Page 4 Advertisements Column 3

New Zealand Times, Volume XXXI, Issue 4878, 9 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 Shares of £5 each,, ■with power to increase. , The Promoters reserve to themselves the right, to allot only. 75 per cent. of. the shares' j applied for. ' f ,.. .. . Payments per share—ss. on application ; 10s. on allotment; 10s. one month after allotment 1 ;.; IDs. three months after allotment; 10s. six months after allotment ; IQsI nine months after allotment; 10s. twelve months after allotment,; and the balance in calls of not more than 10s. each at intervals of not leas than three monthsfrom the date of the call preceding.. . i Promoters : -i > John Henderson, C.E. Charles O’Neill, C.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 the public an interest tin' their undertaking by forming it into a Joint Stock .'Cdm-f pany, 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 jot 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.; t 2. The. valuable concessiohior passenger and goods traffic obtained from ■ the City. Council, jby, the. promoters is for ten years, from the ;29th day of December, 1877, the. Council 'ati "the end! of that period having the .right to the works and line, at a price to be ■ agreed upon, failing which the promoters con-'■ tinue running the line. , : . , ■.'. 1 ' 3. The line of Tramway isVas follows: [Starting from the present station at Pipitea ; Point, in the City of Wellington, of the Wei- ’ lington and Masterton Railway, and proceeding (from thence aWg .Thomdon 1 and IJarablon- : quays to Willis-street,-and along Willis-street !to Manhers-street, and along Manners-street to Cuba-street, and along Cuba-street to Ingestre- ; street, .and along Ingestre-street to Vivian--1 street, and along Vivian-street to Cambridgeterrace roadway, and along Cambridge-terrace roadway to Suasex-aquare, and from thence : along the northern, eastern, and southern sideaiof , Sussex-square to the Adelaide-road, and | along the Adelaide-roacLto a point at or near i Drummond-street, and also along Grey-street : from’L.ambton-quay to the east side of Custom House-quay. ■ v ■ ■4. In order to supply the large idemand for , sand now existing and. likely to continue, it will be absolutely necessary within a short period to extend the Tramway, along Adelaide- ■ road to Evans’ Bay, where the only sand de- ■ posits available .for the: building trade in the I city exist. The revenue to be derived from this source will-be very large. -It will-alao be necessary to extend it along Courtenay-place to Majoribanks-street, along Molesworth : street j to and including Tinakori-road, along Feather- ; ston-street, connecting with Lambton-quay at , two points, and along other streets and roads I that may be approved of, : ; , ,i ;

3i The promoters will place on ihe'line at i start eight of Merryweather 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 i will work,- during the first six-months; part ' of. the Adelaide-read district 1 -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 Tram Cara will be of two sizes—7 feet and’6 feet 6 inches -wide, fitted with 5 comfortable cushioned seats and backs, and will contain all the valuable improvements known in the con- ’ I struction of Street Cars—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. r 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 coat, of the Tramway to, the Company will be £39,692. This amount includes the cost of construction, supplying the i whole of the robing 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, &c., the complete maintenance of the line for twelve. . months from, the day i it commences running , - and the whole of the preliminary and other expenses prior, to the registration mf the Company. The promoters have reserved to themselves out of. the above amount the sura of' £3OOO to cover their disbursements, > general and preliminary expenses, &c. . , 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’cellent -construction, - general durability, and [comfort and convenience in all its appoint- : ments, 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 I fares ; the accommodation afforded to the public 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 (hat the gross revenue derived from [passenger traffic alone will be fully £18,200 per annum ; against which there! would be an expenditure ‘ of £9143, leaving a .profit of, [£9os7 —equal to a dividend of over twenty [per cent, per annuN, on the capital of the [company'; and that this estimate is an exceed-. |inglyj Ipw one, may .be; found iiu the fact that [the statistics of all tramways show that 'ah average of 75 per cent. of. the gross receipts is [amply sufficient to cover all expenses. , 10. &o strongly arp the promoters impressed .with the satisfactory, and payable character of their undertaking,'that they hereby guarantee [to each shareholder interest on the amount [of tub capital invested,ny.HlM, AT■ the bate op ten per, cent, per ANNUM, from.the,date, of the allotment of shares to the 31st Decern,-, her, 1877, apdpayable .half-yearly pn.the-31st July, 1877, and 31st January, 1878 ; and.tbayc [further guarantee a fDiyxpEND OP NOT‘less [than ten;per cent, for.thb Due; ■ and proper bonds for the, carrying, out of this guarantee, With such-substantial security attached as may be satisfactory ,to the Board,of [Directors, will be executed by the promoters [as soon as the sharoholdera appoint the directora of the company. . In NO company estabLISHEDIN NEW ZEALAND HAVE SUCH ADVANTAGES, 'EVER BEFORE BEEN, OFFERED,TO SHAREHOLDERS. 11;,,As an investment np.undertaliingjbaß. iyet been, submitted to the. TYeUingtba which offers such .an- mnioubted aud .Jarga, return (or .the papital embarked,'[the, whole, history of tramway companies proving opnolu- ’ sively that, with ordinary, . prudonccj, most j [handsome dividends can, bo secured; The in-