Page 4 Advertisements Column 4

New Zealand Times, Volume XXXI, Issue 4877, 8 November 1876, Page 4

Prospectus Prospectus of the Wellington CITY T HAM WAYS COMPANY, LIMIT KD. To be incorporated under the Joint Stock ■ Companies’ Act, 1860. Capital, £40,000, in 8000 Shares o£ £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; 10a. one' month after allotment ; 10s. three months after allotment; 10s. six months after allotment; 10s. nine months after allotment; 10s. 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 Henderson, C.E. Charles O’Neill, C.E. Thomas Kennedy Macdonald. Bankers ; The Bank of New Zealand. Omcia: 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 the public an, interest in their undertaking by forming it into a Joint Stock Company, and they do this from a 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 active body of shareholders ; they, therefore, offer to each citizen, by means of this" Company,'an opportunity not only to share in the management and direction, | but in the profits of such an important interest. 2, The valuable concession for passenger and' goods traffic obtained from the City Council by the promoters is,; for ten years, from the 29th day of December, 1877, the Council at the end of that period having the right to purchase the works and line at a price to be agreed upon, failing which the promoters con-, .tinue running the line.' 3. The line of Tramway is as follows: Starting from the present station at Pipitea Point, in the City of Wellington, of the Wellington and Masterton Railway, and proceeding from thence along Thomdon and Lambtonquays to Willis-street, and along Willis-street to Manners-street, and along Manners-street to Cuba-street, and along Cuba-street to Ingestrestreet, and along Ingestre-street to Vivianstreet, and along Vivian-street to Cambridgeterraoe roadway, and along Camhridge-terrace roadway to Snssex-square, and from thence along the northern, eastern, and southern sides of Sussex-square to the Adelaide-road, and ; along the Adelaide-road to a point at or near Druminond-street, and also along Grey-street from*Lambton-quay 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 de- , posits available for the building trade in the city exist. The revenue to be derived from this source will be very.large. It will also be necessary to extend, it along Courtehay-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 streets and roads that may be approved of. 3. The promoters will place on the line at start eight of Merry weather and Son’s (Lon-, don) Patent Steam Tram Car Engines, and fourteen of Stephenson and Co.’s (New York) highly-finished Patent Tram Cars ; they' will work, during the first six months, part of the Adelaide-road district alternately with engines and 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 1 Tram Cars will be of two 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 Cara —a special feature being that the body of the 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. The 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 29th 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, &c. ; about one acre of freehold land on the Adelaide-road, large and commodious station, engine sheds, stables, tools, stores, &0., 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 Company. The promoters have reserved to themselves out of the above amount the sum of £3OOO to cover their disbursements, general and preliminary expenses, &e. 8. The promoters, from the time and attention they have given to the whole question of tramways, are justified in saving that when the line is. complete, it will, for faithful and ex• cellent construction, general durability, aud comfort, and convenience in all its appointments, be second to no tramway lino in any city in the world. 9. The present passenger traffic in the city of Wellington is very largo, 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.publie 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. 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 2J minutes. The estimated revenue has been 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'i- against..which there would be aii expenditure of £9143, leaving a profit of £9os7—equal to a dividend op 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 fact that "the statistics of ad 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 and payable character of their undertaking,-that they hereby guarantee to each shareholder interest on the amount OP THE CAPITAL INVESTED DY HIM, AT THE RATE OP 'TEN: 1 PER CENT.;- 1 PER ANNUM, from the date .of the. allotment’of. 1 shares to the 31st December, 1877, and payable half-yearly on the 31st July, 1877, and 81st January, d§ 7.8 ; and they further , guarantee a’ dividend of not less THAN TEN PER CENT, FOR THE YEAR 1878. Du© 'and proper bonds for.the; carrying out. of this guarantee, with’ such‘substantial security attached os may be satisfactory: to the Board of ; Directors, iwiU bo executed by the promoters as soon as the shatehdlders appoint = the directors'of the companyln no*? company established iN NEW ZEALAND HAVE SUCH ADVANTAGES EVER BEFORE.HIiEN ; OFFERED jTO SHAREHOLDERS. 1 11. As an investment no undertaking .has yet been submitted to the Wellington public which offers such an undoubted and large return for tlm/capital embarked, ; the whole history of tramway -companies proving conclusively that, with ordinary prudence, most handsome" fctwi >be seemed. The in-