Page 3 Advertisements Column 7

New Zealand Times, Volume XXXIII, Issue 5522, 7 December 1878, Page 3

Prospectus Prospectus OP KEMPTHORNE, PROSSER, & CO.i NEW ZEALAND DRUG COMPANY (LIMITED). Head Office—Dunedin. To be incorporated under the Joint Stock Companies Act, 1860. CAPITAL £200,000, In 100,000 shares of £2 each, with power to increase. Of these, 50,000 shares only are now offered to the public, upon which it is intended to call up 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 up, are to be taken by Messrs. Kempthorue, Prosser, and Co., the remaining 25,000 shares being reserved for future issue, 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 P. C. Batchelor, Esq., M.R.0.5., Dunedin Benjamin Eaglet, Esq., Chemist, Dunedin T. S. Graham, Esq., Merchant, Dunedin A. J. Fergus son, Esq., M.D., Dunedin R. A. Low, Esq., 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 Sievwhight, Esq., Solicitor, Dunedin R. S. Raymond, Esq., Chemist, Dunedin C. A. Anning, Esq., Esq., Chemist, Dunedin Robert Wilson, Esq., Merchant. Dunedin Wm. Elder, Esq., Chemist, Port Chalmers G. J. Jeffery, Esq., Chemist, Lawrence J. Harbop, Esq., Chemist, Lawrence J. Y. Ross, Esq., Chemist, Christchurch G. Bonninoton, Esq., Chemist, Christchurch Joseph Hatch, Esq,, Chemist, Invercargill J. D. Hates, Esq., Chemist, InvercargillJ E. G. Lane, Esq., Chemist, Oamaru . ' H. J. O. Edwards, Esq., Chemist, Oamaru Dr. Mclntyr’!), Timaru R. Watkins, Esq., Chemist, Timaru R. S. Cook, Esq., Chemist, Timaru C. D. Barradd, Esq., Chemist, Wellington J. A. Allan, Esq., Chemist, Wellington Edwin Pldmmer, Esq., Chemist, Wellington J. Montbith, Esq., Chemist, Wellington Wm. Fife, Esq., Chemist, Wellington H. Brittain, Esq., Chemist, Wellington Frederick White, Esq., Chemist, Wellingtc a Dr. Goldsbro, Auckland Dr. Boyntum, Auckland Graves Aickin, Esq., Chemist, Auckland J. P. KINO, Esq., Chemist, Auckland U. Hamilton, Esq., Chemist, Auckland , J N. Manning, Esq., Chemist, Auckland J. S. WELLSMAN, Esq., Chemist, Napier, Bankerr : THE UNION BANK OF AUSTRALIA. Solicitors : MESSRS. SIEVWRIGHT & STOUT. Valuators and Auditors : N. Y. A. WALES, 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. Kempthorue, 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, for the sale and purchase of the freehold and leasehold lands and buildings belonging to the firm, and now used for the purposes of the business, at a price or value to be ascertained by the valuators, Messrs. Wales and 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, and all other the assets and 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 on 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 taka 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. Kempthorue 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, and especially of the Chemists and Druggists throughout the Colony—objects which have been satisfactorily attained. The Factory at Dunedin is 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 beet class, with the most approved drug grinding mills, and all modem appliances for the manufacture of chemical and pharmaceutical preparations. The Promoters confidently place this undertaking before the public as a honafidc 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 in full operation, as contrasted with the risk generally attendant upon new mercantile ventures. The rapid advance ment 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. Kempthorue, Prosser, and 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 good dividends.

All the preliminary expenses in connection with floating the Company are to be paid by Messrs. Kempthorne, Prosser, and Co., ACCOUNTANT'S STATEMENT. “ I certify that Messrs. Kempthorne, Prosser, “ and Co.'s books, from 28th January, 1869, to “ 31st October, 1878, have been exhibited to “ me. They have been kept by double entryi “ and systematically balanced on the 28th of “ February of each year, the profits being re- “ gularly added to capital. The annual Stock “ Lists have also been produced. Balance- “ sheets from Auckland and Wellington were “ also exhibited, the former extending back to “ 1872, and these documents are clear and “ business-like, and accompanied by returns of “ sales, bills under discount, and other details, “ so as to show fully the position of the Branch “ Houses at each balance. “ I have taken out and tabulated the results “ shown in the Dunedin Books and the Balance. “ sheets referred to, and compared the profits “ at the end of each financial year with the “sales made during the year, and also with “ the Capital shown in the books at the begin. “ ning of the year, and find the following “ average results for the four years ending 28th “February, 1878: “ Ist. The net profits on the cost value of the sales for the last four years equal ... ... 15*320 per cent “2nd. The average net profits on the average capital equal 23 08 - “ WILLIAM BROWN, “ Accountant. “ Ist November, 1873.” Forms of Application for Shares con be ob. tained at the Union Bank of Australia and its Branches throughout the Colony; from the Secretary, at the firm's offices, Stafford-street, Dunedin; High-street Christchurch; Lambten* quay, Wellington; and Shortland-strcot, Auckland. 1 Applications will be considered in the order in which they are received. The Share List will close on the Slst December .