Page 4 Advertisements Column 4

New Zealand Times, Volume XXXI, Issue 4879, 10 November 1876, Page 4

Prospectus Prospectus of the Wellington CITY TRAMWAYS COMPANY, LIMITED. To be incorporated tinder the Joint Stock Companies’ Act, 1860. Capita!, £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 ; 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, 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 the public an interest in their undertaking by forming it into a Joint Stock Company, and they dp 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 continue 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 Master-ton 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 Ouba-street to Ingestrestreet, and along Ingestre-street to Vivianstreet, and along Vivian-street to Cambridgeterrace roadway, ■ and along Cambridge-terrace roadway to Sussex-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 Drummond-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 deposits 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 Courtenay-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 (London) 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 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 Cars—a special feature being that the body of the Car will bo severed from the running gear by .india rubber insulators, whereby the noise of brakes, -wheels,,&c., is completely avoided. They will bold 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 -she-ls, 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 Company., The promoters have reserved to themselves out of .the above amount the sum of £3OOO to cover their disbursements, general and preliminary expenses, Brc. 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 excellent construction, general durability, and’ comfort and convenience in all its appointments,.be second to ho 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, and badly, constructed, while the arrangements for starting at stated periods are ■ very defective. Regularity in starting and running will ibe' one of' the main features of the' tramway,' and intending- passengers will be in a position ■to stop'a car at any point bn 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 against which there would be an expenditure of £9143, leaving a profit of £9os7—equal to a DIVIDEND OP OVER TWENTY. FEE cent.' PER Annl’m, on the capital of the company 4 and that this estiraate is ah exceedingly low one, may- be found in the fact that the statistics of • a V tramways show, that an .avelage;of t 5 per cent. of the gross receipts is amply sufficient to coverall expenses. ' 10. So .strongly are .the .promoters impressed , with thd satisfactory'and payable character of their undertaking,’that they hereby guarantee to each shareholder interest . on the amountOF THE CAPITAL INVESTED BV KIM, AT THE KATE of ten per CENT; PER , -Annum,’ fromithejdate of. the allot men t.of shares to the 31st Deoem-. b0r,1877, and payable half-yearly on the 3lst July, 1877,artd 3lst';January, 1878 and theyfurther- ■ guarantee--a— DIVIDEND OF not LESS thah ®«if‘ ! PEK bENB.-fo'rraBTEAR: 187,81 Due "and proper bonds- for 1 the carrying out.of this guarantee)'with' - such; substantial- security at- .’ - tached as fflay be 1 -'satisfactory ito'the'Bbard of Directors, will'-be- executed, by.'th&prbmoters as’ ‘soon.as the shareholders appoint the- directors ’of the company;- company ESTABLISHED INNKWCEALANDII AYE SOCHAbyANTAOEa ■ kver befoeh been offered: to shareholders,’ : 0 11. As ! -Ah investment no I undertaking has yet been -’submitted tbitheWelfington qiublio which- offers suoh’ an--undoubted and large return for. the: cipital embark'ed, tho whole history of tramway companies provirig conclusively that, with ordinary prudence,: moat; handsome diridends can be secured. The in-.