Page 15 Advertisements Column 3

Dominion, Volume 22, Issue 288, 31 August 1929, Page 15

NOTE—The Company will positively proceed to allotment on or before September 9, 1929. THE FIRST NATIONAL MORTGAGE BOND CORPORATION LIMITED To be Registered Under The Companies Act. 1908. Dated June 11, 1929. F iled J une I ’’ ,9 j 9 ' Adopting tKe Soundest and most Up-to-date Nlethods of Mortgage Finance. Capital - - - £250,000 Ordinary Shares of £1 each- balance in calls not exceed.ng 2/- per 100,000 ORDINARY Shares, together with share at intervals of not less than one ... 100,000 PREFERENCE Shares, are now month. ?0 000 ORDINARY share on r ( . -e application, and 1/- per share on allot- ’ The Ol terme r of Subscription are as follow:- ment; and the balance in calls not exPREFERENCE SHARES—2/- per share on ceedmg 1/- per share at intervals of not application, and the balance on allot- less than one month. NO PROMOTERS’ SHARES No consideration of any kind has been given or promised to anyone m connection with the promotion of the Company. Brokerage only is payable for procuring subscriptions for shares. £j IRECTOR S : ' H. T. MERRIT., Esq., T - F‘- Y E a LL ?i* P 9" Merchant, Auckland. Re ‘ lred ’ Auckland. S. J. HARBUTT, Esq., F- RESTALL, Esq-, . Manufacturer, Auckland. Company Manager, Auckland. D. F.. MacCORMICK, Esq., Retired Bank Manager, Auckland. c Conxulting Counsel: , . W. T. F. KELLS MASON, Esq., G - P*. FINLAE®*’ Solicitor. Auckland. Barrmter, Auckland. --- „ , • ~ Auditors: THE NATIONAL “BANK OF NEW HUTCHISON, ZEALAND LIMITED. Premier Building., Durham Street. Aucklan Organising Underwriter.: Interim Secretary: ASSOCIATED INVESTMENT UNDERG F. PARKES, F.C.1.5., F.A.1.5., WRITERS (N.Z.) LIMITED Premier Buildings, Durham Street, Auckland. Premier Buildings, Durham Street, Auckland. GENERAL OBJECTS. \ . Primarily this Corporation is being form- To transact business as ca P* . ed to carry on the business of a Mortgage rnotere and . financial and Bond Company, adopting the most modern agents, both in New Zealand and el e methods of lending money on real estate, where. . R , j Debenture and splitting up these mortgages into Bonds T ° Trustee f ° r B d Debentu of convenient denominations, thus rendering Holders. , ~ *e be”cla”> of mortgage security .vaihble To afford Shareholders a dryers.ficatron the Dest cia.s oi s s j f principle which has long to rnveslors generally. « » raognised P a , one of the fitst Briefly, the objects are:— quisites of a sound investment policy. wilho’uX S S” C p=r O adon's P "r- by the’ udicior£ application of organised t capital. antee. _ - PURPOSES OF THE CORPORATION. . . The main purpose of the Corporation is to throw co AdX'ce” Departopen to the general public a fresh avenue of mv s P Public Trustee, Intermediate Credits ment, namely, real estate Mortgage Bonds. Association, the Associated Bank., the various In the safeguarding and distribution of these S oc i e tie., and the Loan, Mortgage and Bonds the Corporation intends to introduce the Financ f Companies. The reason for this is that principles and system which form part of th company usually bring, greater skill to bearstandard practice to-day in Great Br.tam and ’ of investments than can a private America, and which have contributed in no small on the n matter foreign to h is measure to the widespread popularity of such ■ ordinary business. °Hitherto, °mortgages of the best class on the ' The finding of fitting highest type of improved city properties and pro- , s one of considerable difficulty to the aver g dJctive rural lands could be taken up only by the lender and the use of the Corporation s organi - wealthy and the large institutions because of _their tion is sure to appeal to lender and borrower alik . very size; but now, with the advent of the ‘‘First -j- he f unds o f the organisation will be continually National Mortgage Bond Corporation Limited," the emp l o yed. By foresight and an energetic manageplan will be adopted of splitting up these large ment no f unds w ill ever be allowed to lie idle, mortgages into Bonds of convenient denominations, -pj ie Corporation will offer to investors a conthus rendering such classes of mortgages available tinuity of investment {ack of which has in the past to investors generally. ’ been a serious drawback and in many cases the The policy to be adopted by the Corporation cause of loss and hardship to investors and those will be the most modern method of lending money dependent on. them. on real estate. It represents the most up-to-date investor - g point o f view, the modern improved form of the old time-tested system; it me thod has many advantages:— combines the safety, stability and attractive interest ; . , rate of the old-fashioned mortgage with the con- (1) The interest is pad to the promptly venience and availability of the best class of Bonds. and regularly and free from expense or The Corporation will pay particular attention to deduction. the adaptation of amortisation to lending on mort- (2) His capital is never lying idle awaiting remga'e the underlying principle being that the bor- vestment and losmg interest. He is not rower shah pay off a portion of the principal of continually cal ed on to consider rearrangehU Bonds eaih year- This amortisation is accom- ment and revaluation of securities, phshed either maturities, part of the Bond. (3) His investment, «ny part of h, is readily maturing annually, or by sinking funds whereby negot.able at any t.me, w.th a m™™ the borrower must reduce the principal annually expense he can realise on his security. A by purchasing Bonds in the open market or by call- mortgage, on the o.her hand is, not so ing Bonds by Jot. The aim of the Corporation will readfly sold because the to find “ be to ensure regular payments sufficient to . meet person the due proportions of principal and interest and BecU rity, and whose advisers apthus secure a constantly increasing margin of particular form in which the 8 Nearly all the real estate the Corporation will , mortgage is drawn. All these factors milisponsor will be covered by Bonds WithT’mortgage' 3 he ’has °to° watalTtVe underwrite 1 unuerwouq an u , t^e personal collection of interest (or the borrower —the owner of- the mortgaged pro- . - . . party All Bonds issued, underwritten or purchased someone else to do so), suffer the in will be protected by an adequate equity or margin yatiable delays in Pay™'* of safety, based on conservative appraisals of the ’andJinX event of the failure of the mortproperty securing it. The be prepared to finance the repossesls ,ue before underwnt.ng or flotation. will be thorough and The Corporatori will for examme thoroughly the construction cost sound- , money is always less than the apparent value ness ana earning power or each property, rar* j • 1 i • -11 k or, I‘mnnrHnre of the return as expressed in the mortgage, ticular emphasis will be placed on the importance , of earning power, which is the basis of all value. . With a Mortgage Bond the face vajue of the Nowadays, the lending of moneys is tending more interest is net, su jec ono euc , and more to become the business of institutions and from worry, delay and idle capital. Applications will be received only in accordance with the terms of the full Prospectus, and on the APP !puU Vrospeau^ B^^^^, Form of Application for Shares may be obtained from Asssciated investment Underwriters [N.Z.] Ltd. Wellington Office: 213-235 Second Floor, D.I.C. Building, Lambton Quay. P- 0 - Box 869. Phone .0 83 . Branches nt Ciiristehurch. Timaru. Palmerston North, D wanoi. " VNB Head Office: PKUMIEK BUILDING, DUKHAM STKLET, AUCKLAND. ___ __ __ —.— — —• — —’ — —' ' , ASSOCIATED INVESTMENT UNDERWRITERS (N.Z.) LTD., | I 213-235 Second Floor, D.I.C. Building. Lambton Quay, Welllngtoii, P.O. Box 869. I .hone 40 . . ■ Please send me, without obligation, Prospectus, Full Information, and form ot j 1 Application for Shares. . Name * I I Address