Page 1 Advertisements Column 3

Wairarapa Age, Volume XXXII, Issue 10579, 9 March 1912, Page 1

ABRIDGED PROSPECTUS ciws ■nrrni Act, .but about to be registered as a Public Company. A Private Compaay duly incorporated under The Companies Act, but about to be registered a (This Prospectus is issued in respect 0 f the intended Public Company.) UAPITAL £300,000. DIVIDED INTO 300.000 ORDINARY SHARKS OF £1 EACH. iglSI SKSST™ mbuc sii iScui i™* . 82,700 117,300 To be paid as follows :- On application -.••• On 29th June, 1912 On 30th September, 1912.. ()u 31st December, 1912 . On 31st March, 1913 ...... On 30th June, 1913 On 30th Sept-ember, 1913 On 31st December, 1913 .. 2s per share 2s per share 2s per share 2s per share , 2s per share . 2s per share 2s per share 2s per share aforesaid) as the Directors may from time to time determine. DIRECT )RS: . . eVil Aicinawer in Now Zealand for Nelson Bros., Limited. NfIsON Woodville, Managing Director ot the Woodville Bacon Co.. ] LIONEL NELSON, G. 1., Meclu E, Napier, ; Engmc«. ■, ;, , ~ ■ ; - BANKERS: The Bank of Australasia. AUDITOR-: William McCullough, Napier. SOLICITORS: Sainsburv, Logan and Williams, Napier, SECRETARY: Frank Sydney Russell.' REGISTERED OFFICE: Waghomo Street, Napier. HISTORY OF THE COMPANY. The business of J'as. J. Nivei) uud Co., General xJ 1 " !j~'C' "Nelson, in partnership, under the style of Jus. J. Niven aiu. * jo< - J The partnership continued until 1903, when Air Niven retired °ers, was founded in the year 1893 'by 'Jas. J. Niven and George The business was'carried on for o yours-by Mr Nelson, when, o^' l^ 4 * llis financial resources, he u,. ' verted the undertaking into a private company, incorporated on the'2Tst £*'■ i i • ■■,,-,„■,■ i„■ The business was taken over by the Company as a going concern, Air U?my? being elected Chairman and Managing Director. . ' «ts <• ' I'll? capital of the Private Company when registered was £6-5,000, divided into 50 1 reference Shares of £IOO each and (300 Ordinary ilfttlsifWof £IOO each, all fully subscribed ; as the business grew, further capital was (from time to time introduced, bringing the total up to £82,700. ' ~. . Eventually, in January, 1912, the Directors considered that the time 3iad arrived when it .was. desirable, for the effi-, cient car.rvingon 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 capital was increased to £300,000, and it was resolved to .reregister'the Company as a Public Company under the Provisions of Section 172 of The Companies Act, 1908. The necessary steps are now being taken to effect this. The conversion of th Company into a Public Company will enable the membership 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 cf the epportunitie for .legitimate expansion, which are now offering, ami which it is confidently anticipated will in. the future present themselves to the Company. The oO Preference Shares mentioned in the Memorandum of Association of the Company have ibeen converted into Ordinary Shares, and iby a special resolution passed by the Company of 26th January, 1912, it'was resolved that the capital of the Company be divided by the .subdivision cf all its exist.ng shares into Ordinary Shares of £1 each, and that the conditions of the Memorandum*of Association be modified accordingly. '■ ' The capital of the Company, therefore, now consists of £300,000, divided into 300,000 Ordinary Shares of £1 each, of which 82.700 are held by shareholders of the old Private Company, and have been, fully.paid for by them. The members of the old Private Company have not received,, nor will they receive, any other benefit or consideration in cash or otherwise on the conversion of the Company into a Public Company, nor has any money or other consideration been paid or given for or in.respect of the goodwill of the business of the Private Compauy, nor will any such be paid or given. As the re-regis-tration of the Private Company as a Public Company does not alter the identity of the Company, and consequently does not involve the promotion of a new Company, no payments have or will he made to anyone as promoter. 'Jlib following statement, taken from the last Annual Report and Balance Sheet, sets out the Assets and Liabilities of the Company as at 31st March, 1911, other than liabilities under current contracts in the ordinary course of business.

ASSETS AND UAB3LITJES. The last Annual Report and Balance Sheet of the Company, duly certified .by tho Company's Auditors, shows that at 31st March, 1911, tho Assets, held .by the Company exceeded the Company's Liabilities toy This amount, representing the Capital paid up at 31st March, 1911 .. .7 ... ... ... . 75.000 0 0 Plus the profit available for division year ending 31st Marcli 1911 0,685 16 5 Since 31st March, 1911, .further Capital to the amount of £4,700 has been paid,up, making the total of paid-up Capital to date .£84,683 16 £84,683 16 5 £82,700 0 0 REMARKS ON ASSETS. J The Company owns Engineering Works at. Napier, Gisborne, Hamilton and Palmerston North. THK NAPIER WORKS cover an area of 23 acres, of which 1| acres—including most of the frontage—is freehold. Jhe back portions of the property are held under six leases from the Napier Harbour Board, (five of .which have from 11 to 14 vears to run, and contain provisions giving the tenant the right to a perpetual renewal. The remaining Lease from the Har-1 hour Hoard runs out in 1930, and contains no renewal provisions. It affects only a small portion of the Works site. Ihe remainder of the works site is held under lease, which has two years to run, and which contains a purchasing clause at £223 ex. rcisable at the end of the term. . ni L r i• , t , n c i • * i i . the Property has a frontage of 508 feet to Waghornc Street, ot wbch 412 feet is freehold. Tho'premises and plant comprise all the Departments of a General Engineering Company; the Works are modern and complete in every respect. . , , , ~ ~ ~i £ ■ ~ t>- xi t- •!• • i AT GISBORXE, the Companv owns three roods thirty-tro perches of itreehold facing the River on the Kaiti side—opposite the'passenger wharf—on which the.Works are situated. Th? buildings, which are of wood ana iron, wav 9000 .square fc-.\«- one are quite new, having Uvn bait in NIU. , AT AUCKLAND the Co npany ie:i';s an Offioe orly. . ,wn-i j. * • * t> -i Qt .i- ■ n At HAMILTON the Company purchased Mr Upton's engineering Establishment—facing the Railway -Station—in October last 'the purchase comprises a freehold section of twenty-seven perches, with building of wood and iron covering , 9600 square feet, built in 1902 and 1907, suitably fitted and equipped. Plans a,re now being prepared for doubling the size'of these premises. With an eye to future developments, the Company has purchased two acres ot (freehold at the corner of London and Selkirk Streets. . . . . 4t PALMERSTON NORTH, the Companv has works bvulfc on 1J acres of freehold m Church Street, facing the Railwav Goods Shed. The buildings, of wood and iron, cover 90(0 square feet, and were built in 1903. '" At WELLINGTON the Company rents premises, where a small stock is carried. At W r AIPUKUIRAU the Company has arranged to purchase 1?, acres of freehold opposite the Railway fetation. I his transaction has not yet been completed, but will be shortly. _ . _ At HASTINGS the Compny recently purchased seventeen perches of freehold, .having thirty-six feet- trontage to Market. Street, opposite the Public, Library. . . . . - The BUILDING'S AND PLANT throughout the Various W r orks are in good order, and have .been thoroughly well mam lIU LONDON OFFICE.— The Company rent offices in London, from which all European purchases are made and negotiations conducted. The Lease of the premises has nine years to mn, at a satisfactory rental ■, ~ , The STOCKS are in good order, and the Book Debts owing to the Company are sound. Year by year any doubtfulitems have .been written down. . .-.-,.-,■ r . • t -v ir x- i rIX VESTMENTS—These consist of shares m and loan to .Subsidiary Companies, namely, uNeedham, .Niven and Co., Ltd 'of Chrikciiurch and Scott, 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 year, and its (business purchased by tins Company. It is now conducted as a Branch of the Company. ! PROFITS OF THE COMPANY. the formation of the Company in 1008, an average annual profit of £7,777 18s -id has been earned The Directors have no reason to anticipate other than an expansion of the profits consequent upon the extension of the Company s business and the sympathy and interest of a large circlo of shareholders. I GENERAL. As the re-registration of the Company does not alter its identity the subsisting contracts of the Company will not be affected. Thev are of the ordinary trade character. . . The .minimum subscription on which the Directors may proceed to allotment is 20,000 shares, all of winch the present shareholders are prepared to take up. ' , . . . No commission will bo pavable for subscribing or agreeing to subscribe or procuring or agreeing to procure subscriptions", hut the Company will .be at liberty to pay ordinary brokerage. _ The preliminary expenses of the Public- will bo paid by it, and are estimated at £_bO()._ 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' foes shall lie fixed from time to time by a resolution of the. Company in. general moetiii"- and that the remuneration of the Managing Director shall be fixed by the Directors. Applications for shares should be made to the Directors on tho forms provided with the Prospectus. They may be forwarded "direct to the Secretary of the Company at Napier, or through the Managers of the Company at Gisbome, Auckland, Hmiilton Palmerston North," Wellington,'or 3 Salters Hall Court, Cannon Street, London, E.C. Applications will be received up to nn:m on TUESDAY, 30th April, 1912. \ remittance for tho amount payable on application must .be forwarded with the application. It no allotment is made the deposit will be returned without deduction. If the number of shares allotted is less than that applied for the surplus will bo returned to the applicant. . Prospectuses and Forms of Application can be obtained at any of the Company s Offices. Tho Prospectus has been duly filed v'xh the Registrar of Companies. Dated this Bth day of March, 1912.