Page 4 Advertisements Column 1

Southland Times, Issue 1809, 21 October 1873, Page 4

.Public IVetiee PKOSPECTUS OF THE MOSGIEL WOOLLEN FACTORY COMPANY (LIMITED.) CAPITAL £60,000, With power to increase. In 12,000 Shares of £5 each, of which it is proposed to call up £3, in sums of 10*, extending over one year. Deposit on application, 10s per share : — Allot* ment call, 10s. 4000 Shares, £3 paid up, retained by the proprietors. 8000 Shares are offered to the Public. Pbotibional Directors. The Hon. Robert Campbell, Esq., M.I^A. John Cargill, Esq. (Messrs Cargill and M'Lean.) George Cook, Esq., Solicitor. John Davie, Esq., M.P.C. (Messrs M'Landress, Hepburn and Co.) G. W. Elliot, F.sq , N Z. Insurance Company. The Hon. Mathew Holmes, M.L.A. J Fdward Hulme, Esq., M.D. > James Kiigour, Efq , Roslyn. R. B. Martin, Esq. (Messrs R. B. Martin &Co) William Mason, Esq., J .P. (Messrs Mason and Wales.) Andrew Mercer, Esq , J.P., Mayor of Dunedin. W. D. Murison. Esq , J.P. Evan ProßSer, Esq. (Messrs Ke.npthorne, Prosser and Co.) John Reid, Veq., of Elderslie, Commissioner of Waete Land Beard. G. F. Reid, Esq., Stafford street. John Roberts, Efq., M.P.C. (Messrs Murray, Roberts and Co.) Solicitors : Messrs Maccassey, Holmes, and Chapman. Bankeks : The Bank of New Zealand, and Branches. Brokers : Messrs Gillies & Street, •' rinces street, Dunedin. r^HIS COMPANY is projected for the purpose 1 of purchasing the well-known Mosgiel Woollen Factory, and for supplying the additional capital necessary to overtake the growing requirements of this, the moßt successful industrial undertaking ever started in this Colony. The sole reason which has induced Messrs Burns & Co. to take this step, is that they find tbe limited capital at their command prevents tbem taking full advantage of the extensive market which the growing demand for their manufactures has unexpectedly opened up since they started. An agreement has been entered into with Messrs Burns & Co. to sell to the Company as follows : — 1. Their Machinery and Plant at their actual cost; as certified by C. H. Street, Esq., Accountant,' after a careful examination of the Firm's Books and Touchers, — adding thereto 30 per cent, for the rise in the trade price of all such machinery since its purchase. Messrs Briscoe and Co., and Mr Jameß Manning, Machinery Importers, in Dunedin, have certified that an addition of at least forty per cent, would have been .justified; and it is submitted that, in the absence of parties competent, or at least well enoueh known, to make a direct valuation of any weight with the general public, this is the fairest mode of arriving at values. 11. Tbe Buildings and Land at the value as certified to by Messrs Mason and Wales, Architects, and Messrs Gillies and Street, Land Agents ; and, 111., a bonus of £2,500 for the good-will of this highly remunerative and extensive bnsinesß, amounting in all to £17,000. Of this amount Messrs Burns and Co. wish to retain £12,000 in the Capital of the Company in 4000 shares, £3 paid up, and, as an evidence of their faith in the future prospects of the concern, —they will thus be liable for the remaining £2 per share of calls on these shares, the same as other shareholders, so that all shares will be on exactly the same footing. Stock will be taken on the day the Company enters into possession, and the wool and other raw materials, and also the manufactured goods, as well as the book debts, will be taken over at their fair value. Messrs Burns & Co. will also grant the privilege, free of charge, of constructing and using a Tramway through other lainda belonging to them, from the Mosgiel Works to the Southern Trunk Railway, should such be required, but negotiations are now in progress whereby this, may not be needed. When the works are connected with tbe Railway, the working expenses, especially in the matter of cost of coals, will be largely reduced. All preliminary expenses of starting this Company, up to its registration, will be paid by Messrs Burns & Co., so that the entire capital, as shown in the subjoined account, will be available on the day the new Company is constituted. The enormous advantages to a Joint Stock Company of entering into possession of a large manufacturing business, in full operation, on a definite date, without preliminary expenses, or waiting for erection of buildings, importation of plant, or all the risks and delays incidental to the starting of a new concern, will be at once apparent. Profits will accrue from the very day the expenses of the Company begin, and it may T>e confidently said that seldom, anywhere, has such a property been acquired on terms so advantageous. It is obvious that it might materially, injure the future prospects of the Company, and be unfair to Messrs Bums & Co., to reveal publicly the profits hitherto made, or the details of costs and values ; but botta fide investors can obtain ample information" on these points from Messrs Gillies and Street, who after a thorough and searching investigation of the whole matter, pledge themselves for the accuracy of the statements made. Inquiry and investigation by intending shareholders are desired and courted, as Messrs Gillies and Street are satisfied the more it is looked into the more shareholders will be satisfied that they are being fairly dealt with, and that no more legitimate or remunerative outlet j for capital, or one presenting better or more extensive future prospects, has ever been offered in Dunedin. The Provisional Directors can state that they have examined into the details not here submitted to the public, that they are perfectly satisfied that the price asked is a fair one, that the reason assigned for parting with the property is tbe true one, that the concern has proved remunerative in the hands of Messrs Burns and Co., and that there is no doubt, if equally well managed in the fhture, it will prove proportionately remunerative in its more extended form. It may be mentioned that the great demand for the Mosgiel goods has arisen without the employment of travellers, or any of the usual adjuncts for pushing such trade. Until lately, one set of machines only has been at work. Now there are two, and a third is on its way from England. The success of the undertaking hitherto has been largely owing to the ability and energy of the working manager, Mr Smaile, whose services for a term of years have been secured to the Company, and who will retiin a money interest in the concern. Mr A. J. Burns also will, if desired, still continue in the business management of the Company. It is proposed that pre-payment of calls, up 'to '£3 per share, be received by the Permanent Directors from parties desirous of investing a definite sum at once, for which interest at the rate of 5 per cent, per annum will be allowed over and above any dividend accruing. . . Forms of application can be obtained from Messrs Gillies and Street, Princes street, Dunedin, to whom, or to tbe Company's Bankers, deposits may be paid. Prospectuses and Forms of Application may fee obtained on application to Frederick Nutter, ygtq., luvercargilL,