NEW ZEALAND BREWERIES.

Auckland Star, Volume LIV, Issue 146, 21 June 1923, Page 3

NEW ZEALAND BREWERIES.

ISSUE OF PROSPECTUS. x .;_* ; OFFER OF TEX PER CENT jj| DEBENTURES. ■ The prospectus of Xew Zealand Breweries, Limited, has been issued, and | the main details are advertised in this ' issue. The capital of the new company is to be £1,500*000, comprising 500.000 ordinary shares (which will lie allotted as fully paid up to tlie vendors), and £1.000,000 ten per cent first mortgage debenture stock, which is now being offered to the public. This issue of ten per cent first mortgage debenture stock is limited to £1.000,000 and is secured by a trust deed in favour of the Xew Zealand Insurance Company, Limited (as trustee for the debenture stockholders) constituting a first specific charge over the completed undertaking. Interest will be paid quarterly on the first days of October, January, April and July in each year. Payment will be guaranteed by the Xew Zealand Insurance Company, with whom will bo deposited by the vendors approved securities for _34r>,000 in support of the guarantee. It is stated that the present owners have been induced to dispose of their businesses so as to bring into effect certain reforms which they are led to believe are desired by the public. One of these reforms it is suggested is that of abolishing wlnvt has hitherto been contended as being "a restricted monopoly."' Another that is confidently expected will :be effected will be in the direction of limiting the goodwills to be paid in respect of hotel properties to reasonable amounts, and tlie necessity of "tie-ing" public-houses, as understood by the public, should disappear. The list of applications will close on or before July 9, 1923.