A LARGEE ESTATE.

Pahiatua Star and Eketahuna Advertiser, Volume 1, Issue 8, 6 July 1886, Page 3

A LARGEE ESTATE.

The European Mail says :---The Mi rrivale K-tute ami Stock Company has just h*s>n formed on this side to purchase tlie M*’rrivale estate in Southland, in tliv Ib-ovineo of Otago, contaning 26,890 acres of freehold laml and 154 Hcres of leasehold, or altout II square miles, with the homestead, stock, ami implements, the property of Mr James Ashbury, of Merrivale and llrigliton, and principally to carry on the Imaaietw of sheep farming, with a sja-cinl view to the export of wool ami frozeti mutton. The capital is £150,000, in shares of £">. of which 4000 shares will l>e taken by the vendor under the purchase agreement. The remaining 26,000 shares’ and 20tK> debentures of £SO each, bearing intrust at 6 per cent, per annum, are now offered to the public. The debentures will be constituted a charge on the undertaking. subject only to the existing mortgages, and on these being satisfied the debentures will be the first charge on the property. The price at which the vendor purchased the estate in March of last year was £120,000, and the slock at £17,175 18s Id. The Company is to purchase the estate with the exception of a moiety of the gold rights for the sum it cost Mr Ashbury, the stock at their coat per head, and to take over the mortgages. Another important feature is that tlie vendor only t*' * £SOOO in cash, out of which he wilt pay all expense* of commission relating to the establish nienl of the Company and the purchase, and in addition to this will pas* a portion of each of the first three years in New Zealand jxs managing lhreclor without receiving remuneration beyond tlie usual Director’s fees, until a dividend of at least seven per cent, has been earned. Since this purchase some important discoveries of gold have Iwn made on and near t • "State.