Page 3 Advertisements Column 1

Southland Times, Issue 1827, 5 December 1873, Page 3

PROSPECTUS OF TnE UNION STEAM SHIP COMPANY OF NEW ZEALAND (Limited). (To bo incorporated, with Limited Liability, under the Joint Stock Companies Act, 1860.) CAPITAL, £250 000, In 25,000 Shares of £10 each, with power to increase and issue Debenture Sto-k. Only £4 per share to be called up at present, payable as follows : — los per share on appli» cation; 10s ou allotment; 20s in three months after allotment ; and the re- <c c maining 40s in calls of 10s each succeeding three months. Provisional Diesotobs : E. B. CARGILL, Esq. (Messrs Cargills and M'Lean) A. C. STRODE, Eeq , R.M. J. A. WALCOTT, Esq. (Messrs Bright Brothers and Co.) P. C. NEILL, Esq. (Messrs Neill and Co.) W. J. M. LARNACH, Esq (National Bank) JOHN RICHARD JONES, Esq., Matanaka J. M. RITCHIE, Esq. (Messrs G. Gray Russell and Co.) JAMES MILLS, Esq. (Harbor Steam Company) JAMES T. MVCKERRAS, Esq. (Messrs J. T. Maek«rras and Co ) ARTHUR W. MORRIS, Esq. (Otago and Southland Investment Company) JAMES SMITH, Esq. (Messrs Smith and Anderson) HENRY DRIVER, Esq (Messrs Driver, Stewart and Co.) - ALEXANDER BURT, Esq. (Messrs A. and T. Burt) CHARLES M'QUEEN, Esq. (Messrs Kincaid, M'Queen and Co) H. P. MURRAY- A YNSLEY, Esq. (Messrs Miles and Co., Christchurch) GEORGE GOULD, Eaq., merchant, Christchurch. Bane BBS NATIONAL BANK OF NEW ZEALAND. Soucitobs : Messrs SMITH & ANDERSON. Intebim Secbktabt : JAMES MILLS, Esq. nnfflS Company has been formed for the purJ_ pose of providing more efficient steam communication between the different ports of New Zealand— the want of which has been much felt for some time past, and which is becoming more perceptible as the growing trade of the Colony is developed. It is proposed to float the Shares principally in the provinces of Otagoand Canterbury, as. the class of enterprise is one in which they are specially interested, and in which they have not hitherto occupied the position they are entitled to from their large share in the trade of the Colony. It is desired to establish a weekly line of steamers between Otago and the principal Northern Ports, to put on a steamer between Dunedin and the West Coast Ports of the Middle Island, and also to provide for the efficient conduct of the trade to and from the several smaller Ports on the coast of Otago and Can* terbury. For these purposes the following new vessels will be required :— Three first-class Steamers for the trade between Dunedin and Manukau, to be built in Europe, and capable of carrying from 400 to 500 tons of cargo, fitted with compound engines and the latest improvements, and with superior passenger accommodation, suited to the requirements of the present day. These steamers will be of such .class and speed as will ensure every facili 1 y to shippers of goods, and convenience to the travelling public. One boat oi smaller capacity, and light draft of water, especially adapted to the jfcrade to the West Coast of the Middle Island. With a view to commencing operations without delay, it has been arranged to take over, on the Ist of January next, the steamers Maori, Beautiful Star, and Samson, belonging to the Harbor Steam Company's fleet, and also their new steamer, just built on the Clyde specially for the Timaru and Ljttelton trade, and which is expected to arrive in the Colony early in February. These vessels will at once create a revenue for the Company, and, it it believed, will be sufficient to carry on the trade of the ports on the COaatS of Ot»go and Canterbury. The terms on which it has been agreed to take over the Harbor Company's plant are exceedingly favorable to this Company ; the new boat is to be taken at cost price, and the Maori, Beautiful Star, and Samson at a price to be arrived at by a valuation of the boats by Mr Walcott on behalf of this Company, Mr Mills on behalf of Harbor Company, with Mr A. W. Morris as third valuator, and to be agreed to by Provisional Directors, with a bonus added equal to their estimated profits for three months, to be verified by an examination of the Company's books by Messrs Walcott, CargiU, and Morris. This Company will receive an ample equivalent for the bonus so given, in taking possession at once of a well-established and profitable business, and securing all the benefits of the Harbor Company's connection and experience. Mr James Mills, who has so successfully conducted the business of the Harbor Company from its commencement, will continue to act as Manager of this Company. It is estimated that, to carry out these proposals, a capital of £150,000 will be required, and to provide for this it is proposed to call up £4 per share, making a total of £100,000, and to borrow the remaining £50,000 on debentures bearing a low rate of interest. This arrangement will enable larger dividends to be declared on the paid-up capital. Out of the total number of shares, the pro* prietors of the Harbor Company will take 7,500, paid up to the extent of £4 each, and the remaining 17,500 are now offered to investors. In recommending this investment to the public, the Provisional Directors may state that large profits are now being made by steamers on the coast of New Zealand, and they are therefore confident that, by the employment of vessels of the character indicated, fitted to work with the utmost economy, and meet the growing traffic without undue strain, the Company will be able to secure ample profits, and at the same time promote trade and the convenience of the travelling public, by providing improved facilities and accommodation at reduced rates. Applications for Shares will be received by fcbfl Interim Secretary, at his office, Harbor Chambers, Dunedin ; and by the National Bank of i New Zealand, Invercargill.