Page 3 Advertisements Column 3

Evening Star, Issue 3326, 17 October 1873, Page 3

PUBLIC COMPANIES. PROSPECTUS OF THE Mosgiel woollen factory COMPANY (LIMITED). Capital, £60,000, with power to increase, In 12,000 Shares of £5 each, of which it is proposed to call up £3, in sums of 10s, extending over one year. Deposit on application, 10a per Share j Allotment call, 10s, 4,000 Shares, £3 paid up, retained by the Proprietors. 8,000 Shares are offered to the public. PROVISIONAL DIRECTORS : The Hon. Robert Campbell, Esq., M.L.A. John Cargill, Esq. (Messrs Cargills and M'Lean). George Cook, Esq., Solicitor. John Davie, Bsq., M.P.C. (Messrs M'Landress, Hepburn, and Co.) G. W. Eliott, Esq., N.Z. Insurance Company. The Hon, Matthew Holmes, M.L.A. Edward Hulme, Esq., M.D. James Kilgour, Esq., Roslyn. R. B. Martin, Esq. (Messrs R. B, Martin and Co.) William Mason, Esq., J.P. (Messrs Mason and Wales). Andrew Mercer, Esq., J.P., Mayor of Dunedin, W. D. Mnrison, Esq., J.P. Evan Prosser, Esq. (Messrs Kempthorne, Prosser, and Co ) John Reid, Esq., of Eldcrslie, Commissioner cf Waste Land Board. G. F. Beid, Esq., Stafford street John Roberts, Esq., M.P.C. (Messrs Murray, Roberts, and Co.) SOLICITORS: Messrs Macassoy, Holmes, and Chapman. bankers: The Bank of New Zealand and Branches. brokers: Messrs Gillies and Street, Princes street, Dunedin. This Company is projected for the purpose of purchasing the well-known Mosgiel Woollen Factory, and for supplying the additional capital necessary to overtake the growing requirements of this the most successful industrial undertaking ever started in this Colony. The sole reason which has induced Messrs Burns and Co. to take this step is that they find the limited capital at their command prevents them taking full advantage of the extensive market which the growing demand for their manufactures has unexpectedly opened up since they started. An agreement has been entered into with Messrs Burns and Co. to sell to the Company as follows : 1. Their machinery and plant at their actual cost, as certified by C. H. Street, Esq., Accountant, after a careful examination of the firm’s books and vouchers, adding thereto 30 per for the rise in the trade price of all such machinery since its purchase. Messrs Briscoe and Mr James Manning, machinery importers, in Dunedin, have certified that an addition of at least forty per cent, would have been justified ; and it is submitted that, in the absence of parties competent, or at least well enough, known, to make a direct valuation of any weight with the general public, this is the fairest mode of arriving at values. 2. The buildings and laud at the value as certified to by Messrs Mason and Wales, Architects, and Messrs Gillies and Street, Land Agents ; and, 3, a Bonus of L2.5G0 for the goodwill of this highly remunerative and extensive business, amounting in all to L 17,000. Of this amount Messrs Burns and Co, wish to retain L 12.000 in the capital of the Company Jin 4,000 shares, L 3 paid up, and as an evidence of their faith in the future prospects of the concern. They will thus be liable for the remaining L2 per share of calls, the same as other shareholders, so that all shares will be on exactly the same footing. Stock will be taken on the day the Company enters into possession, and the wool and other raw materials, and also the manufactured goods, as well as the book debts, will be taken over at their fair value. Messrs Burns and Co. will also grant the privilege, free of charge, of constructing and using a Tramway through other lands belonging to them, from the Mosgiel Works to the Southern Trunk Railway, should such be required, but negotiations are now in progress whereby this may not be needed. When the works are connected with the railway, the working expenses, especially in the matter of cost of coals, will be largelyreduced. All preliminary expenses of starting this Company, up to its registration, will be paid by Messrs Burns and Co., so that the entire capital, as shown in the subjoined account, will be available on the day that the new Company is constituted. The enormous advantages to a Joint Stock Company of entering into possession of a large manufacturing business, in full operation, on a definite date, without preliminary expenses, or waiting for erection of buildings, importation of plant, or all the risks and delays incidental to the starting of a new concern, will be at once apparent. Profits will accrue from the very day the expenses of the Company begin, and it may be confidently said that seldom anywhere has such a property been acquired on terms so advantageous. It is obvious that it might materially injure the future prospects of the Company, and be unfair to Messrs Burns and Co., to reveal publicly the profits hitherto made, or the details of costs and values ; but bona fide investors can obtain ample information on these points from Messrs Gillies and Street, who, after a thorough and searching investigation of the whole matter, pledge themselves for the accuracy of the statements made. Inquiry and investigation by intending shareholder are desired and courted, as Messrs Gillies and Street are satisfied the more it is looked into the more shareholders W'ill be satisfied that they are being fairly dealt with, and that no more legitimate or remunerative outlet for capital, or one presenting better or more extensive future prospects, has ever been offered in Dunedin. The Provisional Directors can state that they have examined into the details not here submitted to the public, that they are perfectly satisfied that the price asked is a fair one, that the reason assigned for parting with the property is the true one, that the concern has proved remunerative in the hands of Messrs Burns and Co., and that there is no doubt, if equally well managed in the future, it will prove proportionately remunerative in its more extended form. It may be mentioned that the great demand for the Mosgiel goods has arisen without the employment of travellers or any of the usual adjuncts for pushing such trade. Until lately one set cf machines only has been at work. Now there are two, and a third is on its way from England. The success of the undertaking hitherto has been largely owing to the ability and energy of the working manager, Mr Kmaile, whose services for a term of years have been secured to the Company, and who will retain a money interest in the concern. Mr A. J. Burns also will, if desired, still continue in the business management of the Company. It is proposed that prepayment of calls, up to L 3 per share, be received by the Permanent Directors from parties desirous of in