LICENSING REFORM.

Hokitika Guardian, 22 June 1923, Page 2

LICENSING REFORM.

——x BREWERS TAKE ACTION. PROFITS AND BENEFITS FOR PUBLIC. In order to bring into effect coitain reforms which it is believed are desired by the public, the owners of ten of tin- largest New Zealand brewer.es have been induced to dispose of their businesses to a new Company known as New Zealand Breweries Limited. This movement affords everyone an opportunity of becoming linaneiallv interested in the important and renin nonilive brewing industry, for C 1,000.000 TEN PER CENT. First .Mortgage Debenture Stock is now offered to the public. The amalgamation affected will dispose of what has been called “a restricted inr-nopiily*’ and will also assist to limit the goodwills of hotels to reasonable amounts. With competition removed, the necessity ol “tie-iug ] übliehouses, as understood by the public, should disappear. However, it is the direct financial advantages that chiefly eoirerii intending invcstois.

Ton per cent, interest, payable quarterly, free of exchange and free of income lax. as provided in the prospectus— this is the handsome icturii offered to participants. Interest for three years is guaranteed by the N.Z. Insurance Co.. Ltd., which Company is also Trustee for Debenture Holders in respect to the First Mortgage on the properties and assets of the Company. Read Jnl! particular#. Prospectus may be obtained from, and applications fer Debentures nifty be made to any member of a Stock Exchange affiliated to the Stock Exchange Association of New Zealand, fhe local Banks. Offices of any of the Vendor Companies, or the Ti|terini (Secretary. Accountants’ Chambers, 39 Johnston Street, Wellington.- *