Page 3 Advertisements Column 2

New Zealand Times, Volume XXX, Issue 4491, 11 August 1875, Page 3

Public Companies. J) K O S P E C T U S. THE LOAN AND INVESTMENT COMPANY OF NEW ZEALAND (Limited.) Chief Office ; CHKISTCHUECH. Ultimate Capital—£ooo,ooo in £2O Shares. PROVISIONAL DIRECTOES : Messrs. George Gould, Christchurch Andrew Duncan, Christchurch P. Cunningham (P. Cunningham and C 0.,) Christchurch F. J. Garrick (Garrick and Cowlishaw) Christchurch F. E. A. Graham, Christchurch George Hart, Christchurch Phillip Hamner (Hanmer and Harper), Christchurch John Inglis (Matheson’s Agency), Christchurch Patrick Laurie, Christchurch Tv. M. Morten, Christchurch Thomas W. Maude, Christchurch W. N. Milton, Christchurch L. E. Nathan (L. E. Nathan and Co.), Christchurch The Hon. J. T. Peacock, Christchurch ' Dr. H. H. Prins, Christchurch E. C. J. Stevens (Harman and Stevens), Christchurch George G. Stead (Koyse, Stead and C 0.,) Christchurch C. W. Turner, Christchurch C. F. Todhunter (Vincent and Co.), Christchurch Pvobert Wilkin, Christchurch J. B. Way, Christchurch W. D. Wood, Christchurch With power to add to their number. Trustees and Auditors, To be elected at the first general meeting, together with the permanent directors. Secretary pro. tem. : Fredk. E. A. Graham. Bankers : The National Bank of New Zealand (Limited.) First Issue, £200,000, in 10,000 Original Shares. To be incorporated under the Joint Stock Companies 1 Acts, with limited liability, and with power to increase. The amount called up will be £5 per share, payable as follows : —ss. on application, ss. on allotment, and in calls not exceeding ss. per share, at intervals of not less than one month, unless decided otherwise by general meeting. Pre-payment will be accepted upon such terms as the directors may to time determine. The preferential right is reserved to the holders of the original shares to subscribe for an equal number, which may be issued if desirable upon the increase of business, but only at such dates and upon such terms as to premium, &c., as may be fixed by general meeting of the shareholders. The remaining 10,000 shares are intended to be offered in London.

This Company is established not only for transacting the ordinary business of Loan Companies with respect to landed property, but also with a view to making advances repayable by instalments as in Building Associations, a style of advance profitable and also safe by reason of the gradual reduction of the loan. That there is ample room for the present Company without interference with existing institutions is shown by the fact that the latter are unable to supply the increasiug demand for money at advancing rates. The further objects of this Company are to receive monies at interest on deposit and by the issue of debentures. The principle of the payment of capital by moderate instalments is adopted as providing for the gradual progress of business, and as forming a convenient mode of investment for shareholders. It is somewhat singular that no organisation has hitherto been formed in the province of Canterbury, suitable alike for large as well as for small investors, and yet the latter have by association in Building Societies under many disadvantages achieved more profitable results than the largest individual capitalists. _ Such societies, however, while of great service in promoting settlement and being at the same time sources of considerable profit to investors, are open to various objections. The shares are of uncertain value, and unmarketable in their nature. Investors who may be desirous of realising are met with the difficulty caused by the absence of a standard market value, and consequently are compelled either to hold or perhaps to quit at a loss. The advances are almost confined to town property, and are upon the principle of gradual repayment only ; while the security of rural land is usually preferred by investors, and many borrowers desire fixed terms of two years and upwards. It may also be here mentioned that the latter style of advance in fixed sums under £3OO (which commands the highest rate of interest) is not usually undertaken by the Loan Companies hereafter referred to. While the adoption of gradual payments of share capital will enable those persons who have hitherto invested only in Building Societies to join this Company, there are many persons in the community whose means permit of their investing larger amounts, and to whom, therefore, this Company will commend itself, as placing their capital upon a convenient and readily realisable basis, free from trouble in management and delay in investment. In the receipts of deposits at interest, and in the issue ox debentures, this Company affording, as it will, thorough security with the most convenient arrangements, may confidently expect public support. Perhaps it is unnecessary to dwell upon the safe and profitable nature of loan business, particularly in the province of Canterbury ; the following information (taken from the latest issue of Westgarth’s “Colonial Securities Circular,” dated, London, 11th June, IS/5) will, however, exhibit the prosperity of the two Companies in business here. New Zealand Trust and Loan Company, Limited—Nominal capital, £500,000 ; paidup, £IOO,OOO. Shares Nominal amount, £25 ; paid up, £5. Value —£7 ss. to £7 15s. Shares ou London Register, £142,175. Average dividend per annum during last ten halfyears, 10 per cent.; reserve fund, £42,000. Trust and Agency of Australasia, Limited —Nominal capital, £500,000 ; paid-up, £50,000 (and £103,000 at 0 per cent, preferential interest only). Shares Nominal amount, £lO ; paid-up, £l. Value—£l 15s. to £2 ss. Shares ou London Register, all. Average dividend ou original shares during last ten half-years, 20 per cent, per annum ; reserve fund, £50,000. As shown by the large sums of undivided profits wisely reserved, the actual rates per cent, per annum earned by the above Companies have considerably exceeded the dividends declared. The provisional directors anticipate that, with the advantages of local influence and an increasing field for investment, a fair measure of success may also ho enjoyed by this Company, and its original shares become highly valued. The worldng expenses will be adapted to a growing business, and based upon the lowest scale consistent with efficiency. The evident opening for a local institution of a more convenient nature than those existing, calculated to combine the advantages before stated, and to admit of any expansion which may be found suitable, has decided the provisional directors in undertaking its formation. Deposits on any applications for shares not allotted will be returned in full. Applications, with deposits, will he received on and after Saturday, the 7th inst., at the various branches of the National Bank of New Zealand (Limited).

Hotels. PANAMA HOTEL, Taranaki-street, WM, LIGHT, Proprietor. Superior accommodation for families, permanent boarders, and visitors to Wellington, One of Thurston’s best billiard tables on the premises. Good stabling.