Page 10 Advertisements Column 1

Southland Times, Issue 18853, 19 June 1920, Page 10

ABRIDGED PROSPECTUS OF The Wanganui Woollen Mills,mu (INCORPORATED UNDER “THE COMPANIES ACT, 1908.”) CAPITAL - £200,000 In 200,000 shares of £1 each, of which 120,000 are now offered to the public for subscription on the following terms2a per share on application, 2s per share on allotment, and the balance in calls of not more than 2s per share, which are only to be made payable with an interval of at least three calendar iijontbs between the date of allotment and the first call, and thereafter with intervals of at least three calendar months between each call. PROVISIONAL DIRECTORS: 1. W. J. POLSON, of Wanganui, Farmer, Director for New Zealand of Bristol and Dominion Producers’ Association. 2. JOHN STEVENSON, of Wanganui, Manager of The New Zealand Loan and Mercantile Agency Company, Limited. 3. G. N. BAGGETT, of Wanganui, Managing Director of the Simplex Milking Machine Company, Limited. 4. ALLAN ROBINSON, of Wanganui, Farmer, Chairman of the Wanganui .County Council. 5. PERCY HIGGINBOTTOM, of Wanganui, Managing Director of Purser’s, Limited, Furnishers. G. S. M. DAVIS, of Wanganui, Director of Freeman R. Jackson and Company, Limited, Stock and Station Agents, Wanganui, 7. G. L. MARSHALL, of Marlon, Farmer, President of the Wellington Provincial Farmers’ Union. S. J, A. DOHERTY, of Wellington, Merchant Tailor. Mho will hold office until the conclusion of the statutory meeting at which the permanent Directors will be appointed. BANKERS: THE NATIONAL BANK OF NEW ZEALAND, LTD. SOLICITORS: MARSHALL, HUTTON, AND IZARD, Wanganui. INTERIM SECRETARY AND BROKER: E. M. SILK, F.1.A., N.Z., of Silk, Haworth, and Company, No. 44, Maria-place, Wanganui. INTERIM AUDITOR: HAROLD HAGUE SMITH, A.P.A., N.Z.. Wanganui. BROKER: HARMAN REEVES, 102, High Street, Dunedin. OBJECTS. The Company has been formed for the purpose of establishing a Woollen Mill or Mills in or near Wanganui and elsewhere as may be considered advisable from time to time by the Directors, and to carry on the businesses of Woollen Manufacturers and any other businesses provided for by the Memorandum of Association. GENERAL. \\ anganui offers an admirable situation for the establishment of a Woollen Mill. It is the outlet for a large wool-growing district, from which annually large quantities of wool are exported. Conveniently situated with regard to the railway system for collection of raw material and distribution of its products, and with the development of the harbour and shipping, it may lie expected to he a similarly convenient port with regard to coastal and overseas imports and exports'. Its population is now approaching toward? 22,000, and it promises to ho a centre of a large and ever-growing pop.ulation. The Borough Council states that by the time a Mill may be expected to be ready to commence operations, it anticipates being able to sell electric power as would be required by the Mill. This constitutes a great, inducement to the establishment of the Mill in Wanganui within reach of such power. In view of the general unsettlement in industrial life all over the world caused by the War, and the rise in industrial wages to be expected in those countries from which New Zealand has liitherto drawn her woollen manufactures, and the contemporaneous increase in freights, it may be expected that New Zealand will find it necessary to no longer rely on getting such manufactures from abroad, produced under the hitherto existing conditions of low wages, but to set to work herself and manufacture her own wool for her own use or export, thus saving double freight and providing employment for her population. This applies in special measure to the woollen industry, and it is for these reasons that the prospect of the establishment of a Woollen Mill is now launched. Attention is drawn to the fact that unlike most new ventures (here is absolutely no Loading in connection with the Company. All the Capital subscribed, except the preliminary expenses and brokerage undermentioned will he employed in erecting and equipping the Mill or Mills. No Director has any interest in the promotion of the Company apart from the shares he subscribed for, for which he will pay in, cash. The three existing woollen manufacturing companies in the Dominion are in a flourishing condition, as the prices of the shares, as shown below, indicate; and the promoters confidently look for a similarly successful career for this Company. Name of Company. Raid Up. Kaiapoi Woollen Mfg. Co., T.td. £o 0 s Mosgiel Woollen Co.. Ltd. . . £3 I()s Wellington Woollen Co., Ltd. . . £4 10s Market Price at 27th April, 1920. £lO Os Od (Buyers, no Sellers) £6 17s (id (Buyers, no Sellers) £9 15s Od (Buyers, no Sellers! The preliminary expenses of, and incidental to. the promotion and establishment of the Company and until the Company shall be entitled to commence business (exclusive of brokerage or commission on sale of shares) arc estimated to amount to Five Hundred Pounds, and will be paid by the company. Applications for shares may be sent, together with the amount, payable on application, to the Company’s Interim Secretary, or to any of the Provisional Directors or other persons authorised by the Directors to receive applications. If no allotment is made the deposit will be returned in full, and if the number of shares allotted on any application is less than the number applied for the balance of the application money will be applied in reduction of the allottee’s future liability on the share.allotted. Applications will not be received for less than 20 shares. Dated this Nineteenth Day of May, 1020. FORM OF APPLICATION FOR SHARES To the Provisional Directors of Wanganui Woollen Mills, Ltd. REGISTERED OFFICE: 44 MARIA PLACE, WANGANUI. Gentlemen.— I hereby authorise you to allot me Shares in the above Company in terms of the Prospectus issued in relation to the said Company ilated the Nineteenth day of May, 1020, and 1 hereby agree to accept the same or any less number of shares (hat may be allotted to me. I am paying the sum of being the. amount payable on application for the said Shares (2s per share.) and I agree to pay a further sum of 2s per share on allot input, and the balance as provided by the said Prospectus. And I request and authorise you to register me as the holder of the Shares so allotted. Name in full Postal Address Infonna- Description or Occupation tiou re- Father’s Full Name quired under the War Regulations. BirtbpLoce of Father (Country Only) Mother's Full Maiden Name Birthplace of Mother (Country Only) Date Signature .- I hereby certify that the above particulars are correct

small proportion, and that it cannot be said I that we have an unduly large part of our I funds “lucked up in bricks and mortar.” | Profit and Loss. —The nett profits for the i year are £419,0-10 as compared with j £388,022 at March 31, 1919. This is after ' paying interest on the guaranteed stock, making the usual grant to the Officers’ Provident Fund, and also providing for a special grant to the Fund of £IOO,OOO, paying bonuses to the staff, writing £50,000 off j premises and furniture account, and making I all the necessary provision for bad and j doubtful debts and also for depreciation in . the value of other assets. The amount brought forward from last year was £146,224 making a total of £460,270 now to be dealt i with after providing for the £105,000 dis- | bursed in the 6 per cent, dividend of De- | eember last. It is now proposed to pay a further dividend of 71 per cent, and a bonus of 4 per cent, on the ordinary and “B” preference shares (making with the December 1 dividend already paid 171 per cent, for the | year), and a further 4 per cent, on the “A” ; preference shares (milking 10 per cent, for 1 the year). This will make the total divi- j dend and bonus for the year, £268,750. Of the balance remaining, £296,520, we propose | to place £150,000 to credit of the Reserve j Fund, and to carry forward the residue. | £146,520, to the next account. In view of the increase in the amount available for distribution. after making ample provision for all contingencies, the directors have felt justified in pressing a small increase in the rates of dividend and bonus on “B” preference and ordinary shares. It is, therefore, recommended in the report now sub- I mi tied to you that the total distribution for the year upon these shares ahull be 171 I per rent., instead of the 15 per cent, which has been paid for the lust nine years upon the ordinary shares and upon the “B” shares since they were created in 1914. Before passing from my review of the bal-ance-sheet figures I desire to direct your attention to the fact that our aggregate | assets are now nearly £53,000,000, the in- j crease during the year having amounted to I £9,609,259. I JUST OPENED NEW SHIPMENT •gNCLISH TENNIS RACQUETS From 24/- to £3 3/-. J. A. DOIG SPORTS’ DEPOT, Dee Street.