Page 7 Advertisements Column 4

Evening Post, Volume LXIV, Issue 47, 23 August 1902, Page 7

EXCERPTS PROM PROSPECTUS • OF THE HIKURAKI FISHERIES AND EJLECTRICAL POWER CO., LIMITED. To be registered undor "Tho Companies Aot, 1882." CAPITAL, £75,000, IN 75,000 SHARES OF £1 EACH, Of which 40,000 aro now offorod to the publio, payable as undor: — 2s 6d on application, 2s 6d on allotment, and tbo balanco a* may bo required in calls not oxoooding Is por share per month, but it is not expooted that ib will bo noooßsary to call up moro than 10* por share. 15,000 fully paid-up chares aro proposod to bo allotted to the Vendors, on tho ba*i* of. allotment of 40,000 subscribed shares, and 20_0Q0 to bo hold in reserve. The Vendor* do not ask for any dividend on tho shares allotted to them until tho not profit* of tho Company shall be sufficient to pay a dividend at the rate of £5 per cent, per annum on tho subscribed capital whioh shall have been aotually paid. PROVISIONAL DIREOTORS: "W. H. P. BARBER (Dyer), Wellington. B. DAWSON (late Traffio Manager, N.Z. Railway*), Wellington. JOHN PROUSE (Messrs. Prouse Bros., Timber Merchants), Wellington. v J. J. K. POWELL (Produce Morohant), Wellington. O. H. TREADWELL (Solicitor), Wellington. With power to add to their number. SOLICITORS: MESSRS. STAFFORD, TREADWELL & FIELD. ENGINEERS : MESSRS. PALMER & 00. BANKERS ! THE NATIONAL BANK OF NEW. ZEALAND, LTD BROKERS: MESSRS. EDWARD REEVES & CO., Mercer-»troot, Wellington SECRETARY (pro tern.): F. B. FARMAR. Ti^HE Company is promotod ohlefly for the purpose of e*tabli»hing and conducting I fishing operation* and freezing fish at Hikuraki (also known as Beatrix Bay), Pelorua Sound, and elsewhere in New Zealand, and supplying the New Zealand and any other market* with fish, and for acquiring and soiling lands, and establishing and operating olectrioal power works at Hikuraki, and for supplying elootrical power to porsons and corporations requiring the same. The Vendors hold an option to purchase leasehold in perpetuity land* in ro*pect of 906 aoros of land having «an unbroken frontage of about 2. milo* on tho eastern (and thorofore tunny) side of the deep water (depth varying from 5 to 14 fathoms, close to *hore) of Beatrix Bay. Of thi* about 200 acre* is comparatively flat and suitable for site* for shipbuilding, manufactories, and buainets premises. Thore aro also several admirable site* for a fishing village. Tsio Vendor* also hold a grant horn tho Crown of tho right to construct a channel by tunnel through tho narrow neck of land (about 88 feet wide) betwoen Beatrix Bay and Forsyth Bay, and thoroby create a new and direct passage for the tidal currents at prosont Sowing into and from that vast area of the Polorus lying south and we«t of tho neok of land in question, and to use the ebb and flow of tho tide through tho tunnel for the purpoao of generating electrical currents. The area referred to comprise* about 55,000 acros ovor whioh there is a rise and fall of 6-7 faot at neap tides, increasing to 10-11 foot at spring tides. The ebb and flow of tho tide through the projecUu channol, whioh is in direct line with set of tho tides into and from the large aroa above mentioned, will ronder possible tho development of a great volume of hydraulio energy — a vpiume that will for practical purposes bo in direot proportion to ' and only limited by tho aroa of the channel. The tidal currents now flowing through Allen Strait, to and from that area of the Peloruj above mentioned, have to follow a oourso for a distance of about 22 miles, whioh will be abaolutely oblitoratod in the ca»o of so much of tho volume of the said current* as tho Obmp&ny's channel will admit the passago of. By utilising tho hydraulio onorgy rendered available by tho oonfinemont of tho tidal current* on the proposed channel) the Company proposes to genorato electrical power, whioh it will be prepared to transmit to manufactories on the properties over whioh the promotors hold option* and elsowhera v may be required. There is certainly no speculative element in establishing fishing operation* on a comprehensive scalo, as tho market for that article of diet (both froih and cured) in tho colony is praotically unlimited, and the proposal of the promoter* is to supply that market and also oxport to Auitralia and eltowhsre, a* oircumitaneoa may warrant. It i» proposed that tho Company shall establish a refrigerating plant on a site central to tho fishing grounds, and purohaso from fishermen fish delivered at its works, a* pro/orablo to employing a staff of such oporative* on a wage* baai*. Excellent reasons exist for assuming that tho Company 1 * operations will speedily afford a very luorativo return on tho capital invatted. It is widoly known that tho ohoiooit variotios of fish food proourablo in Now 7ealand waters ocour in abundanco at tho proposed site of the Company* operations, and in the wator* comparatively adjacent. Until electrical onergy shall be available it i* proposed to run tho rofrigerating works by moan* of an oil engine. An offor to provide a complete plant and building*, of a oapaoity of 160 long cubio moaiurament, has been received from a first-class firm at a cost of £1206. No mattor how cheaply fuel may be obtainable for developing motive power, it ib quite plain that such power cannot possibly oompeto with power reaolvod from gratuitous wator curronti. Practice ha*, in faot, demonstrated that tho latter oan be pioduood for ono-fifth tho coat of tho former. Thus, if, by way of exatnplo, «omo of our faotorioit and moat worka could reduce coat of their motive power four-flfthb tho saving would in itself ropraiont a good roturn on their paid-up capital. The eoonomio value of electrically developed power is now engaging much attontion in the united Kingdom, and aeven principal oompanios havo lately beon promoted whose share capital and borrowing powers aggregate £2,666,666. By reason of its ready mean* of communication with the world / outaide (water carriage being the oheapeit transport flcnown), the Company's power work* will occupy a position unique In their advanUgo* in that respect in the whole of Auitralasia, ana probably alao in the Southern Hemisphere. It is indeed difficult to conceive of * place anywhoro poi»e*eing such a combination of advantage* in a auperior degree aa a lite for an induatrial city. It is not at all unutual, even at this comparatively very early itago of the colony* development, 'to hear manufacturer* in it* four prinoipal oitie* complain of lack of elbow-room, and manufacturing site* having frontage* to navigablo water* (where »uoh exist) aro now very ooatly of acquisition, and the rates of interest on values involved, together with municipal rates, whioh in aoine oaaes are already very high, represent aenously heavy ohargea against eommoditie* manufactured. - Having regard to the foregoing condition*, and taking into account the eminently satisfactory productive development of New Zealand during the last decade and the probabilities of tho future in that oonneotion, there cannot be any doubt about the wisdom of founding an additional industrial locality, , when such has the merit of potaesaing practically every concoivable requiaite for economical production. It is realised that the development of that part of the Company* project whioh involvea tho aupply of electrical energy may be gradual. The cost of tho tunnel and its contained mechanism will, however, bo. comparatively small, and an olectrioal power transmission plant need vnpt be installed till thore is a sufficient assurance of consumption of power. ■ The Company's fisheries will speodily establish the nuoleus of a aottlement in the neighbourhood. To comply with the provisions of sections 9 and 15 of "The Companies Act, 1901," the following matters are act out: — (1) It i* proponod that the Directors may proceed to the -allotment of share* on a minimum aubsoription of 25,000 shares, in which case the wholo of the objoots of the Company shall bo proooedod with ; but in the event of more than 10,000 (hare*, and of less than 25,000 shares, being subsoribed, tho minimum shall bo 10,000 shares, and only that part of the objeots of the Company relating to tho acquisition of land aud the fisheries industry shall be proceeded with until tho Company otherwise determines. Tho amount payable on application for shares shall be 2s 6d per share, and on allotment 2s 6d por share. (2) The number of sharos proposod to be fixed a* the qualification of Directors is 100.' The remuneration of Director* will bo fixed by the Company, in general meeting. (3) 15,000 fully paid up Bhares are proposed to bo issued to the Vendors, hereinafter mentioned, as the consideration for the transfer of the option of \pilreb:Me and grant hereinafter referred to, on the basis of a subscription of 40,00.0 shore*, buj^ if less than 40,000 subscribed share* shall be allotted, then the number of' fully paid up shares proposed to be issued to tho Vendors *uall be proportionately reduced. No sharos other than those will ba issued to any promoters. (4) Charles Herbert Treadwell, solicitor, and Benjamin Dawion, both of Wellington, are the holder* of the option referred to in thi* prospectus whioh ia to bo transferred to the Company. The price to bo paid to the owhor (William Henry Harvey, of Polorui, farmer) i« £6000. They are also the holders of the grant from the Crown hereinbefore referred to, whioh is also to bo transferred to the Company. (5) The rate of commission to be paid for procuring subscription of shares ig £5 per centum on the aubsoription. (6) Preliminary expenses to bo borne by the Company, excluding brokerage, are estimated at £150. (7) Contracts referred to in Subsection (X) of Section 15 are (a) Contract dated 15th May, 1902, William Henry Harvey with Charles Herbert Treadwell; (b) Grant dated 4th July, 1902, the Crown to Charles Herbert Troadwell and BenDawson ; (o) Contract dated 17th July, 1902, Charles Herbert Treadwell and Benjamin Dawßon with John Lewi* Freeman, a* trustee for tho "Company. Copies may bo inspeoted at Messrs. Stafford, Treadwell and Field's office*, Panama-street, Wellington. It is claimed on Tsohalf of thi* projeot that it is devoid of apeculative features, and that a more legitimate and promiiing enterprise has never 'been placed before investors in this colony. The appended letter frdm Mr. L. F. Ayson, Chief Inspector of Fisheries, speaks for it»elf:— [Copt.] "Wellington, June 4, 1902. "Dear Sir,— Replying to your enquiry as regards probable supplies of fish whioh might be obtainod by operation* in Pelorus and Queo'n Charlotte Sounds, in tho vioinity of D'Urvillo Island, and in Taaman Bay, I have pleasure in stating that I believe tho quantity procurable to be prodigious. < " Without doubt tho best food fishes on the New Zealand coast ocour in abundance in the waters above named. "It is universally recognised that where food fishes are plentiful, the hardest of the Boa, area, for area, much exceod* in value any product of the soil. "When *it is borne in mind that tho Marl borough Sounds (Pelorus and Queen Charlotto), and the other localities mentioned herein, embrace hundreds of thousand* of aore.B, it can be realised that the possibilities a* regard* quantities of fish available are truly enormous.— Your* faithfully, "L. F. AYSON, "Chief Inspector of Fi*h.ries. "Mr. B. Dawson, Wellington." Oopiei of Protpootui containing particulars in detail as required by statute, inoluding estimates of revenue and expenditure, and Memorandum of Association, may be obtained, from tho Company* Brokers.

GREAT SALVAGE SALE. SAVED FROM THE LATE FIRE AT 35, CUBA-STREET. "I^URTHER REDUCTIONS whioh defy -■- competition, consisting of the whole of tho Stock of Furniture, Pianos. Harmoniums, Crockery, Cutlery, Bruthware, Fancy Goods, Linoleums, Bedsteads, Bedding, eto.: Kitchen. Chair*, 2s 9d, light or dark ; Cane Ohain, 3* 9d ; Tapestry Cobohes, 355, worth 60* ; Leather Oouohes, 45*; Wiro-wove Stretchers, 12*; Sideboards from 355 ; qhoico Wool Mata and Rugs, half-prio*. Call for further particulars at R. HERRON'S, 35, Cuba-street, Wellington.

ONLY a box of PROGANDRA, It looked so soft and whito, It looked so soft and White, The heart of a sufforing traveller Was cheered at the welcome sight. It was a box of PROGANDRA Ho had bought down iho street, And he took it homo so gladly To cure tho corns on his teot. A neat tin box of PROGANDRA He sees through tears of joy, Aud tells his wife 'tis the corn ouro My father used when a boy. Now, iust a word for PROGANDRA, I'll tell abroad its fame To my friends who aro still suffering, For to suffer is a shame, When a thilling box of PROGANDRA Will painlessly ouro them the same.