Page 19 Advertisements Column 4

NZ Truth, Issue 1191, 27 September 1928, Page 19

wmmmmmmmamj OPAI wmmmmmm—m SUPPORT ENTERPRISE Call at the Nearest Branch or Agency of the NEW ZEALAND INSURANCE & FIRE ACCIDENT MARINE MOTOR CAR The National Bank of New Zealand, Limited HEAD OFFICE '• 8 MOORGATE, LONDON, E.C., 2. Profits £2,165,572 Reserve Fund and Undivided Subscribed Capital .... £6,000,000 Paid-up Capital £2,000,000 Secretary and London Manager Arthur Willis. HEAD OFFICE IN THE DOMINION —WELLINGTON GENERAL MANAGER—- G. W. McINTOSH. The Average Net Profit per ai ABRIDGED PROSPECTUS A copy of this prospectus has been filed with the Registrar of Companies at Auckland. Dated the 13th day of September, 1928. The South British Clothing Company LIMITED. CAPITAL - - £30,000. 8 PER CENT, MORTGAGE DEBENTURE STOCK - £15,000. Offers for Subscription : 17,150 ORDINARY SHARES OF £1 EACH, AND ALSO THE SAID £15,000 OF 8% MORTGAGE DEBENTURE STOCK. 3000 shares are classed as deferred ordinary shares and shall be issued m part payment for the assets being acquired. > They shall not be entitled to any dividend m any year until a dividend at the rate of 8 per cent, shall have been paid on the ordinary shares for that year. 7000 ordinary shares shall foe held m reserve meanwhile, siibject to the right of the Company to issue them on the terms of this prospectus. 2860 ordinary shares have been subscribed for cash In the Memorandum of Association/ Investors desiring to pay up their shares m full upon allotment or to pay calls m advance may do so, when interest at the rate of 6 per cent, per annum ' will be paid on all moneys paid m advance of calls. DIRECTORS. The following are the Provisional Directors of the Company, their offices being held -until the Statutory Meeting, when permanent Directors will be elected: — HARRY COLEBY CLARK, of Auckland, Merchant. JOHN HOWARD DALTON, of Auckland, Warehouseman. NORMAN ALEXANDER DUTHIE, of Auckland, Public Accountant. WILLIAM JOSEPH RAINGER, of Auckland, Merchant. (Mr. Clark "will shortly leave for London, where he will act as the Company's English Buyer, and will resign from the Board, At the Statutory Meeting two other Directors will be elected, making a permanent Board of five members.) , Bankers: THE NATIONAL- BANK OF NEW ZEALAND, LIMITED. Interim Secretaries: WALLACE BRUCE & DUTHIE, 41 Shortland Street, Auckland. | (Upon the Company commencing business, a permanent Secretary -Accountant, will be appointed.) Solicitors: EARL, KENT, MASSEY & NORTHCROFT, Swanson Street, Auckland. : \ Auditors: J. F. BUDDLE & SON, Public Accountants, Shortland Street, Auckland. Trustee for the Debenture-holders: FRANK GEORGE MASSEY, of Auckland, Solicitor. . Brokers: ALL LICENSED SHAREBROKERS. THE OBJECTS OF THE COMPANY. The present Company is toeing formed to acquire the Zealandia Clothing Factory, together with the freehold property upon which it stands, the whole of its plant and equipment, and the trade-mark, Zealandia, registered since 1890. The business of clothing manufacture, -conducted successfully for the past 40 years, will be continued by the new Company, and most of the technical experts who have been employed will remain on with the new management. ' - . I ■ ' THE ZEALANDIA PRODUCTS. The factory produces suits, trousers, oilcoats, shirts,, dress shirts and collars, all of which are well-known throughout New Zealand under the Zealandia trade-mark. No other clothiery m the Dominion produces dress shirts and starched collars. - ■ In the past 10 years the output has nearly doubled, and the capacity of the factory is 50 per cent, m excess of the past highest annual turnover. ASSETS AND VALUATIONS. 9, Commerce 'Street, T. MANDENO JACKSON, Auckland, . • Auctioneers, etc. 19th July, 1928. We certify that our valuation of the Grafton Road property as a factory site with frontage of 150 feet by 134 feet depth, and occupied by the ZEALANDIA Clothing, etc., factory, is £6000, being at the rate of £40 per foot on the unimproved value. . (Sgd.) Yours faithfully, . T. MANDENO JACKSON. CHILWELL & TREVITHICK, Architects. Phoenix Chambers, v / Queen Street, Auckland, ; 20th July, 1928. I have inspected the Zealandia Factory m Grafton Road, lately occupied by Messrs. Arch. Clark & Sons, Ltd., and report as follows:— The Factory is m good repair throughout, being buift chiefly of Heart of Kauri and Hardwood pillars and beams. The roof is of corrugated iron and I have had a report from a Plumber, which states that the roof iron is m very good condition and is apparently quite sound. The building is very well lighted, both by windows and skylights, and is eminently suited for Factory purposes. ■ ■ My valuation of the buildings is Seven thousand five hundred pounds (£7500.) Youpa faJthfu ,, CHILWELL & TREVITHICK. Cecil Trevithick. The plant, machinery and fittings have been valued at£6lß7 by the Singer Sewing Machine Co.; A. E. Harland, Electrical Engineer; Geo. Fraser, of Geo. Fraser & Sons, Engineers; A. J. Shackell, ofi the Hoffman Steam Press Sales Co.; and by G. Howard & Son, under five different categories. Detailed inventories may be inspected at the offices of the Company's Solicitors. The Directors have satisfied themselves that these assets are m good order and condition, and the late Secretary advises them that the books of Arch. Clark & Sons, Ltd., show the bulk of the plant has been purchased since 1921, and that £6000 has been spent on the factory buildings since 1922 m additions and improvements. . _ Production has ceased for a short period, pending the formation of the present Company, and the factory and plant have been completely examined, cleaned and adjusted. " < ■ . .. THE PRICE BEING PAID BY THE COMPANY \ These assets are being acquired at the price .of £17,500, subject only to the existing first mortgage for £5000 at 6% per cent, for a term of. 5 years from the 19th day" of July, 1928. The equity of £12,500 is being satisfied by the issue of 3000 deferred shares above mentioned and by the payment of £9500 m cash, jof which £4500 is payable on the Company going to allotment, and the balance two months thereafter. ... . , . , No other liabilities are being taken over. No goodwill is being paid, and no stocks are being taken over. j# ' No separate valuation has been placed on the Zealandia trade-mark, which has a very definite value, but which will be carried m the books of the Company at the nominal figure of £1. „„,„., ... if .. , „. The consideration, has been fixed at £2187 less than the total of the valuations, m order that the whole of the preliminary expenses and brokerage may be written off immediately. The present Company will therefore commence business with no dead weight m respect of goodwill or establishment costs. The purchase on these remarkably advantageous terms is made possible only by the fact that Archibald Clark & Sons, Ltd., the firm of warehousemen which has owned the factory, has recently given up business. THE PAST PROFITS OF THE ZEALANDIA BUSINESS. The following certificate has been given regarding the past profits: — MORRIS, DUNCAN, GYLLIES & McCLUNG, Incorporated and Public Accountants. Chancery Chambers, Auckland, 18th July, 1928. We have inspected the. books of Archibald Clark & Sons, Ltd., for the period of two years, ending July, 1927, and certify they show that, after making proper allowance, for depreciation and all other charges (exclusive of selling and office expenses), the profit per annum madej by that firm on its sales to the retailtrade, of the products of the Zealandia Factory was as follows:— Year Ending 19th July, 1926, £9351 Year Ending 19th July, 1927, £9915 We would point out that the rent of the buildings and interest on capital employed have been charged before arriving at the above results, y (Signed) MORRIS, DUNCAN & GYLLIES. The profits for the year. ending July, 1928, are not ascertainable, since the factory output was included m the realisation of the whole stocks of Arch. Clark & Sons, Ltd., of which it formed only a small proportion. The approximate net profit for the preceding years may be ascertained as follows:— The average profit as certified atoove was £9633. To this must be added the amount charged to the factory by Arch. Clark & Sons, Ltd., for