Page 6 Advertisements Column 2

Taranaki Daily News, Volume LIV, Issue 215, 9 March 1912, Page 6

ABRIDGED PROSPECTUS JAS. J. NIVEN & COMPANY, LIMITED. ENGINEERS A Private Company duly incorporaed under The Companies Act, but about to be re-registered as a Public Company. (This Prospectus is issued in respect of the intended Public Company). CAPITAL - £300,000. DIVIDED INTO 300,0000 ORDINARY SHARES of £1 EACH. SHARES ALREADY ISSUED SHARES NOW OFFERED FOR PUBLIC SUBSCRIPTION To be paid for as follows: On application On 29th June, 1912 On 30th September, 1912 .. .. On 31st December, 1912 On 31st March, 1913 On 30th June, 1913 On 30th September, 1913 On 31st December, 1913 82,700 117,300 2s. per share 2s. per share 2s. per share 2s. per share 2s. per share 2s. per' share 2s. per share 2s. per share The balance of 4s. per share shall (at the discretion of the directors)' be payable in one sum at a date being not less than 3 calendar months from the 31st December, 1913, or in such amounts and at such intervals (being not earlier than as I aforesaid) as the Directors may from time to time determine.. DIRECTORS: GEORGE NELSON, M.1., Mech. E., Napier, Chairman and Managing Director. WILLIAM NELSON, Tomoana, General Manager in Ntm Zealand for Nelson Bros., Limited. JOHN CHAMBERS. Mokopeka, Havelock North, Sheepfarmer. WILLIAM HENRY NELSON, Woodville, Managing Director of the Wooriville Bacon Co., Limited. LIONEL NELSON, G. 1., Mech. E., Napier, Engineer. BANKERS: The Bank of Australasia. ■■ AUDITOR: William McCulloch, Napier. SOLICITORS: Sainsbury, Logan and Williams, Napier. SECRETARY: Frank Sydney Russell. REGISTERED OFFICE: Waghorne-street, Napier. i HISTORY OF THE COMPANY. The business of Jas. J. Niven and Co., General Engineers, was founded in the year 1893 by Jas. J. Niven and George Nelson, in partnership, under the style of Jas. J. Niven and Co. , i e The partnership continued until 1903, when Mr. Niven retired, I The business was carried on for 5 years by Mr. Nelson, when, owing to its outgrowing his financial resources he converted the undertaking into a private company, incorporated on the 21st September, 1908. ' * -V The business was taken over by the Company as a going concern, Mi 4 .- George Nelson being elected Chairman and Managing Director. , The Capital of the Private Company when registered was £65,000, divided intoi 50 Preference Shares of £IOO each and 600 Ordinary Shares' of £IOO each, all fully subscribed; as the business'grew, further capital was from time to time introduced, bringing the total up to £§2,700. " r •.:! !»-,• :>. ■ i Eventually, in' January, 1912, the Directors considered that tho time had arrived when it was desirable,, for the efficient carrying on and expansion of the business; that the capital of the" Company should be again largely increased, and the Company converted into a Public Company. 'Accordingly the <&pitftl Wats increased to j£300,000, and it*was resolved to register the Company as a,-Public Company under the provisions of Section 1 172 of Tl'le Companies Act, 1908. The necessary steps are now being taken to effect this. Hie conversion of the Go'Bip&iiy. into' a 'Public Company will enable theVmembership of the Company to be increased beyond that allowed by law to a Private Company—namely, 25—and will further enable the Company to avail itself to the full of the opportunity MOfepM&fe /Mansion, which are now offering, and which it is confidently -anticipated will in the future present. themselves, to the Company. ( . ' The 50 Prefereiicie Shares mentioned inj the Memorandum 'bf Association of the bompany have been converted into Ordinary Shares, and-by a special resolution passed by the Co'ihlpahy ,ori 26tk iJainuajy, 1912, it was resolved that the xuc vaj»tu«i ui mc. vumpaujf, uuciciyiuj uww vuiiaxsis vi- u-i'viuttQ' iiitoi'OWjWu urainarysnares or £l each, of which 82,700 are" held'by Shareholders of .the old Private :<Jompanyr»!L4:have teen fully paitl for by them. The members' <?f the old Prjvate: Company have not received, nor will they receive, any other benefit or consideration in cash or otherwise oh the conversion'of the Company into a Public Conjpany, nor has ,or. ; other consideration been paid or given for or in irespect-of- thp goodwill of the business of; the Private Company, nor will any such tie paid or given.- As the re-registra-' j tion of the PrivatE Cpmpany as a Public Cojnpany does not alter, the identity of the Company, atad consequently does not involve the pjromottftd'br-a mew Company, rio> payments have been'or will be made to anyone, .as promoter. • . i- •'• j j': ' ' './ } !•' ' { The fblloWing ;staWinent; taken frott the last Annual Report and Balance-sheet the Assets and Liabilities of the Company as at'3lst' March, 1911, other' than liabilities under .cu-rreirt-cofl tracts in the ordinary course of businessASSETS AND LIABILITIES The last Annual Report and Balance-sheet of the Company, fduljr certified by the Company's Auditors, shows that -at 31st March, t£e assets held by the Company exceeded the Company's Liability by This amount representing the Capital,jMud up at-3ls,t 1911 -. Plus the profit available for division year ending 31st March, 1011 . .. Since-31s{ Mirch,'l9ll, further Capital to the amount of £4,700 has been . 1 the total of 'paid-up Capital to date - REMARKS ON ASSETS The Company' Otfns "Engineering W&fk's at Napier, GisborneyHamiltoitand Pain eraton North. - t fT!OIV-.Ci r-r.- • WORKS mer an area of 2% acres, of which 114 The bacls property are heTs tinder six leases frwrthe Napier Harbour EJ 1$ years |S rftt provisions, giviijjj the tenant the right,fa a perpetual *i6rie\ 1 . l ' 'lt affects only e remai4d^<J^{hS 5 site is Iteldriaidjer Lease, which has two years) tp run, snl £225/ " "*' most of the frontage—is freehold. Board, five or whiclrhave from 11 to 'aii'-' The remaining Cease from, tfafe* a smalj po'rtion- ! b| j;h f e Works'* 'iite. which'-contains fe'bUrchasing clause i!" • ' '> "J. The of 508 feet to Waghorna Street* 412 fedt The Prei&ises'aWd* all the Departments of a Generp,l : Engineefii complete in everj respect. '; At GISBORNE the Company owns three roods thirty-two perCh&S,;of .opposite the paßßengefc wiarf—on which the Works. are situaM; ,! 'the Whi square feet, and are quite new, having been fcuilt in 1910. ' ' r ' AT tiie Company rents an Office only. se'd Mr. 1 eehold se suitably : last. . ,Tne iii ,1902 and 1907, suitably fitted and equipped. Of these; an. eye to future developments, the company has purchased 'CtMafn ) 6f London' flpa^elj{irlf r 'gtieetß. At S'ORTH the Company has works built on 1% acres of freehold in Qhurch Street, facing the BftUGoodsr%^ fif j,Tie. buildings, of wood fend iron, cover 9QOO square>J!eet, and wer<i built hi 19t>3. ; ; way At. WELtJjfQTCN the Company rents premises, where a small stock is oarried. - -. . ,-j , j . At WAIPUJKURAU the Company has arranged to purchase 1% acres of freehold transaction is -not, .completed, but will be shortly. . £84,685 16 5 78,000 0 0 6/685 16 5 £82,700 0 0 freehold. ? -oxfi. Company; the Works are mwfefn fileing River on, the Kaiti h are. of wood and, iron, cover fit"" being prepared for doubling the size ' ' of freehold at corner opposite the Railway Station. This' > I" St-...- .. < •• . . I 1 At HASTINGS the Company-recently'purchased seventeen perches' of freehold, having thirty-six feet frontage to : Market Street;vOppQsite tlife Public Library. . . . ; ' J THE BUILDINGS AND PLANT throughout the Various Wofks are iu good orfter, and have been thorouffhly weir maintained:'; r . . , LONDON. OFFICE.—The Company rents offices in London, from wlicli all Europ !an purchases are made-and negotiations conducted. The Lease of the premises has nine years to run, at a satisfactory 'rental. - ' ' .... ; ' THE STOCKS are in good order, and the books debts owing to the Company are sound. Year by year any doubtful items have been written down. ! I INVESTMENTS. —These consist of shares in and loan to Subsidiary Companies, 1 namely, Needham, Niven and Co Ltd., of Christchuwh, and Seott, Niven and Co., Ltd., of Palmerston North. In the former the Company holds a controlling interest. The company of Scott, Niven and Co., Ltd., was wound up last' yea'r,! and its business purchased by this Company. It is Aow conducted as a Branch of the Company. t PROFITS OF THE COMPANY. Since the formation of the Company in 1908, an average annual profit of £7,777 13s 4d has been earned. The Directors have no reason ta anticipate other than an expansion of the profits consequent upon the extension of the Company's business and the sympathy and interest of a larger circle of shareholders. GENERAL. As the re-registration of the Company does not alter its identity, the subsisting contracts of the Company will not be affected. They are of the ordinary trade character. ■' : ' j The minimum subscription on which the Directors may proceed to allotment is 20,000 shares, all of which the present shareholders are prepared to take up. No commission will be payable for subscribing or agreeing to subscribe or procuring on agreeing to procure subscriptions, but the Company will be at liberty to pay ordinary brokerage. The preliminary expenses of the Public Company will be paid by it, and are estimated at £BOO. The Articles of Association provide that a Director's qualification is the holding in his own right of at least 1000 shares of the Company, and that the Directors' fees shall be fixed from time to time by a resolution of the Company in general meeting, and that the remuneration of the Managing Director shall be fixed by the Directors. Applications for shares should be made to the Directors on the forms provided with the Prospectus. They may be forwarded direct to the Seei/etary of the Company at Napier, or through the Managers of the Company at Gisborno Auckland Hamilton, Palmerston North, Wellington, or 3 Salters' Hall Court, Cannon Street, London, E.C. ' ' Applications will be received up on noon on TUESDAY, 30th April, 1912. 1 A remittance for the amount payable on application must be forwarded with the application If no allotment is made tke deposit will be returned without deduction. If tlie number of shares allotted is less than that applied for the surplus will be returned to the applicant. Prospectuses and Forms of Application can be obtained at any of the Company's Offices. ! Tlie Prospectus lias been duly filed with the Registrar of Companies. Dated this Eighth day of March, 1912.