Page 4 Advertisements Column 2

Nelson Evening Mail, Volume VIII, Issue 261, 30 October 1873, Page 4

PROSPECTUS OP THE MOSGIEL WOOLLEN FACTORY COMPANY (LnuTED.) 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. 1 Deposit on application, 10s per Share ; ! , Allotment Call, ) os. 4000 Shares, £3 paid-up, retained by the Proprietors, 8000 Shares are ofaW to the Public^ Provisional JDifatdcTs *f ' / Lv 'Q The Hon Rorert CAMPBEg£_E_q, M.L.A. John Caroill, Esq, (MessrsCargill aud M'Lean) E. 3. Carghjj, Esq t Geoege Cookjt,- Esq, Solicitors ' John Davie, Esq, M.P.C, (Messrs M'Landress, Hepburn, and Co) G. W. Elliott, Esq, N.Z. Insurance Company The Hon Matthew Holmes, M.L.A. j Edward Hulme, Esq, M.D. James Kilgour, Esq, Roslyn Martin, Esq, (Messrs R. B. Martin and Co) William Mason, Esq, J.F, (Messrs Mason and Wales) Andkew Mekcer, Esq, J.P., Mayor of Dunedin W. D. Merison, Esq, J.P. / T ;?"" Evan Prosser, Esq, (Mes^R-_npth©rne, Prosser, and Co) (/ I ~s John Reid, Esq, of Eldersliej^Commissioner of Waste Lands Board \y^ , G.F. Reid, Esq; StaS^d-street John Roberts, Esqfin.P.C. ("Messrs Murray, Roberts, and Co) Solicitors : Messrß Macassey, Holmes, and Chapman 1 Bankers : -Tfie Bank ofl-few... Zealand and Branches j Broktrs : ! Messrs GiLLrEs^and Stkbet, Princess-street, "sThis Company is projected f^r the purpose of purchasing the well-known Woollen Factory;>ivijfOTsupplyingthfe additipnai capital necessary to ovg-T_rir^hxf ; growing requirements of this the most successful U-dustrial undertaking ever started in this Colo_iy. The sole reason which hais induced Messrs Burns and Co to take this sttp is that they find the limited capital at their command prevents them, taking full advant/ge of the extensive market which the growing demand for their manufactures has unexpectedly opened up since they started. / An agreement has Keen entered into with Messrs Burns and Co ti sell to the Company as follows:— j 1. Their Machinery/and Plant at their actual cost, as certified by/ C. H. Street, Esq., their Accountant, after a/ careful examination of the Finn's Books and Vouchers, adding thereto 30 per cent for the rise in the trade price of all such machinery since its purchase. Messrs Briscoe and CO/ and Mr James Manning, Machinery LRppfters, in Dunedin, have certified that an addition of at least 40 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 Lands at the value as certified to by Messrs Mason and Wales, Architects, and Messrs Gillies and Street, Land Agehta ; and . 3. A Bonus of £2500 for the good-will of this highly remunerative and extensive business, amounting in all to £17,000. Of this amount Messrs Burns and Co wish to retain £12,000 in the Capital of the Company in 4000 shares, £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 £2 per share of calls on these shares, the same as other so that all shares will be on exactly the same footing. * Stock will be taken on the day the Company enters into possession, dnd the wool and other raw materials, and also the manufactured goods, as well as the book debts, will be taken aver at their fair value. Messrs Bnrns- 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 Baihvay, should such be required, but negotiations are now in progress whereby tbis may not be needed. When the works are connected with, the railway, the working expenses, especially in the matter of cost of coal, will be largely reduced. f 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 the new Company is constituted. The enormous advantages of the 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 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 confidently be 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 unfiiir 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 lor the accuracy of the statements made. .Inquiry and investigation by intending shareholders are desired and courted, as Messrs Gillies and Street are satisfied the more it is looked into the more shareholders will 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 Don .din. ' The Provisional Directors can state that they have examined into the details not here submitted to the public, that they are perfectly satisfied tbat the price asked is a fair one, that the reasoii assigned for parting with the property is a true one, that the concern; has proved remunerative in the hands of Messrs Burns and Co, and that there is no doubt, if fequally well managed in the future, it will prove proportionably remunerative in its extended form. , _ B ? la L b 8 mention€ d that the great demand for the Mosgiel goods has arisen without the employment of travellers or any of the usual adjuncts for pushing _uch trade. Until lately one set of machines only has been at work Now there are two, and a third is on its way from England. 3 The success of the undertaking hitherto has been largely owing to the ability and energy of the working manager, Mr Snaaile, whose services tor a term of years have 'been secured to the Company^ and who will retain a monetary 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 pre-payment of calls, tip to £3 per share, be received by the Permanent Directors from parties desirous of investing a definite sum at once, for which interest at the rate of 5 per cent per annum will be allowed over and above any dividend accruing. The Share List will Cloee on Saturday, Nov. 1. 1878. **...> Forms of Application can be received at the Bank of ISew Zealand, Dunedin, and ita branches, imp xroin •, Mr WM, EVANS, * m Bridge-street, Nelwn.