake to the Hootalinqua River.
(9) Managers' houses and miscellaneous stores, horses, sleigh dogs, scows, and other items at Dawson, Bennett, and the various depots.
The list opened yesterday and will close to-morrow.
