Page 3 Advertisements Column 4

Taranaki Daily News, 2 August 1920, Page 3

NEWTON KING, LIMITED. CAPITAL £500,000. Divided into 259,000 Ordinary Shires »f £1 eaoh, and 250,000 Preference Shares of £1 eaoh. issue »f 125,000 PREFERENCE SHARES and 70,000 ORDINARY SHARES, payable 2s fidjer Share en AppKsatlen, 2s fid per Share «r Allotment, and the balance In calls net exoeeding 5s per Share at intervals *f net less than ens month. DIRECTBRBI NEWTON KING, of Nefr Plymouth, Merchalit. STANLEY WAKEFIELD SHAW, of New Plymouth, Merchant. FRED WATSON, of New Plymouth, Shipping Manager. WILLIAM HEALY, of New Plymouth, Merchant. ELIOT MILLAR KING, ef New Plymouth, Business Manager. JAMES HENRY ASHTON, of Stratford, Motor Superintendent. All of whom will hold office until tint Ordinary General Meeting of tk» Company in the year 1922. HAROLD E. ABRAHAM, of Stratford, Business Manager, who is temporarily absenj from the Dominion, will join the Board upon his return. BANKER THE BANK OF NEW ZEALAND. BROKERS: , FfeATER BROS., Queen Street, Auckland. G. A. BUTTLE & CO., Victoria Arcade, Auckland. S. GEORGE NATHAN & CO., Customhouse Quay, Wellington J. S. S. MEDLEY, Egmont Street, New Plymouth. AUDITORS: WATKINS, HDLL, HUNT & WHEELER, Public Accountants and Auditors, Wellington. SECRETARY: 1 G. M. KEBBELL, New Plymouth. The Company has been formed to acquire as a going concern the business previously carried on in the Taranaki District by Mr. Newton King. The business has been acquired oy the Company 011 the basis of the stock-in-trade and other assets and liabilities as they existed on the 30th April, 1920, but there is excepted from the sate a proportionate part of the current year's profits as from Ist May, 1920, to the 31st day of July, 1920, when the agreement for sale between Mr. King and the Company was executed. The excess of assets acquired by the Company over liabilities undertaken, aooarding to a balance sheet prepared as at the 30th April, 1920, is £329,354 9s 9a, made up as follows: £ 6. d. . & s. d. Properties, Buildings and Cattle Yards 73,072 O fl Stationery f lnd Office Furniture 4,052 7 7 (These-items hare been valued by independent ■ ■ '77,124 % % valuers at £82,566 7s 7d.) Stock-in-trade 98,713 7 1 'Working Plant, Fittings and Motor Cars used in business 15,762 6 8 (These items have been valued by Depart- 114,475 13 9 mental Managers who are applying for Ordinary Shares.) Book Debts and Bills in hand ... 314,761 1 3 (Guaranteed by Mr. King as hereinafter mentioned.) Cash, Stamps and Insurances etc. unexpired ... 2,641 13 5 Goodwill (payable to Newton King as vendor) ... 30,000 0 0 539,002 16 0 The total stabilities amount to 209,648 6 3 £329,354 9 9 In addition! to the above-mentioned liabilities, the Company takes ere* a contingent liability on account of bills under discount, but guaranteed by Mr. King as hereinafter mentioned. • The Company also takes over (subject to the consent of the principals) several valuable agencies held,by Mr. King. The book and other debts—as well as bills under discount—are guarantefd by Mr. King for the period «f one year, at the expiration of which period tho Company is to make its claims in respect of bad and doubtful debts (if any), and the claims have to be adjusted ana, in the event of dispute, settled by arbitration. The consideration payable by the Company to Mr. King as abovementioned, namely, £329,384 9s 9d, is payable as follows: (a) As to £130,000 by the allotment to Mr. King or his nominees of Ordinary in the capital of the Company credited as fully paid up. (b) AS to the sum of £50,000 by the allotment to Mr. King or hie nominees of 50,000 fully paid up Preference Shares in the capital of tho Company. (c) The balanoe is payable in cash With interest at the rate of £6 10s per centum per annum on the portions thereof for the time being outstanding. The Company has'agreed 1 to reduce the cash consideration to Mr. King by sums of not less than £20,000 per annum. Mr. King,has agreed, if so long required bv the Company, to hold for tho period of not less than three years the positions of Managing Director and General Manager of the Company at a salary of £I2OO per annum. The Preference Shares will confer on the holders the right to a fixed cumulative preferential dividend at the rate of £6 lis per centum per annum (tree ef all income-tax payable 6y theTJompany) on the capital for the time bewg paid up thereon, and will rank both as regards dividend and capital in priority to the Ordinary Shares, but will not confer on the holders any right to further participation in the profits of the Company or in the surplus assets on a winding-up. Nor will the Preference Shares confer any voting power except on proposals to increase or reduce the capital or wind up the Company or to sanction the sale of the undertaking of the Company or on matters directly affeoting the privileges of the holders as a class or unless the dividend on the Preference Shares is in arrear for mora than three calendar months; and where the holders of Preference Shares aro entitled to vote each holder will have one vote for every complete number of five shares held. The "Minimum Subßoription" on which the Directors may proceed to allotment is 50,000 contributing shares. It is proposed to proceed to allotment at Boon as the minimum subscription has been subscribed. The material contract affecting the Company is the contract or agreement between Mr. Newton King as Vendor and the Company for the sale and purchase of the business undertaking and assets hereinbefore referred to This contract is dated the 31st day of July, 1920. Mr. Newton King is the promoter of the Company and is interested in the promotion oi the Company to the extent of his interests as vendor and as a shareholder in and Miyidging Director of, the Company. No other persons are interested m the promotion of the Company. The preliminary expenses of and incidental to the formation and establisnment of the Company are estimated at £IOOO and will be borne bv the Company. This amount does not include ad valorem duty on the transfer to brekerajjP ft ny the lands taken over by the Company ; npr does it include The Company will pay a commission at the rate of not exceeding' 34 per cent, to the Brokers on all shares of whioh they procure the subscription. The qualification of a Director is the holding of ordinary or nrefei'Mcft shares of the nominal value of £SOO. T P Each of the Directors is entitled to remuneration at the rate of £2OO per annum, and the Chairman of Directors (if any) to an additional £SO per annum, and such further remuneration (if any) as the Oompanv in eeneral meeting shall from time to time determine, but no .Director who holds anr other office or place of profit in the Company (and for this purpose the position of Managing Director shall be deemed to be another office or place of profit) shall be entitled to be paid the fixed sums meutioned in the first cart of this clause or any part thereof, but he shall be entitled (if the Directors shall so determine) to share in any further remuneration determined upon or voted bv a general meeting as aforesaid, 1 u A printed copy of the Memorandum and Articles of Association of tho TrTffi nffi? a fT r above-mentioned material contract can.be inspected at the office of the Company m New Plymouth, or at the office of any of tho is°open ny S rs " g ordlnar y business hours while the subscription list Copies of the prospectus (which has been filed for registration) and forms of application for Preference Shares or Ordinary Shares, may be had at the offices of the Company or from the Bankers or Brokers of the Company. Applications for Shares (Preference or Ordinary) should be made upon the appropriate forms accompanying the Prospectus, and may be sent to the Bank of New Zealand, New Plymouth, or to any of the branches of the said Bank, together with the amount payable on application, or through any Broker of the Comp„ny, or direct to the Company's office. The Subscription uist will olose en er before 31st August, 1928. No apphrations for less than 50 Shares will be entertained. Dated the 31st day of J ulj, 192 ft