Page 1 Advertisements Column 4

Hokitika Guardian, 20 June 1923, Page 1

issue £ m •2 r V 102 First Mortgage Debenture Stock (Free of Income Tax, as hereinafter provided). APPLICATIONS WILL CLOSE ON OR BEFORE 9th JULY, 1923. II |a i gfj *1 m ■■ PROSPECTUS of it %\ Mrs /Sg \iA as teg P.V fcWSSs ' * “S s 0?, SHARE CAPITAL ft £500,000 LOAN CAPITAL: vj g , pSkpFli a 1 l *s»* 4C w 9 £1.500,000 a^xKsraaiaßg!BaMiM«!a TRUSTEE FOR DEBENTURE STOCKHOLDERS.—The New Zealand Insurance Company Limited, Queen Street, Auckland. DIRECTORS. —Charles Speight, Brewer, Dunedin; Robert William Mason Greennlade, Brewer, Dunedin; Hon. Charles Louisson, M.L.C., Brewer, Christchurch; Alexander Storrie Duncan, Company Secretary., Christchurch; Patrick Francis McEvedy, Medical Practitioner, Wellington; Thomas Madden, Company Secretary, At I red Seymour Bankart, Merchant, Auckland; Eliot Rypinski Davis, Brewer, Auckland. BANKERS.—Auckland: The National Bank of New Zealand Limited. Wellington: The Bank of New Zealand. Christchurch: The Union Bank of Australia Limited. Dunedin: The Bank of New Zealand. Gisborne- ibe Bank of Australasia. SOLICITORS.—NichoIson, Gribbin, Rogerson & Nic hoison. Auckland; Russel!. Campbell G l\L-\'Vagh, Auckland; Lane & Neave, Christchurch; Chapman, Skerreit, Tripp & Blair, Wellington; Lang & rate-son, Dunedin. AUDI I ORS.—Watkins, Hull, Hunt & Wheeler, Accountants’ Chambers. Johnston Street, V/elling!on. IN I ERIM SECRETARY. —Philip C. D. Luckie, Accountants’ Chambers. Johnston Street. Wellington. 10/S First Mortgage Debenture Stock. Applications are invited for the above mentioned £1,1)00.000 —10 per centum (li re of income ta.v, while and so long as the holder for iiie time being of such sloe!: shall lie resident in New Zealand) First Mortgage Debenture .--lock at par, p-uyabk- as follows: f,o',c on Application. Go'r on Allotm.nl. Application-; must be made in multiples of £lO, but the stock will lie registered and transferable in multiples of £l. This, v. iil afford Die suiaiic:.: investor an opportunity of participating in t!."- Issue. Failure to pay any instalment when due twill render the amount previously paid PROMPT As the Directors anticipate that this issue of First Mortgage Debenture Stock will be Quickly taken up, those who desire to participate are advised to make early application Applications may be lodged with any menibei of a Stock Exchange affiliated to the Stock Exchange Association of New Zealand, at any branch of the associated Banks operating in the Dominion, and at the Offices of any oi the Brewing Stocks (estimated at) .... .... 2'i.u‘j:: Goodwill .... .... .... .... .... 57 .500 GISBOUXM IiItEWEBV, D. J. Barry Limited. Freehold Properties and Buildings valued at £17,1-17 .... 1b,307 Machinery and Plant valued at £13,723 12.25! Brewing Stocks (estimated at) .... .... l'-,392 Goodwill .... .... .... .... .... 15,5(32 Alt K LA XD BE, MWERIKS. The Lion lliev.eiy Limilcd. Freehold Properties and Buildings valued at .£]2-1,052 1 d.. 7 i . Machinery and Plant, valued at £05,569 : < Brewing Storks (estimated at j . .. .... 31 v Goodwill .... .... .... .... .... !'.,12:i Hancock A Co. (Xov Zealand) l.imiled. Freehold Properties and Buildings valued ar £121.15 5 I'd-. 172 Machinery and Plant valued at £50,318 -leaf! Brewing Stocks (estimated alt .... .... 22.3.t.x Goodwill ... .... .... .... .... '15,5 c. it -• j 51 ■1 - nf' The said purchase consideration of £'! .f.uO.'H; ■ *••■: be paid or satisfied in manner following:—A:. to £ 1,000,000. being the price agreed lo be paid in res, of tie- Brewery Properties, Machinery and Plan, and Brewing and Untiling Stocks, in cedi. As 10 .C.TtXMIOEs. being Hie amount agreed to be paid to the Vendor:; r the goodwill of their respective businesses, by the issue to the respective Vendor:; of 500,(100 Shares of yi ce.-it as fully paid up. The minimum subscription upon which the Directors will proceed to allotment is fixed at. raViKiO shares. But shares are to be issued only as fully paid up shares: as tip- purchase consideration to Vendors. The proceeds of the present issue of l'i f ; First Mori sage Debenture Stock will lx: available for payment for Hie bn very properties, buildings, machinery, plant, and brewing ami bottling stocks acquired by the Company. Reasons for Sale. The present owners have decided to afford Hie public an opportunity of becoming financial!}' inter.-, hd upon fair and reasonable terms in the import:*:'! ami fel brewing indus.i vy 'is carried on is New Zealand. TieVendors have been induced to di.-pose of their ohi-e:; gb lislied and remunerative businesses in Hie manner k-.-jvin indicated so as to bring efi'n.i ce-uain re! -■ rich they are led to oeiiove ar-.- desired by the pub!- -. Oi.e of these reforms it i ; suggested is that of rdirdi hill" ■ hut lias hitherto lii-ri ••oiuended as being “a re-1 riet-.-d ,: onopoly." Without an amalgamation of the ebe. f inter) • it is impracticable to give efl'eel to tile tit- in of the public. The merger n >w propn--.e*l \ id enable tie public not only to become financially ic- 5 < .-1 it: Hi • industry in v.iiiih they are so direc-iiy cone. rm-d, l.u ! also to cbtr.in I lie particular beverage which they i:;:-., desire. Another reform that it is s-opiniom !v ei.pecl-d v. i.t be brought about will ii" in tlm dirw-tl ; if id-, iptile goodwills paid P: respect of !■■-!•.; u->;.••.! i>l •• reasonable amounts. I!itle.-rlo. wiih ti,e \anou-. !.- (inns in active compeliHen for avenue-- f.u- ila- <:• ion of their outputs, goodwills have I;e< t: paid for hot; : in excess of liodr intrinsic values, a po ition wide!:. •’:'.) a pulitic point of view, was not b* act'cinl. Wnii tlidi comp! lii ion removed, excessive goodwills ought 1 l:-> abolislicd: licensees slionld be in a position to *->«;..*n« t their businesses upon more reliable lines; and lie necessity of "lb - lug” public-houses as understood by the public should disappear. Profits. The brewery businesses to be acquired have hitherto provided the major portion of the total output <■' - -.- manufactured in New Zealand. The Vendor:; arc su !i.;i that they are selling to the new Company successful am! profit-earning businesses, hence their acceptance (>•• whole of the a>■•lount payable in respect of the good'. * 1 m tlieir business'-, i : a: - chares of Up.' (’ontpany oyer bn- : 1 iie Debenture Stockholders rank in priority hot 1 as regards payment of interest and repayment, of capital. Security Certified to by Reputable Valuers. Tiie brewery prop-riics and buildings i. a- ! by she Vendors :uul being sold by them to 111 - new Company uaye been valued as to the lands by valuers of repute in tite Chios in which they arc respective!;.- situated, and as to Hie buildings by repmsbie archil'?'-; s or builders. Copies of the valuations are shown in ts,-- Prospectns. 1 ho ; s.luations of brewery machinery am! plant have been revised, checked, and certified to by a committee < f experts ;-1 up by tlic Vendors coi-H-1 inw of .Me-: 1 ti. r i- ■ :-p‘ .- ill ‘ IH-t----edin). Alexander * *»:* i’ i»* Ituucaii (* hrisi: i;' i i"t*! -). ..si o Seymour Bankart (Auckland), and Frederick Segsr •. Wellington). at) I 1 :u'ir valuations may !••• relied upon a fair, uniform, and conservative values for machinery and plant, employed and in use in brewing- businesses. The total amount of assets supporting the D-bonture Stock issue amount to £l,l n 3.f>(i3, whereas the "Vendors are selling for £l,o(io.o'iO. Sound Management Assured. It. is proposed to continue tite respective Brewing businesses without break or interruption upon the lines which have proved so successful in the past. In order to provide for continuous expert management tin* gentlemen who have been appointed first Directors have been chosen from Vendor Companies, or at the Office of the Interim Secretary, Accountants’ Chambers. 39 Johnston street. Wellington, from all of which copies of the Prospectus and all information may be obtained. If no allotment is made the application money will be returned in full, but where the amount of the stock allotted is less than the amount applied for Hie balance those who have been for many years and still are in direct .control of the various businesses which are now the subof sale. Share Capital. The Company is not offering any Share Capital to the public a:; the whole of the Share Capital will be allotted its fully paid up to the Vendors. The Vendors, however, realise and anticipate that applicants for Debenture Stock may Wish to acquire, in addition to stock, shares in the Cmupuny. To meet any such desire the Vendors are prei to give lo each applicant for Debenture Stock the p iviiegc of purchasing from them at par one fully paid-up x> for every V 5 of Debenture Stock allotted to him. A.imicunfs for Debenture Stock who desire to exercise i;,*is privilege non: make separate application prior lo the x,i) o.iy of July, I T.;, for the shares they desire to purchase at par and accompany such application with the amount of the purchase money therefor. Other Breweries. it Is am.ieipaUd that owners of other Brewing, Bottling a..,; Mtihl.-.g businesses in New Zealand may hereafter ,! -):in -ell Hie same to the Company. If any of such rs are sufficiently profitable to warrant their i b; Company the Directors may decide to ii..tvhu3e the sat:.-- upon reasonable terms. General. Tne number of chares fixed by tlie Articles of Association as tin- qualiiiculion of a Director is 5,000. The provision in the Articles as to the remuneration of Director:; is that each Director shall be paid £SOO per annum and nu-ii fui'lhcr remuneration (if any) as the Compair shall it; general meeting from time to time determine. It. adi’iii.in to such remuneration each Director is entitled to be p ud by Hie Company all travelling, hotel and other ex pens.,; incurred by them in and about tite business of the Company, including their expenses of travelling to and from Board or Committee Meetings. Xope of Hie Directors is interested in the promotion oi D: - u x.j : n_\ ovepuL as shareholders in the following V. i.'baric.■ Sp. ! .;:;i! —1.02 U shares in James Speight & Co., |,i: pi.-,i. -mi ;;,2uo shares in W. SirniT.au & Co.. I.imitrc,', • 'oh-.vi William Mason C.reoasladc—ss'i shares in James .. Co., Uniited, and ir.n shares in V. Strachan & Co. I.mtitul. AU-xandor .Storrie Duncan—l,ooo shares in Ward and Company. Limilcd. lion. Citkfles Louisson, M.L.C. —2,000 shares in The Crown Brewery Company Limited. Thomas Madden —619 shares in J. Staples and Company l.imiled. lAurb Fr. r.cis McEvedy—3,3so shares in J. Staples and Company Limited. Alfred Seymour Bankart. —0.250 shares in The Campbell and Einrnfricd Company Limited, which holds 50,000 itharof in Ti-o I Jon Brewery TJmite Ei-ni Ii\;:::. : i i"i,-nm —l t',!> | in ordinary shares and 500 prof nee s,ban : iI !:im-r-cU it-Co. (New Zealand) Limited. T- > t',l’! share qiiali:i< :itinn as. Din-dors will be provided M;; !•!.-:! and Patrick Franc:.- McEvedy by J. a::.’, C.impan.v Limiu-u, ami for Alexander Slorrio D:iii! .. ime or more of Hie said Vendors of Hie Ciiristcif.ircii b: eweries. V!u (-...- .• y. Hi pay to recognised Brokers and a-*a.misted Bai.ks ailotment brokerage at tin? rate of one liar !:■ r. .‘mec. r.f e.iiotmonts made on applications for t • - !:* :•>•!.> Sdoel:. The g: r iminary f'-penses of and incidental to Hie ij...-, (■!’ Company ami tliis issue are estimated a: '. iT• ami will be paid by Hie Company. Tite Directors a-.-c i i.-f ii:;-,:: iuteres!ill ;-.s holders of shares in Vendor.i- i::-;-..v.vn Hie j’rorpectus. home of Hie. V- • m-iy : py -cm have power under their con--I :.i0...- t.• • ■.; ..y’, -j - Hu' .sale. . if any of the Vendors! have not. the requisite powers, they have agreed with all rv: 1 : -enable spoe«l to take the steps necessary to confirm i■ .- j.-. in Hie -vent of any Vendor being unable M 1"■ • > p* t:. •> iKsuc iif Debenture Bloc!: and S!::n'; ' i-,-o - ■ :! t.v iassets transferable by sucii Vendor wiL ijg - : r.em: -d. ; following material contracts or copies timreof may? be j;; q.. • i Dm Oiiices of Messrs. Wat I:ins. Hull, Hunti\ he;: . ■,--iif: d J Chambers, Jolinsxu ft rest, Wei* iiii.y-".:). Iw l Hs hours of 11 a.m. and -I p.m. on an* wo-.Kin: .hi* while t.ise ii--i remains open: Oi Agnietm gt <!, : .tcd the lltli day of June, 1923, mad*' !: • f ('•*., i,i:::ii.ed, W. Btradian & Co., Bin,* In & t.’o„ Limited. The Crown Brewery Com::::f.v.r.i:--iic V-’ard and Company, Limited, S.Manning am! may .ii-d. J. Staples and Cc.mpnnv Limited, ii. j. Barry,’ Limited, Tim Lion Brewery, i.C ited, and Ifitr.eoek £• Co. i New Zealand I l.iiniied. '■ itn Alf !•«•<: ,*),a-::::- Bunkari oi' Auckland, Merchant <;•.•■ Vr'isloo for the new Company). (2i A■:. ■■"!;• :-nt dated the 12th day of V'23. made betwc n tbe above named Vendors and The New Zealand Insurance Company Limited, containing an agreement by sure i.'.st-c.aincd Company lo guarantee the payment 'luring a j. -:-!■:(! of Three years of the interest payable to holder* of tb-.- Debenture Block driving such period, and an agreement on the part of such Vendors to deposit securities with the Guarantor covering Hie aggregate amount of the three years' interest, so guaranteed. t 3 j Copy of a draft Deed of Trust to bo executed by Tin- New Zealand Insurance Company Limited, declaring trusts in favour of Debenture Holders. of any application money will be appli .1 towards ti e install:* mu payable on allotment in respect of such stock and any fuuhar balance will be returned. The list of applications will close on or before Monday. the Oili day of -Inly, IO2G. This Prospectus lias been filed with the TJegistrar of Companies. Dated the 1 StH day of June, 1922. APPLICATION NECESSARY. HAINES