Page 4 Advertisements Column 4

New Zealand Times, Volume XXXI, Issue 4876, 7 November 1876, Page 4

Prospectus Prospectus of the Wellington . CITY TRAMWAYS COMPANY, LIMITED. . To be incorporated under the Joint , Stock Companies’ Act, 1860. Capital,' £40,000, in 8000 Shaves 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 ; 10s. three months after allotmentlos. six months after allotments 10s, nine months after allotment - ;'lQs. twelve months after allotment, and the balance in calls of not more than 10s. each at intervals of not less than three months from the date of the.call preceding. Promoters John. HendersonJ O.E. Charles O'Neill, O.E. Thomas Kennedy Macdonald. Bankers ; The Bank of New Zealand. Offices : Temple Chambers, Wellington. 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 tho-public ah interest in their under-' taking by forming it into a Joint Stock Company, and thhy do this from a conviction that, in such an important., matter as. .the safe‘and speedy carriage 1 to arid 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 atid active body of shareholders ; they; therefore, offer to each ! 'Citizen, by means of this Obmpahy. ah opportunity not only to share in the management and direction, taut in the profits of such an important interest. 2. The valuable concession for passenger and goods traffic obtained fronr the City Council by the promoters is for ten years, from the 29th day, of December, 187.7,-the Council at the end of that porks! having the right to purchase the works and line at a price to be agreed upon; failing which the promoters continue running the line, 3. The lino of Tramway is as follows: Starting from the; present station at Pipitea Point, in the City of Wellington, of the Wellington and Maaterton Railway, and proceeding from thence along Thorndon and Lambtonquays to Willia-itreet, -and along Willis-street to Manners-street, and along Manners-street to Cuba-street, and along Cuba-atreet to Ingestrestreet, and along Ingestre-street, to Vivianstreet, and along Vivian-street to Cambridgeterrace roadway, and along Cambridge-terrace roadway to Susox-square, and from thence along the northern, eastern, and southern sides of Sussex-square to the Adelaide-road, and along the Adplaide-road to a point at or near Drummond-street, and also along Grey-street from’Lambton-qray to the, east side of Custom House-quay. , , .; , 4. In order to supply the large .demand for sand now existing’ and likely to continue, it will be absolutely necessary, within a short period to extend the Tramway along Adelaideroad to Evans’ Bay. where the only sand deposits available for, the building trade in the city exist.. The revenue to bo derived from this source will be very large.' It will also be necessary to extend it along Courtenay-place to Majoribanks-strelt,'along Molesworth-street to and including Ti£akori r road, along Feather-, ston-atreet, conneotiag with Lambton-quay at two points, and alon£. other streets and roads that may be approved of.

3. The. promoters will place on the line at; start eight of Merryveather and Son’s (Lon-, don) Patent Steam Tram, Car "Engines, and fourteen of Stephenboa arid Co.’s (New York)' highly-finished Patent Tram Cars ; they will work, during the Srst six months, part of the Adelaide-read district alternately with engines and horses. The Patent Steam Tram - Car Engine is noiseless, smokeless, and free from any escape of stesm. It is also perfectly, safe, as explosion is absolutely impossible. The Tram Cars will be' of (wo sizes—7 feet, and 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—a special feature being that the body of (he Car will be severed from the running gear by india 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 car. The Goods Trucks will be admirably adapted for the purpose, and will carry two tons. 6; ThC contract for the construction of the line has already been let, and the contractor is under heavy penalties to complete the same on .or before the 29 th day of December, 1877 ; 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 active - 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. This amount includes the cost of Construction,, supplying the whole of the rolling stock, engines, cars, goods trucks, &o. ; 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 it commences running, and the whole of the preliminary and other expenses prior to the registration of the Com- : pany. The promoters have reserved to themselves out of the above amount the. sura of £3OOO to cover: their 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, it will, for faithful and ex-, cedent construction; general durability, and comfort and .convenience in alb its appointments, bo 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 public in return is admittedly insufficient, many of the cabs ’.being: small rimd badly constructed, while.the arrangements .for .starting at stated periods, are very -defective. l , 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 any point on the line - every ,-2£ minutes. The estimated revenue has been; carefully-, calculated, and, even with j the fares at 3d. each, it is believed that the,gross revenujuderiyedfrora passenger trafficpftlorio. wdl .he fully. £18,200 per annum ; against which, there wp.nld be an expenditure ~0f... £9l did,Heaving._ a- profit- of £9os7—equal to a dividend or over twenty per cent, per annum; oh the capital of the company ; and that this estimate is an exceedingly low one, may be found in the fact that the statistics of all tramways show that an average' bf-75 per cent, of 'the' gross, receipts is amply sufficient to cover all expenses,'; • 10. So strongly are the 1 promoters* impressed with the satisfactory and payable character of their undertaking,' that ( they;hei-eby guarantee to each shareholder on the amount OF THE CAPITA!. INVESTED BY HIM, AT THE RATE OF TEN PER! CENT. 1 PEh J ‘ANNUM, , from the date: of the allotment of 'sharcs to the 31et December, 1877, and payable’ half-yearly on the 31st July, 1877* and 31st Jumiaryj'lß7,B ’; .and they: further I guarantee a Dividend -of not Lias THAN TEN PER CENT. FOR'THE‘YEAR ,IB7B.' Due; and proper bonds for‘the’carrying out of this, guarantee, with, such- substantial security at-; taohed.as inay bo’ satisfactory to the Board of; Directors, will be‘ executed ’by I tbo promotora as sooh ’aslthe shareholders appoint the dirge-1 tors of the company. ’■ ’ In’nO" ooiiPANY estab •! LISIIEDIN NEW ZEALAND 1 HAVE SUCH ADVANTAGES ' EVER BEFORE BEEN OFFERED TO SHAREHOLDERS. ’ll; As an investment' no 1 undertaking has; yet been submitted to- the 1 Wellington-public: which offers such an undoubted and large! returh-ifor the capital embarked, the whole history of tramway’ companies proving conclusively that,’- with-* 'prudence, " most handsome dividends can be secured. The in-