Page 4 Advertisements Column 4

Manawatu Herald, Volume XXXI, Issue 480, 14 September 1909, Page 4

ABRIDGED PROSPECTUS OF THE WEST COAST STEAMSHIP & TEADING' COMPANY ETD. j CAPITAL £20,000, DIVIDED INTO 20,000 SHARES OP £1 EACH, FULLY paid-up Shares are to be allotted to the Vendor OuUU hereinafter named for its interest in the Properties being purchased by the Company, and also for the present business of the Vendor, and 16,500 are now open for subscription, payable as follows: —2s 6d per Share on application ;2S 6d per Share on allotment ; and the balance in calls of 2s 6d per Share at intervals of not less than two months. It is anticipated that not more than 12s 6d per Share will be required. Directors :—Robert McMurray, Gentleman, Wanganui; H, Crabb, Settler, Feilding; Robert McMurray, Junior, Merchant, Palmerston North ; Herbert Boagey, Merchant, Patea ; E. H. Crabb, Settler, Kimbolton ; David Buick, M.P., Palmerston North ; who will bold office until the statutory meeting of the Company, to be held not less, than one month, not more than three months, from the time the Company becomes entitled to commence business, at which meeting permanent Directors will be appointed. Bankers: —Bank of Australasia. Solicitors: Bell, Gully and Cooper. Interim Secretary ; R. E. Cuthbertson. Brokers: Sim and Sim. Auditors : (not yet appointed). The Company is being formed for the purpose of acquiring from McMurray and Co., Limited, of Palmerston North, its business, properties, plant, etc., as from the Ist July, 1909, and for the further development of the same, and for carrying on as a going concern the business connected therewith, and for the purpose of purchasing a Steamer to carry Coal, Merchandise, and Produce to and from the port of Foxton and other ports, and for the general carriage of Merchandise by sea. The purchase price of the properties has been fixed by the Vendor at £ll,500. At present there are mortgages on the property for £BOOO, and the Vendor will acccept £3500 in fully-paid-up Shares for its equity, handing over the properties to the Company. The stock and plant will be taken over at valuation and paid for in cash. No goodwill whatever is being asked for the business, although some of the agencies handed over are most desirable. The Vendor will retain all book debts and pay all liabilities, etc., and the present members of the Vendor Company will guarantee dividends at the rate of 6 per cent. per annum for the first two years. The properties (freehold) areas follows : —l. A new up-to-date brick building of two stories, known as “Britannia Buildings,” 50ft by 62ft, facing Main Street, Palmerston North, and one-storied portion, 70ft by 48ft, facing George Street, erected on part section 332 (lots 12 and 13), 50ft to Main Street by 132 ft to George Street. The rents now received from the portion of the buildings not occupied by the Vendor are £445 per annum. 2. Also leasehold of section 55, Main Street East, with frontage 132 ft and depth chains, together with grain store, engine shed, stables, and coal bins erected thereon. Rental £1 per week ; purchasing clause, £903 14s, on or before 7th October, 1909. Also railway siding connected therewith ; rent £26 per annum. It is estimated by independent valuators that this property is now worth £llsO. 3. Also site for wharf at Foxton. This is the only available site at Foxton which can be utilised for a wharf and bins without a large expenditure of money, and the goodwill of the lease can be safely estimated as worth at least £SOO- The Vendor Uas been carrying on business as Coal, Produce, and General Merchants in Palmerston North for the last ten years, and in order to cope with the rapid increase in business it has become necessary to extend facilities to meet same. It is proposed ; —l. To erect a wharf and storage at Foxton, and at other ports where thought advisable. 2. To purchase a suitable steamer or steamers. Estimates. —Steamer (if possible, to carry 300 tons on an Bft draught), £6500 ; wharf and coal bins at Foxton, say £SOO ; plant, about £SOO ; stock, about £1700; development, contingencies, and preliminary expenses, £IOOO ; erecting wharves and appliances at other ports where necessary, £I3OO ; total, ,£11,500. This will give sufficient uncalled capital to purchase another steamer when necessary, and it is almost certain that an additional boat will be required before the end of the first year. McMurray and Co., Limited, having acquired the sole agency for the Palmerston North, Foxton, and Patea districts for a coal of exceptional quality from the nearest possible point in the South Island, hold a practically unassailable position as regards the coal market of the district. It now only remains that.arrangements be completed for a quick and reliable means of transport, such as would result from their running steamers of their own. AGENCfES. —In addition to Puponga Coal, the Company has some first-class agencies, which will be handed over to the proposed Company, viz.—Paraffine Paint Company, Wilson’s Portland Cement Company, Limited, Greymouth Coal Company, Brunner Nuts, and Steam Coal, Norwich and London Accident Insurance Company, Australian Alliance Assurance Company. The minimum subscription on which the Directors will proceed to allotment is 6500 contributing shares. The Directors reserve the right to reject any applications for shares. Shares will be allotted only according to priority of applications. If the Company does not proceed to allotment all application money will be returned to subscribers without deduction. Copies of the full Prospectus and any further information may be ob tained from the Brokers.

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