Page 7 Advertisements Column 1

Press, Volume LVI, Issue 16883, 10 July 1920, Page 7

ABRIDGED PROSPECTUS, INVITING SUBSCRIPTIONS FOR DEBEXTURE STOCK. THE GLAXO MANUFACTURING CO. (N.Z.), LTD. (A COMPANY INCORPORATED l"NDEl! "THF. COMPANIES ACT. 'ivi?." SHARE CAPITAL: £500,000. DIVIDED TXTO .W.OiXt ORDINARY SHARED OF il EACH AND 200.(XV) PREFERENCE SHARES OK si EACH. ISSUE OF £100,000, TWENTY-FIVE YEAR, 61 PER CENT. DEBENTURE STOCK, FREE OF INCOME-TAX UP TO PRESENT ASSESSMENT, IN SUMS OF £10 AND MULTIPLES THEREOF. Tito Company i*>w offers ;o tn<> Tjublic lor sli'wript ■..>'. .1! par A'lOO.tXiO of DcivMiture Stock in sums o: £10 awl multiples ih.'ivof. secured by a trust deed dated the second day of July, 11)20, and by a .iiort'j:i..ro or ch.ir.ro on the freelwd and IcwelioM !andi. fixed machinery, and plant, being: portion of the .assets and properties bv the Company from Jose;!! 1 Nathan and Company. Limited. aT.ti ceitain further machinery and plant now in proems of iiiiiallation or .>-n order, ail of which l.ut i~. machinery, and plant have boen taken over us of t.':e \-n'\w of i'.'V'.Cto la :'<!. Eaeh £10 of Debenture. Stcck i? payable. «.s folinv s.— o*n application .. .. .. .. £! On allotment .. .. ±''t On the r,oth day or October, 1920 .. .. .. ±:\ On the 30th day of November, 3020 .. „ .. f:\ £10 TRUSTEE OF TJSUjjT DEED. N"EW ZEALAND INSURANCE COMPANY. .LIMITED. DIRECTORS: FREDERICK JOSEPH . NATHAN. JV.uierstou N.. Men-hint. HERBERT EDWARD PACEY. Paluiereton N.. Campuiiy Director. SYDNEY JACOBS. o( AVolliiiKUm. Merchant. CECIL CLAUDE MORTON OLLIVIER. Christehur:\h. Accountant. CII ABLER RHODES, Auckland, Attorney Wmiii Geld Min ins Company, Ltd. BANKERS: THE UNION BANK OF AUSTRALIA. LIMITED. BROKERS: Member- of the Wellington .Stock Exchange- MESSRS COLBECK AND GRIFFITHS. Auckland; MR E. J. RICHARDSON. Auckland;- O. O. and J. li. AITKEX AND CO.. Christehureh: FRANK GRAHAM AND SON. Clvmtchurch; R. HILL FISHER AND SON, Ch-isiehnrch: MESSRS FENWTCK BROS.. Dunedin. i AUDITOR: REGINALD DAVIS, F.P.A. (X.Z.), Palnicrsuni Nc»uh, Public Accountant. SOLICITOUS : BELL, GULLY, MYERS, AND O'LEARY, Wollinpteu. INTERIM SECRETARY: JOHN CAMPBELL PORT. P.O. BOX 1500, Wcllin-lou, Accountant. The £100,000 of tho Company's Debenture Stock will carry interest at tlie rate of £G 100 per centum per annum, and payment of income-tax to the extent hereinafter mentioned. Such Debenture Stock will rank in priority over nil classes «f shares, both as to interest and repayment of capital. The holders of debenture atock wiU be amply secrire-J. They have tho Rcner.il 'rights of creditors of the Company with, the additional specific security over th»> valuable assets already referred to, and they take priority over all classes cf shares. Jll Edition shown later. THE CONTRACT MADE FOR THE OUTPUTOF %BE I COMPACTS MANUFACTURED PRODUCTS ENSURES ANNUAL PROFITS TO THE COMPANY TO AN EXTENT SUFFICIENT TO COVER SEVERAL TIMES THE ANNUAL INTEREST ON THE DEBENTURE STOCK. Tho debenture stock will be repayable on the Ist August, iur>, but the Company re«erves the right at any time ami from time to time- after tho expiration of Sv©'years from the first day oi August, 1320, on throe months' notice, to pay off the- whole, or. any* portion of the debenture clock nt a premium of £3 par contnm, pins- interest \o tho date, of payment. Interest will be paid half-yearly on the. first day* of February and August of each year at any branch in New Zealand or London ■« tho Company's Bankers for tio time "being free of exchange, or at tho Company's registered office. The first payment of interest will be calculated on the proportionate part of - tho half-year, and. until the whole of the money payable on tho debenture stock lias beep paid up, interest will be calculated on the instalments as from the respective dates of payment. THE COMPANY WILL PAY INCOME-TAX UP TO THE AMOUNTS SPECIWED IN THE LAND AND INCOME-TAX (ANNUAL) ACT. 1919. IN RESPECT OF INCOME DERIVED BY DEBENTURE HOLDERS IN COMPANIES. NAMELY. 2j Gd IN THE £ In the event of such amounts being hereafter increased, tho difference w« bo payable by the holder of the debenture Etock and will be deducted from the inter* It payable. A feature of the security to holders of the dobentaire alack is that the Company \ bußiness is 'in efiect supported by the whole of the resources of Joseph Nathan nn 1 Company, Limited, which is itsself a Company with a largo and sucwsstul business. OBJECTS OF THE COMPANY. The Company has been formed to acquire ae concern the manufactuj in- depaitmerjtof Glaso and milk powder products in the Dominion of New .Zealand, established bv Josapb Nathan and Company, Limited, the well-known proprietor* of Glaso and dried milk. Tfte manufacturing department has formed part of interests of Joseph Nathan and Company, Limited, but the largo growth of the trade? and The tatiTproßpeoto of further deveiarpment, render additional capital advisable! To provide such capital and to consolidate the manufscturms department in New Zealand aeparate it from the merchandise and wde. cbstribution depart, mente, to convert the marrafacturing portion of the business into a separate public company. Joseph Nathan and ' Company, Limited has entered into an ape»fc»t with ~ <-, _ „.,-* r.t «i,a /.nniitlerntion for the sale and rnrchase that the Comthe Company jart of the COMPANY, LIMITED, WILL PURffiip\m VTHOLE< OF THE OUTPUT OF GLAXO AND FIRST-GRADE (2tH MILK POWTJEHJIANUFACrrjKBD AT THE FOUR FACTORIES AND ANY OThSfACTOrS3S THAT M-JT BE OWNED OR OPERATED BY THE COMPANY The article Glaoco is to remain a piopr.etary article beloTrgine to Josenh Nathan and Company, Limited, and -that Company also retains tho trade mark censfaUn- of the word "Glaso" and the goodwll of the bn«me« concerned in the m Z- , t~T\ZE;£ »l M been registered. Under the contract ror the purohaso of B jf tlcle JS. !3ri™ fireWSofull cxeam powder JOSEPH NATJIAN AND fe »K IrMPTED ARE TOI>AY'A SUU EQUIVALENT TO--NOT LESS IN EXCESS OF THE COST PRICE OF THE MANUFACTURED ABTICLE, and in estimating the cost price aU the espor«es cf the Company axe to betaken Into consideration, but .not intent en capital. Any other products th»n &!*> e-M first-'rode fuU cream powder, whwb. may be. maiinfaottrred are to be sold through Joseph Nathan aad Company, larmted, on consignment on behalf of the Company. ( ASSETS ACQUIRED BY THE COMPAxYY AND CONSIDERATION. paid and payable to Joseph Nathan M>d Company, Limited, for amta, tose«ior with the assets acquired, are set. out m full m tho prospectus. ADVANTAGES OF GLAXO AND GROWTH OF BUSINESS. G2a*> is without doubt the leader of its class, and can reasanably be claimed to be the greatest and largest selling Baby Food m Great Britain The British Government made contracts during the war for over. 4000 tone in all. This was mostly used for wounded soldiers and babies of Oreat Britain. The increase of trado exclusive of tihe above mentioned Government contracts is shown by the foikrwing figures:— THE TOTAL SALES OF GLAXO FOR 1914 (PBE--WAR) WERE £109^03. THE TOTAL SALES OF GLAXO FOR M 9» (POST-WAR) WERE OVER £800,000. THE ESTIMATED TOTAL SALES OF GLAXO FROM ALL SOURCES OF SUPPLY'FOB 1930 IS £1,300,000. . Tlieee fiffureß «re a l -*© txerasTVe of oidinary milk powder, both foil cream and separated. It muet be clearly understood that Josfph Nathan and Company, Limited, operate and ownxfactories in countries outside New Zealand, MdU» parUculars of turnover given above as representrngr the sales are those for Claio manufactured end delivered from all sources of supply. The estimated output for the four factories which this Company will operate ' for tie season nearly .completed is about 4500 tons of Glaxo and lull Cream Dn«d Milk Powder. ! £ IT IS PROPOSED TO INOREASE THE CAPACiry OP THE PACTORIE3 TO AN OUTPUT OF ABOUT 6000 TONS, • BUT EVEN IF THE PRESENT OUTPUT OF 4500 TONS ■«' WERE NOT INCREASED, THE COMPANY WOULD STILL DERIVE ON THE SALE OF ITS OUTPUT ! UNDER ITS AGREEMENT WITH JOSEPH NATHAN AND COMPANY, LIMITED, A PROFIT (ON THE BASIS OF £7 PER TON) OF 31,500 ADD INTEREST FROM DEBENTURES (ESTIMATED AT £60,000) OF N.Z. CO-OP. DAIRY CO., LTD., SAY 3,000 £34,500 AMOUNT REQUIRED FOR INTEREST ON THE £100,000 debentures now offered to public 6,500 Surplus available for income-tax, reserves, and dividends on shares £28,000 '** The preliminary experwa of, and incidental to, the formation and tstabliahmen' of the Company until tie time when the Company became entitled to commence business, and also brokerage, will Lc borne by the Compmy. The Directors will no£ proceed to allotment of any toehy offered for subscription unVw debenture stock or tie nominal rahie rf £30,000 ha, been subscribed for. ! A nrinted oot>v of the memorandTim and articles of aasociatiou of the Company can be inspected at the offices of the Solicitors of :Le Company, and of the eaid trust deeded a form of the certificate of the deUnwe stork cun be in-pccted at U>.e offices of «he Company or tie offices of Joseph .\»lja!i and Company, Limited, n. Wellington, or at tlie office of uny of the Company's brokers drrruxr oramary business hours while the tubscription Hat is open. - Copies cf tho above-mentioned 'materhi oonrract* may -v- at the office? oi the Company's Solicitors. COPTFC OF THE PROSPECTUS AND FORM OF APPLICATI3N MAY BE HAT) AT THE OFFICESI OF THE COMPANY IN PALMERSTON NORTH. OR VT THF OFFICES 08 -JOSEPH NATHAN AND COMPANY. LIMITED. IN AVE LLEfOTON, OR FROM THE BANKERS OR BROKERS OF THE COMPANY. i If no aliotmerit i« made the entire deposit will be repaid. )>ut :n oase? in (he amount applied for exceeds the allotment the surplus pa:d on ceposit v. ill l>, ' i iTplUe-ut of t'xi , motnrt due on ailotm.nt. IWault in payment .: j aiy instalment when due will render the sums pryioiwly paid liable to forfeiture. ! Applications tor* m:de on the forms issued with the prospectus, aceompanie<i bv a depcait of £1 upon each .£lO o: »'ock. .natead of payment of iclalmer*- on (V- b«"ore mentioned, payment may be made in full en aliot- ' meii't, in*whichr'asc interest en t!i© ftiH amount wiil be calculited and paid as from I date of payment. The content* of the roemoKUidum of association of tho Company and the itimcs, ! descriptions and addresses of the eiirnatories, with the number of shares subscribed ! for bv them respectively, win be found printed in tho fall prospectoe. A copy of the full prosp*ctus I'M beer. Sled with the Rc;ristr-r cf Companies. Dated the S& day ef July, l>2Qt 62C3