Page 11 Advertisements Column 3

Sun (Auckland), Volume II, Issue 502, 3 November 1928, Page 11

Dated at Auckland this 27th day or September, 1328. Filed with the Registrar of Companies at Auckland. Abridged Prospectus of HOTEL TITIRANGI, LTD. A Public Company, incorporated under “The Companies Act. 1905." CAPITAL - ;£ 50,000 DIVIDED INTO 50,000 SHARES OF £1 EACH. Ot these 2250 are being allotted as being fully paid to the Vendor as part consideration of the sale by the Vendor to the Company as hereinafter mentioned and to the promoter. 10,000 Shares are to be held in reserve for future issue, and 37,750 Shares are now being offered to the public for subscription on the following terms: 2/- per Share oil application. 2/- per Share on allotment, and the balance in calls as required but not exceeding 2/- per Share at intervals of not less than 2 months. Board of Directors: JAMES EDWARD DAY KEMP, 31, Hamilton Road, Ponsonby, Settler. WILLIAM ALEXANDER BISHOP, Titiraugi. Store Manager. GIDEON LUND. Calliope Road. Devonport, Hotel Manager. JOHN EDWARD ELLIS, Avondale Road. Avondale. Gentleman. Bankers: THE NATIONAL BANK OP NEW ZEALAND. LIMITED. Auckland. Solicitor: W. R. P. MOODY", 102, Victoria Arcade, Queen Street, Auckland. Architect: W. S. R. BLOOMFIELD, Yorkshire House, Shortland Street. Auckland. Auditors: CHAMBERS, WORTH AND CHAMBERS. Shortland Street, Auckland. Secretary: R. N. S. CHISHOLM. Y'orkshire House, Shortland Street, Auckland. OBJECT OF THE COMPANY. The Memorandum of Association printed with this Prospectus sets out in detail the objects for which the Company is to be established. It is proposed to purchase the block of land described in a later paragraph and to erect on it an Hotel, particulars of which also appear under a subsequent heading. To this end an option has been secured in the name of Mr. R. N. S. Chisholm as Trustee for the Company, and will be exercised by the Company as soon as convenient after incorporation. The option can be inspected during ordinary business hours at the office of the Secretary. Plans of the proposed building have been prepared by Mr. W. s. R. Bloomfield, of the Yorkshire House, who needs no introduction to the Auckland public. A prospective view of the building as it will appear when completed, together with various portions of the plan, is reproduced in this Prospectus. SITE AND POSITION. The general locality of the site is well shown by the accompanying plan, which presents in a striking manner the importance of the position secured. It will be noticed that all i*oads converge at this point, consequently a large volume of holiday and week-end traffic, as well as a smaller stream during the week, must all pas* right by the Hotel on Its way to the beaches. Atkinson Park. Huia. Cornwallis. Laingholm, Exhibition Drive, Kaurilands, and Mt Atkinson. The Titirangi Golf Links are within two miles of the site on the City side. The actual piece of land concerned slopes from a higher road to a lower, which is parallel. Thus there will be two road frontages. This is a feature of which great advantage can be taken. The upper road will bring vehicles to the main door of the Hotel, while the lower one will provide access to the large garage space beneath the building, with the result that the guests will have most convenient accommodation for their cars. A balustraded terrace will extend over the basement area as far aa the lower road boundary, and will afford an ideal position for open-air teas. The terrace will command almost limitless views over the Manukau and the adjoining hills. ACCESSIBILITY. The Hotel site at the present time is easily reached by car within half an hour from the Post Office, and although the last 2i miles approximately are not ooncreted. the road has now been taken over by the Highways Board, and an agreement as to the concreting of this last portion has been agreed to. There will then be a perfect road from the Hotel to the City, and the trip should occupy little more than twenty minutes. The importance of this cannot be exaggerated. It means that the business man possessing a car will be in town as quickly as the ordinary suburban dwell*r. and that the Hotel will be able to claim to combine all the advantages of town and country. VIEWS. From the site itself the view extends over the Manukau Harbour to the Heads and to the hills on the far side. On the near side, at one’s feet as it were, a deep gorge covered with heavy and absolutely unspoiled native bush, runs-down to the Harbour and opens on to a beautiful bay, closed in on both side 3 by wooded promontories- Both a motor road and a zig-zag footpath have been cut ttarugh the gorge to the bay, and provide a drive or walk unequalled by any other within a convenient distance of Auckland. Looking further to the west the eye follows for miles along the hills on the Northern shore of the Harbour, up past Cornwallis to the Heads; while still further to the North, the country builds up on to the ranges of the Waitakeres. which convey sense of isolated grandeur, making it almost impossible to believe that one is less than half an hour’s drive from the heart of the City.. A ten-minute walk brings one to the top of ML Atkinson, from which there is an uninterrupted view in all directions. To the west one sees the breakers on the Manukau Bar; to the north the niajestic Ranges of the Waitakeres and the upper reaches of the Waiteraata; to the south the Manukau and beyond to the Waikato country and Pukekohe Hill. To the east, the City lies spread out, while beyond it are the three peaks of Rangitoto, and the far distance the blue hills of Coromandel. OTHER ATTRACTIONS. Golf Links; Titirangi Treasure House fan interesting and unique Native. Museum); Walks and Picnics, Bathing, Boating. Fishing, Sports and Recreation — outdoor and in the Hotel itself. THE HOTEL. The Vendor has on numerous occasions received applications from tourists *.nd others for accommodation, but. none has hitherto been available at Titirangi. There should be no doubt that when it is known what kind of Hotel is being built, providing the best in both winter and summer accommodation, there should be no difficulty in keeping the Hotel filled to a payable capacity. Considering the fact that the Hotel will offer only the best of accommodation and service, the tariff of £1 per day is reasonable. FINANCIAL SUMMARY. Estimated Capital Expenditure.— The capital expenditure for the estimated as follows: Purchase Price of Land and Business £5,000 Cost of Building and Lay-out, complete 35.000 Architects’ Fees 2,275 Legal and Preliminary Expenses "00 Brokerage on 37,750. Shares at 7§ per cent 2,831 Hotel and Kiosk Furnishings, complete 2,028 Hotel and Kiosk Table Service, Crockery, etc., complete 2,072 Promoters’ Shares, Extras, say 250 first year is 0 0 0 0 0 o 0 0 5 0 0 o 0 0 0 0 Less Amount of Mortgage 51.856 5 0 15,000 0 0 The authorised capital will be £50,000. £36,056 6 0 NOTES ON THE ABOVE. fa) Cost of Building.—This is the maximum figure as estimated by the architects (b) Architects.—These are based on the usual rate of 6i per cent, on the estimated contract price. (c) Legal and Preliminary.—These are made up as follow: Costs of incorporation, including preliminary contracts, option, stamp duty, etc £3OO Expenses relative to raising of Mortgage of £15,000 including procuration 1 per cent 250 Cost of Prospectus, printing, etc 150 £7OO (d) Brokerage.—The first issue will be 40,000 Shares; of these 2250 are beinc allotted as mentioned above to the Vendor in part payment of purchase money, and this will leave 37,750 Shares on which brokerage will be paid. (e) Furnishings, Table Service, Crockery, etc. —The estimate for these is based on quotes by leading city firms. The quotes may be seen during business hours at the office of the Interim Secretary. (f) Fully-paid Shares.— ESTIMATED ANNUAL RECEIPTS.

(For details see below). Hotel Tariff, per annum £13,870 Casual Meals, per annum Less Estimated Expenditure, Net Profit, per annum, from Tearooms Net Profit, per annum, from Store Soft Drink Bar, Store on Beach, Hot Water, Ice Cream, Confectionery, etc Less Income Tax, at 3/11 approx. ~£5,770 4 1 This shows a net return on paid capital of £40,000 of 14.73 per cent. GENERAL SUMMARY. In considering this proposition the investor should bear in mind the following P ° iTl (a) This is the first attempt, to establish near Auckland a luxurious hotel on the lines of the houses in the Blue Mountains of New South Wales, and other parts of the world. (b) The sit© secured is the most suitable one within reach of Auckland. (c) The hotel will have a universal appeal to tourists, to Auckland people wishing to take a week-end in the hills, and to business men who wish to be handy to the city, and to many others. . . , (d) The biggest financial obstacle in the way of establishing most hotels, namely, an expensive block of city land, does not appear in the present scheme. NAMES, ADDRESSES AND DESCRIPTIONS OF DIRECTORS. are already set forth herein. MINIMUM SUBSCRIPTION. The minimum subscription on which the Directors may proceed to allotment is 12,500 shares. PRELIMINARY EXPENSES. The preliminary expenses (which do not Include commission of brokerage) is £7OO incidental and up to the the Company. corporation of the Company, and is to be borne by SHARES ISSUED OTHER THAN FOR CASH. The only shares to be issued by the Company as fully paid up. otherwise than for cash, are 2000 shares as part payment of the purchase money, and 250 shares as promoters’ shares, to be allotted to the Vendor, and the holder or holders of 6UCh shares are to be entitled to dividends along with the other shareholders. MATERIAL CONTRACTS. The only material contracts affecting tb*> Company arc:— The Agreement to Purchase, dated the 21st day of September, 1928, and made between William Alexander Bishop, of Titirangi, of the one part, and Royston Nwl Sedman Chisholm, of Auckland, as trustee for and on behalf the Company, of the othe <Copies* of the said Contracts and of the Memorandum and Articles of Association may be inspected at the Office of the Company or of the Company a Solicitor at a»y time during business hours. BROKERAGE. The Company may pay brokerage not exceeding 7J per cent, on the accouat or shares subscribed, but no brokerage will be paid upon shares allotted to the -Vendor in part consideration of the purchase price. DIRECTORS’ INTERESTS IN COMPANY. Mr. TV. A. Bishop is interested in the promotion of tho Company to the extent of his interest as Vendor to the Company. No other Director has any interest in the promotion of the Company or the property to be acquired by it. except his interest as a contributory shareholder m the Company. HOW TO APPLY FOR SHARES. , Application for Shares should be made on the form accompanying the Prospectus, and it may be lodged with the Secretary of the Company, and must be accompanied with the amount payable on application. Secretary, HOTEL TITIRANGI. LIMITED, 95-96 Yorkshire House, Shortland Street, AUCKLAND. Please send me. without obligation, Prospectus. Full Information, and Form of Application for Shares. Xa