Page 3 Advertisements Column 5

New Zealand Times, Volume XXXI, Issue 4870, 31 October 1876, Page 3

Prospectus. Prospectus of the Wellington CITY TRAMWAYS COMPANY, 1 LIMITED;. ; . To be incorporated under the Joint Sto'ck Companies' Act, 1860. Capital, £40,000,in 8000'Shares •of £5 each, ■ with power to: increase. '? The Promoters reserve to themselves the right to allot only 75 per cent, of the shares applied for. •; ’ ■ ; *■• ? Payments per share—ss. on application ; 10s. on allotment; 10s. one month after, allotment ; 10 s. three months after allotment; 10s. six months after allotment; 10s.'nine months after allotment ; 10a. twelve-months after allotment, and the balance in calls of not more than 10s. each at intervals of hot'.less than, three months from the date’of the call preceding. : - Promoters : • John Henderson, C.E; : - Charles O’Neill, O.E. Thomas Kennedy Macdonald. ' 1 ' ■ Bankers ; ■ ; i ■ 1 The Bant of New '• ! . , .Offices : 1 Temple Chambers, Wellington. : • , 1 1. At the pressing request of a large number ;of the residents: of ’.the City, the promoters of the Wellington City - Tramways have decided to allow the public ah interest in their under* : taking:by forming:itiinto.;a Joint Stock Company; and: they do this fromia conviction that, ’in such an important: matter-as: the safe and -speedy.carriage :tO and fro of passengers and goods in a large city, it is well: that such traffic •should, as far as possible, be under the control of.the-citizens> themselves,! to say nothing of: ,the pecuniary benefits—to the undertaking by having a large ’and I active : body of shareholders ; they, ; therefore,. offer to each citizen, jby means of this Company, an opportunity not only to shareiinthe management and direction, but in the profits of such an important interest. i 2. The valuable concession for passenger and goods traffic-obtained-from-the City-Council-•by the promotera-is for ten-years, from the i 29th day of December, 1877, the Council at the end of : that period-having the right to purchase the works *arid : lihO at a price to be agreed upon, failing which the promoters continue runhing'the line/- j/ f ’•' U: ••' ‘ *•’ I 3. The line of is as follows _ Starting'from; the present station at Pipitea ‘Pointy in the Oity'of Wellington, ofthe Wei* ■ lih’gtoh and Masterton'Railway.and proceeding: from thence along • Thomdon and'Lambton, ' quays to Willis-street,'. audi’along Willis-'street to Manners.street, and along Manners-street to ; Cuba-street, and along Guba-street to Ingestre- ; street, and along. :Ingestre4street to Vivian-street,-and-along-Viyian-street -to Cambridge- . terrace roadway,‘‘and along Cambridge-terrace ‘roadway to Sussex-squaro, and from thence • along the northern/eastern, and southern sides of Sussex-squarO’ to the ‘-Adelaide-road; - and : along the Adelaide-rbad to a•’ point at br near Drummond-street, and also along Grey-street from*Lambton-quay to the east side of Custom House-quay. ■ ' • ' 4. in ofder to supply: the large demand for sand how-existing 1 and likely- to continue,?it will- be absolutely necessary within: a. short period to extend the Tramway along'Adelaiderpad to Evans’ Bay, the'only sand deposits available for'the-building trade in the city exist. ' The'revenue to be "derived from this source will be very large.? - If will also be necessary to extend it along Cqurtenay-place to Majoribanks-street, along Molesworth-street to and including Tinakori-road, along Feather* ston-street,' connecting-with Lambton-quay at two points, and along "other * 8110618 and roads that may be approved of. 7 - 11 3. The promoters will place:on : the line at start eight of Merryweather and Son's (London)- Patent' Steam -Tram 1 Gar Engines,' and fourteen of Stephenson and Cp.’s (New York) ; highly-finished Patent " Tram ' Cars j 'they will work, during the’first six months, part of the 'Adelaiderroad district ralternately ; with engines arid horses.’' The Patent Steam Tram Car Engine is . noiseless, .smokeless, and free from any escape'of steam. ’ It is also perfectly safe, as explosion is absolutely impossible. .The Tram Oars will be of two Bizes—7 feet ’ahd .6 feet 6 inches wide, fitted with comfortable cushioned seats and backs,"and Will contain all the.valuable improvements known in the construction 'of Street" Cars—aspecial feature being that the body of the Car will he severed from the running gearby.lndia rubber insulators, whereby-the noise of-brakes, - wheels, &c., is*completely avoided,* They will Hold 22 and 14'passengers respectively. ; The saving of the Steam Tram Car Engine, as against horses, is calculated-at-fully£3oo :a-year.for~each oar; The Goods Trucks will’ be 'admirably adapted for the purpose, and will carry two tons? 6. The contract. construction of .the line -has' already been let; and the contractor is under heavy penalties to complete the same on or before the 29th : Hay of . December; and as the whole of the other arrangements for the, complete running of the Tramway have been . made,- the promoters’, guarantee that it will be in-'Sctive operation; not later than the month of December, : 1877;; : they hope to complete it considerably'before that date.,’ •* . - 7. The entire cost of the' Tramway to the Company will .be £39,692.V? This amount includes the cost of construction, supplying the whole of the rolling stock, engines, oars,, goods trucks, &c. ; about one acre of freehold land on the Adelaide ; road, - large and commodious station, engine sheds, stables, tools, stores, &c., the complete maintenance ' of the, line for , twelve months from the day 1 it commences running, and the whole of. the preliminary and'other expenses prior to the registration of the Company. The promoters have reserved to themselves but. of : the above: amount, the sum of £3OOO to cover iheir disbursements; ‘ general and preliminary expenses, &o. . 8. The promoters, from the time and attention they have given to the whole question of tramways, are justified in saying that when the line is complete,, ft will, for faithful: and excellent construction,, general, durability, and comfort and convenience in all,, its appointments, be second to no. tramway line in any city in the world. , ...9. The present passenger traffic in the city .of Wellington is very large, there being about 50 cabs and carriages running, 42 having been licensed last year. • Careful, calculations have been made as to the revenue derived-by the cab proprietors, and it is estimated that over £12,000 per annum is received by them in fares ; the accommodation afforded to’the pub-: lie in return is admittedly, insufficient, many of the cabs being: small and badly constructed, while the arrangements for starting at stated periods are. very (defective, i Regularity in starting and running will be one of the main features of‘the* tramway, and'intending passengers will be in *a ■ position to stop a car at 1 any point on the line every 2 | minutes. The, estimated revenue has bean carefully calculated, and, even with’the ; fares'at'3d: each, it! is believed that ?the gross revenue derived from • passenger traffic alone will be fully £18,200 per annum ; against‘ which there would bo an expenditure of £9148, leaving a profit of; £9os7—equal to a DIVIDEND OF OVER TWENTY percent; per annum, on the capital of the company ; and that this estimate is an* exceedingly low one, may' ! be found, in'the’Kot that the statistics of ail tramways show* that an average of 75 per cent, of the gross receipts is amply sufficient to cover all expenses. . "10. So’strongly’are the promoters impressed; with the satisfactory 6nd payable character of their undertaking, that they hereby guarantee; to each’shareholder intbbest on-the amount ■ OP THE 'CAPITALIN VESTED' BY HIM, ATTHE 'RATE OP TEN PER CENT. PER ANNUM, from the date of the allotment of shares to the 31st December, 1877, and payable, half-yearly on the Slst, July, 1877, and 31st January, 1878 ; and they further guarantee: a dividend op not less THAN TEN PER CENT.-FOR THE YEAR 1878, VPue; and proper bonds for the carrying out of this guarantee, with such substantial ‘security ht-; tached as may be satisfactory to the Board of Directors, wiU 1 bo executed by the promoters as soon ns tho shareholders appoint the disec-; tors of >the company. ,In no' company .EstabDISHED IN NEW ZEALAND HAVE SUCH ADVANTAGES EVER BEFORE BEEN OFFERED TO SHAREHOLDERS. . '. 11. As on investment no. undertaking has yet-been submitted to the Wellington public which offers such an undoubted and large return, for. the capital'embarked,;,the whole history of tramway companies proving conclusively that, with ordinary prudence, most handsome dividends, can bo secured. The in*