Page 4 Advertisements Column 2

Nelson Evening Mail, Volume VIII, Issue 262, 31 October 1873, Page 4

PROSPECTUS OP THE MOSGIEL WOOLLEN FACTORY COMPANY (Limited.) CAPITAL ... .1 ... £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, 10s per Share ; Allotment Call, 10s. 4000 Shares, £3 paid-up, retained by the Proprietors, 8000 Shares are offered to the Public. Provisional Directors : The Hon Robert Campbell, Esq, MX.A. John Carqill, Esq, (Messrs CargUl and M'Lean) E B. Cabgill, Esq Geohoe Cooke, 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, ML. A. Edward Hulme, Esq, M.D . James Kdlgoub, 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. Merison, Esq, J.P. Evan Prosser, Esq, (Messrs Kempthorne, Prosser, and Co) John Reid, Esq, of Elderslie, Commissioner of Waste lands Board G. F. Reid, Esq, Stafford-street John Roberts, Esq, M.P.C. CMessrs Murray, Roberts, and Co) Solicitors : , Messrs Macasset, Holbies, and Chapman, ' Bankers : The Bank of New Zealand and Branches Brokers: Messrs Gillies and Street, Princess-street, Dunedin This Company is projected for the purpose of purchasing the well-known Mosgiei Woollen. Factory, and for supplying the additional capital necessary to overtake the growing requirements of this the most successful industrial undertaking ever Btarted 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., their Accountant, after a careful examination of the " Firm'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 Importers, 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, thia 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 Agentß ; 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 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 beldnging to them, from the Mosgiei 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 coal, will be largely reduced. All preliminary expenses of starting this Company, up to its registration, wiil be paid by Messrs Burns and Co, so that the jentire 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 far 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 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, ahd 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 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 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 a true one, that the concern has proved remunerative m the bands of Messrs Burns and Co, and that there is no doubt, if equally well managed in the future, it will prove proportionably remunerative in its extended form. It may be mentioned that the great demand for the Mosgiei goods has arisen without the employment of travellers or any of the usual adjuncts for pushing such, 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. The success of the undertaking hitherto has been largely owing to the ability and energy of the working manager, Mr Smaile, whose services lor 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 cf the Company. It is proposed that pre-payment of calls, up to £3 per share, be received by the Permanent Directors from parties desirous of investing a definite sum at onoe, for which interest at the rate of 5 per cent per> annum will be allowed over and above any dividend accruing. The Share Ust will Close on Saturday, Nov. 1, 1873. Forms of Application can be received at the Bank of New Zealand, Dunedtu, and its b ranches, or from Mr WM. EVANS, 2698 Bridge-street, Nelson. #