Prospectus KOS F B or V KBMI'THOIiNK, PItOS'SKE, & CO,, NEW ZEALAND I) KUO COMPANY (LTMriKDi. Head Okfice--Dunlin, To ho iucorpr»r»ft!(l under the Joint Stock Companies Act, 1800. CAPITAL £200,000, In 100,000 sharrn of £2 each, with power to increase. Of these, 50,0u0 only are now offered to the public, upon which it ia intended to call np 20s. per share, as follows :— Deposit payable on application, ss. per share ; on allotment, 5s per share; ss. per share three months after allotment, and ss. per share six months after allotment. Should the Directors deem it advisable to make any further call, three calendar months* notice of any such call will be given. 25,000 shares, fully paid tip, are to be taken by Messrs. Kemptborne, Prosser, aud Co., the remaining 25,000 shares * eiug reserved for future Lsue, as may be determined by the Directors. Provisional Directors : Robert Borrows, Esq., M.D., Dunedin J. G-. Black, Esq., Professor of Chemistry, Otago University Henry Houghton, Esq., Merchant, Dunedin F. C. Batchelor, Esq., M.R.C.S., Dunedin Benjamin Bagley, Esq, Chemist, Dunedin T. S. Graham, Esq., Merchant, Dunedin A. J. Fergdsson, Esq., M.D., Dunedin R. A. Low, Ksq., Merchant, Dunedin B. Hallenstein, Esq., Merchant, Dunedin T. M. Wilkinson, Esq., Chemist, Dunedin William Brown, Esq., M. 8., Dunedin M. Marshall, Esq,, Chemist, Dunedin Basil Sievwriqht, Esq., Solicitor, Dunedin R. S. Raymond, Esq,, Chemist, Dunedin C. A. Anning, Esq., E-q., Chemist, Dunedin Bobert Wilson, Esq., Merchant, Dunedin Wm. Elder, Esq., Chemist, Port Chalmers G J. Jeffrey, Esq., Chemist, Lawrence J. Harrop, Esq., Chemist, Lawrence J. V. Ross, Esq., Chemist, Christchurch G. Bonnington, Esq., Chemist, Christchurch Joseph Hatch, Esq., Chemist, Invercargill J. D. Hayes, Esq., Chemist, Invercargill E. G. Lane, Esq., Chemist, Oamaru 11. J. C. »■ dwards, Esq., Chemist, Oamaru D. Mclntyre, Timaru K. Watkins, Esq., Chemist, Timaru R. S. Cook, Esq., Chemist, Timaru C. D. Barradd, Esq., Chemist, Wellingtou J. A. Allan, Esq., Chemist, Wellingtou Edwin Plummer, Esq., Chemist, Wellington . J. Monteith, Esq., Chemist, Wellington Wm. Fife, Esq., Chemist, Wellington H. Brittain, Esq., Chemist, Wellington Frederick White, Esq., Chemist, Wellington Dr. Goldsbro, Auckland Dr. Boyntdm, Auckland Graves Aickin, Esq., Chemist, Auckland J. P. King. Esq., Chemist, Auckland H. Hamilton, Esq., Chemist, Auckland J N. Manning, Esq., Chemist, Auckland J. S. Wellsman, Esq., Chemist, Napier. Bankers : THE UNION BANK OF AUSTRALIA. Solicitors : MESSRS. SIEVWRIGHT & STOUT. Valuators and Auditors t N. Y. A. WALKS, Esq., W. BROWN, Esq. Interim Secretary : MR. JAMES HANNAY. This Company is projected for the purpose of acquiring the well-known Wholesale Drug and General Business now and for many years successfully conducted by Messrs. Kemptborne, Prosser, and Co., at Dunedin, Christchurch, and Auckland, and at Wellington under the style of “ Felton, Grimwade, and Co.” A preliminary agreement has been entered into between the firm and the Provisional Directors, resident in Dunedin, forth© sale aud purchase of the freehold and leasehold lands and buildings belonging to the firm, and nowused for the purposes of the business, at a price or value to be ascerb dried by the valuators, Messrs. Wales aud Brown. It has been arranged that the new Company shall take over the plant, machinery, fixtures, and entire stock-in-trade, at the actual cost to the firm, aud all other the assets aud liabilities of the firm. Orders in course of execution, and goods to arrive, are to be taken over at actual cost. The Company will also obtain the benefit of all the PATENT AND PROPRIETARY ARTICLES OU the same terms upon which these are now held, or manufactured by the firm, and also of all existing contracts and current business agreements which the Company will undertake and complete. The firm agrees to take shares to the value of £50,000, fully paid-up (inclusive of . 3750 shares allowed for the goodwill of the business). The Dunedin and Branch Houses are in full and complete working order, with good stocks, and all necessary appliances for carrying on an : extensive trade. Messrs. T. W. Kemptborne and Evan Prosser have consented to continue the management under the proposed new Company. The Wellington and Auckland branches are conducted by Messrs. T. Ancell and J. W. Henton, -who have been for many years in the service of the firm, and who are thoroughly competent and experienced men of business. The branches were established with a view to secure the local and general business of the firm’s ordinary customers, aud especially of the Chemists and Druggists throughout the Colony—objects which have been satisfactorily attained. The Factory at Lunedin ia managed by a duly qualified manufacturing Chemist of extensive European and Colonial experience. The Steam Plant, which is well worthy of inspection, is of the very best class, with the most approved drug grinding mills, and all modern appliances for the manufacture of chemical and pharmaceutical preparations. The Promoters confidently place this undertaking before the public as a hona fide paying investment, and In doing so would instance the advantage of securing an old established and lucrative business, with a large manufacturing and importing trade ia full operation, as contrasted with the risk generally attendant upon new mercantile ventures. The rapid advancement of the Colony opens a wide field for manufacturing industries in connection with this business, such as Sulphuric Acid Works, Artificial Manures, &c. It is therefore necessary that the present operations of the firm should be extended, for which a larger capital than the firm at present commands will be required. Although the amount of £IOO,OOO to be 'called up is a larger sum than the invested capital of Messrs. Kemptborne, Prosser, aud Co., yet the amount of money employed in the business, upon which interest was paid, was not much short of the amount now proposed to be called up, and therefore the promoters believe that—taking into consideration the Accountant’s statement as submitted in detail, also the fact that the firm have spent large sums of money in opening and organising their various Branches and Factory, and allowing for the increased trade which will doubtless be done under the auspices of the new Company—the Shareholders may depend upon getting regular and gpo<J dividends. « All the preliminary expenses iu connection with floating the Company are to be paid by Messrs. Kemptborne, Prosser, aud Go. ACCOUNTANT’S STATEMENT. “ I certify that Messrs. Kerapthorne, Prosser, “ and Co.’s books, from 2Sth January, 1869, to “ 31st .October, 1878, have been exhibited to “ me. They have been kept by double entry, “ aud systematically balanced on the 28th of « February of each year, the pr -fits being re- « gularly added to capital. The annual Stock “7.ists have also been produced. Balance“sheets from Auckland and Wellington were u a ] Bo exhibited, the former extending back to “1872 au.d these documents are clear and “ business-like, au d accompanied by returns of « gales, bills uudO r discount, and other details, “ so as to show the position of the Branch “ Houses at each bala. nc0 * “ I have taken out anu tabulated the results “ shown in the Dunedin Boo'^ 3 and the Balance--sheets referred to, and the profits “at the end of each financial with the “ sales made during the year, aud also with “ the Capital shown iu the hooka at th£ begin- “ ning of the year, and find the folloxviug “ average results for the four years ending 28th “ February, 1878: “ Ist. The net profits ou the cost value of the sales for the last four years equal 15*320 per cent. “ 2nd. The average net profits ou the average capital equal 23 08 „ “ WILLIAM BROWN. “ Accountant, “ Ist November, 1878.” Forms of Application for Shares can be obtained at the Union Bank of Australia and its Branches throughout the Colony; from |he Secretary, at the firm’s offices, Stafford-street, Dunedin; High-street Christchurch; Larabtonquay, Wellington; aud Shortlaud-strect, Auckland. Applications will be considered iu the order in which they are received. The Share List will close on the 30th No* vember instant.
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New Zealand Times, Volume XXXIII, Issue 5498, 9 November 1878, Page 3
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1,302Page 3 Advertisements Column 5 New Zealand Times, Volume XXXIII, Issue 5498, 9 November 1878, Page 3
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