WAIKATO RIVER SERVICE

Pukekohe & Waiuku Times, Volume 5, Issue 205, 1 September 1916, Page 2

WAIKATO RIVER SERVICE

With the object ot securing an adequate service fiom which the settlers would derive the iullest benefit, it has been decided to float the Waikatu Shipping Company, Limited, tie abridged prospectus in connection with which appears in cur advertising columns in this issue, the nominal capital being £15,000 divided into 6000 shares of £2 10s each, payable 5s on application, 5s oti allotment and the balance in calls of not more than 10s each. Ab a preliminary step an option has been secured over the three concerns now carrying on business in the area, ecch ol which has a large clientellc, and is a payable proposition. The advantages in securing these businesses are many, Kspccially to be noted

ncction, which it is certain with proper steamers and regular services can be greatly extended. Another feature will be the provision of adequate stores at suitable placet, where goods may be easily landed and loatjel and stored safely. This in itself will be a great consideration, as at present facilttits in this respect are saoly lacking. Again, the n presentations o( a strong company will have m:re weight in securing improvements to the waterways than those of individual*. Tf-e sjivice recently eetablished with the Waikato Heat's has already shown great iio?eibil;ti??, and its devfbpment o ly requires the guidance of a strong company to be gr.atly extended. The Northern Steam-.hip Company are contemplating arrargements for affording a regular service from Onehunga to the Waikato Heads, and it it anticipated that the i.e., Arapouri will! be put on the run to work in corjunction with the boats of the new company from the Heads up the river. Ihe new Company, whoje headquarters will probably be at Mercer, have a strong Heard of Oirectos, viz.:—Meters K. CUphane, Ohaupo; J. T. Johnson, Pirongia; L. 6. Hoirocks, Waerenga; W. Wilson, Karamu; C C. Davis, Otiehunga; and E. T. Frost, Tuakau; whilst Mr P. K. Culebrook, ot the firm of Mejs.s (jreen and Colebrcok, and Mr William (joodfellow, Managing Director of tbe Waikato Co-opera-live Dairy Co., Ltd., each have a fairly substantial holding in shares. Xbe vendors to the Company are Mr Caesar Rnose, junr.. of Mercer, who fur his business and plant will receive from the Company £2900 cash and £SOO in fully paid shares; Mr Edward Hallet, of Mercer, who will receive from the Company for his business and plant £75 cash and £IBOO in fully piid up shares; and Mr Charles Christopher Davi?, of Unebunga, who will receive Irons the Company tor his ptoperty goodwill and options £2235 id lully paid up shares. The total price of the three concerns 13 therefore £7510, of which £2975 only is required to be provided tn cash, tbe balance of £4535 being take out in shares. Apart from the cargo trade tbe Company propose to cater for tourist traffic, reognising that tbe charms of the Waikata river, when generally known, will lead to an extensive vclume ot passenger business. The Articles of Association introduce the co-operative principl", as they proA'ide t*c nstt prob'ts of tbe Company shall be applied: Firstly, in payment to each shareholder in the Company uf a discount, or rebat", of 5 per cent, on freights on goods paid by him U tbe Company during the preceding year; secondly, in payment to the shareholders of a dividend at the rate of £8 per c3n!um p:r Annum, and the balanc?, if any, (hall be applied, at the discretion of the Directors, either in further dividend bonus or rebate*. Copits ot the iull prospectus may be obtained from Messrs Hendry aod Hay, Stockbrokers, Exchange Lane, Auckland; Messrs English and Luxford, Accountants, Auck land; or at the office of this paper.