Page 5 Advertisements Column 3

Dominion, Volume 3, Issue 891, 10 August 1910, Page 5

profit after all deductions of bad and doubtful debts, allowances for depreciation, Reserve Fund, and other items, amounted to £46,709. This will show the solid and highly profitable character of the business. AUDITORS' REPORTS. The Balance Sheets containing tlio above-mentioned extracts havo been audited and certified by Messrs. Modlin, Crane and Company, ' Chartered Accountants, of Christc'hurch, and Hicir certificate, in respect of it at 30th . September, 1909, reads as follows: "Wo havo audited the Balance Sheet of Messrs. Bowron Bros, and "Company, Limited, dated the- 30th day of September, 1909, and havo "obtained all the information and explanations wo have required. In "our opinion such Balance Sheet is properly drawn up so as to exhibit "a true and correct view of the stnto of the Company's affairs according "to the- best of our information and the explanations given us, and as "shown by tho books of the Company." A similar certificate was given for the year ending 30th September, 1908. ' ■ ■ , GOODWILL. The following certificate, signed by Messrs. Thornhill Cooper, F.1.A.N.Z.. and lt.A:, and Robert H. Modlin, F.C.A , . (Eug.), F.S.A.A. (Bug.), F.1.A.N.Z., F.N.Z.A.A., R.A., shows the very conservative basis on which the goodwill lias been valued and assessed, viz., from the Ist August, 1907, to date: Christcbureh, 23rd June, 1910. "We, the undersigned, hereby certify that we have examined the "books and balance sheets-of the firm of Messrs. Bowron Bros, and "Company, Limited, since tho Ist August, 1907, .'and our valuation of "the goodwill of the business as relating to the tannery, grindery, "wool and pelt industries, that is, tlio entiro business with the exception of outside speculation in shares, land syndicates, etc., is Twcnty"Seven Thousand Pounds (£27,000)." (Signed) THORNHILL COOPER, F.1.A.N.Z., AND 8.A., Average Adjuster. ■ ROBERT H. MODLIN, F.C.A. (Eng.), F.S.A.A. (Eng.), F.1.A.N.Z., F.N.Z.A.A., R.A. , The value of the goodwill assessed on four years' purchase would be £92,000,' whereas the Company are.only paying £27,000, less 10 per cent. ■ MANAGEMENT.' : ' ' : The Management of tho business will be vested in the Lands of capable, proved men, who are at present connected therewith, and in whom every confidence is reposed. The aim of the Directors will bo to improve- and extend the business on progressive and at tie same time careful lines. The principals will continue their connection with the said business for the present; and Mr. George Bowron, ono of the Directors of the said firm of Bowron Bros.. and Company, Limited, will occupy a seat ou the Board of Directors of this Company. . • ... UNDERWRITING. " Arrangements have been made for the guaranteed underwriting of 90,000 shares as per underwriting contracts mentioned hereinafter.' ' ' ■ The immediate Vendors to and promoters of this Company are J. Earle Hermann, Limited. CONTRACTS. , The following contracts (copies of whicli may be inspected at the Head Office and Branch* Offices of the Company) have been entered into: I.—Contract , da ted. 13th July, 1910, and made between Messrs. Bowron Bros, and Company, Limited, the owners of the. properties, of the ono part, and J. Earlo Hermann, Limited, of the other part. •• 2.—Contract dated 25th July, 1910, and made between, J. Earle Hermann, Limited, of the one part, and Brisbane James M'Dougall, as : Trustee for and on behalf of tho Company, of the other part, whereby the vendor shall receive, in addition to tho share consideration of 50,000 fully paid-up shares, as hereinbefore set forth, the sum of £30,000 (vide valuations hereinbefore mentioned in respect of the Land, Buildings, Machinery, Plant aud Goodwill) and tho cost price of the Stock for the other assets and the amount of the valuation of the horses, vehicles, etc., above mentioned. 3.—Contract dated loth July, 1910, and made between the said Brisbane James M'Dougall aud the said J. Earlo Hermann, Limited, whereby the said J. Earle Hermann, Limited, undertake to arraugo for'underwriting 90,000 shares in the Company, and i. —Sub-Underwriting contracts with the following:—■ . Capt.' T. Langley Webb. . ■ C. H. Izard. Johnson, Johnson and Gibb. Mitchell and King. Hugh Denison. J. Earle Hermann, Limited, Joseph Joseph. .. J. B. Harcourt. Dr. C. P. Knight. ' Thomas Maude. The Hon. Dr. Collins, M.L.C.. Frederick George Parish. Frederick Shaw. Francis W. Bacon. J. T. Toohey. ' John Fletcher. . . . . A. J. Staug'hton. Sir J. H. Carruthers. G. 0. Hyde. G. M. Kebbell. Chas. Bunn. POINTS FOR INVESTORS. ,The business has been established for 30 years, and is known throughout Now Zealand, and has a large and lucrative oversea trade. Messrs. Bowron Bros., the-present owners, are desirous of retiring from business, having made a competence. From tho foregoing particulars and-figures it will. be seen that the Colonial trado amounts to about £120,000 per annum, whilst the Oversea trado is about £200,000 per annum, including about £20,000 for clients. ■ A perusal of tho above extracts from the Balance Sheets must convince intending investors of the undoubtedly profitable character of the business. ' The profits shown in such Balance Sheets are sufficient to pay a 12 per cent, dividend on tho issued capital, and to place a substantial sum. to a Reserve Fund, after allowing for writing-off, depreciation, etc. The assets have been valued on a most conservative basis, and are of so solid and tangible a'character and easily convertible into money that even . tho most cautious investors will be safe in applying for , shares in'this Company. - ■ Tho stock also, being hi marketable condition, forms a liquid asset that can promptly be turned into coin, and its market value is considerably augmented on account of tho increase in the price of leather, hides, etc. . Bowron Bros, and Company, Limited, will hand over the business and •assets as a Koing concern to this Company; and tho Managers of tho various branches will be retained, as they are all * experienced men who havo proved their capability by long and efficient service. Special attention is drawn to the fact that 90,000 shares have been iinder- . written, thus assuring the immediate flotation of the Company. The business of the Company is safe, sound and profitable, and greatly increased profits may be looked for from the present branches and also from tho new ones to be opened in Sydney, Melbourne, Brisbane, and other parts of tho Commonwealth as may seem opportune to tho Directors. , ' The properties of-the Company are admirably situated, and efficient and frequent renewals have eliminated all useless and obsolete parts. The net profits for tho two years onding tho 30tli September, 1909, amount to £46,769, after making all prudent and necessary deductions. ' ■ Tho Shares of tho Company ought to go to a considerable premium on present earnings, and tlio undoubted prospects of tlie business. Investors are fortunate in being, offered this opportunity of investing capital in so sound and stable a concern, and should avail themselves thereof at once, and forward their applications for shares without delay! The Company will bo listed on the Stock Exchanges of: New- Zealand, Sydney, Melbourne, and Adelaide, thus giving investors a security which can be readily converted into cash. Cheques and applications may be. sent to the Secretary, or direct to the Company's Bankers in Sydney, Melbourne, Brisbane, Adelaide. Christchurch, Wellington, Dunedin, aud Palmerston North:, aud any of the Company's . brokers. . ■ Sydney, • August 10, 1910. ■ . '■ ■ , ; BOWRON BROS. AND COMPANY, LIMITED, .PROFIT AND LOSS ACCOUNT AT 30th SEPTEMBER, 1908 ■'(».. MONTHS). £ s. d. ' ' i . £ 6. dj To General Expenses, Office By Gross Profits, including Salaries; Directors and' Interest, Investments, Audit Fees'" 7,954 13 8 Primage, Bills of Lading, To Interest, Repairs, De- •' Kent, etc ; 54,755 11 7 preciation, Bad Debts, Ex- . ' . change, Discount, Cart- . . , ■ age, etc 18,721 16 8 To Balance. »■ 28,079 13 •£51,755 14 7 . .£54,755 U 7 PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING 30th SEPTEMBER, 1909; £ s. d. eJ; To General Expenses, Office ' By Balance brought for-' Salaries, Directors' and ward- from last year ...... 4,906 19 9 Audit Fees 8,942 7 1 By Gross Profits, including ' To Repairs, Depreciation, Interest, Investments, Bad Debts, Exchange, Primage, Bills of Lading, Discount, Cartage, etc. ... 19,265 1.11 7 Rent, etc. 46,918 10 3 To Balance 23,617 ,1 ( ' , .£51,825 10 0 , .£51,825 10 0 BOWRON BROS. AND COMPANY, LIMITED. TRADING ACCOUNT AT 30th SEPTEMBER, 1903 (H MONTHS). Wages and . Purchases. Exp'ses. ' Total. £ s. d. .C s. d. . £ s. d. To Stock on Hand at 31st July, 1907....... . 107,0749 2 To Tannery, Leather, Grindery, Fell- ' ■ ' . : . • mongery and Pelt 812,«B 11 G 24,050 0.8 To Merchandise Vv, u ' To Anchor Fence mu l oiriw s q Total Purchases *J°'°?' ° £ Total Wages and Expenses . : 24,000 » 8 Gross Profits ' i0 ' i 57 310 ■'.-.. . . .£388,439 2 5Sales. Total. - ' . . • ' £ s. d. £ ' s. d. By Tannery, Leather, Grindery, Fell- ' ___ mongery and Pelt •••••• •».«£ J- * By Merchandise • • M" f. .? By Anchor Fence _±lil-' . 30 3, 3 g t S S By Stock on hand at 30th Sept., 1003 ' SI.SSI 13 9 ; . . . X3SS.-139 2 5 TRADING ACCOUNT AT 30th. SEPTEMBER 1909. . Wages and ■• Purchases Exp'ses. Total. . £ s/d. .«E s. d. ■ £ s. d. To Stock on hand at 30th September, . ,„ jgOg ; 8i,804 13 9 210,733 7 9 22,816 137 ■' ' To Merchandise ?■„«„„ To Anchor Fence iQI - 1 13 18 3 Total Purchases m'iL \' Jj Total Wages and Expenses £.W0 11 ™ Gross Profit 3 '- 63 ' !l G JJ3C9.040 12 i Sales.. Total. JJ-β. d. £■ s. d. By Tannery, Leather, Grindery, Fell- • mon'Rory and Pelt • ''Ji'i'Jl , „ By merchandise • U 'i o .: ) 3 Hv AnMinr TVni'n ' '-' '' *" u> .vncnoL J.UHO 290,850 110 By Stock on hand at 30th Sept., 1909 ..,.;. ' 78,190 10 G £369,040 12 i