Page 9 Advertisements Column 1

Greymouth Evening Star, 17 May 1938, Page 9

A Copy of the Prospectus has been filed with the Registrar or Companies at Wellington for registration on the 16th day of May, 1938. » NOW OFFERED FOR PUBLIC SUBSCRIPTION 6% CUM. PREFERENCE SHARES 250,000 of £ I each at Par TGDD MOTORS CORPORATION LIMITED (incorporoted under Port 2 of "The Companies Act, 19a3 ) Divided info 500,000 Ordinary Shares of 10/ e«eh .. • .. cm&rf capital /coo ond 25 °' 000 6% Cum - p,et Sharesof£ ’ eoch •• £250,000 ST® «-3- Kta wXItT g Eta WW9 W W V jqq qoq Ordinary Shares are to be allotted in port payment for the assets to be acqalrod hereinafter mentioned. tMwUUjUUU ......... ... . U, pu.abl. .... o. and x, In . TSBMS <>£»«£&- SG,’’"™'TSlS STW# winding’ up. It is proposed to pn.v dividends on the Preference Shares at half-yearly intervals. The ilrst dividend Stock Exchanges for listing of the above preference shares. Application may be made through any Member of n New Zealand Stock Exchange or through any Branch of the National Bank of Now Zealand lamited; or for the period ending on the 15th of November, 1938. will be lor a broken period, A Preference Dividend direct to Financial Services Limited, Bethune's Building, Featherston Street, Wellington, C.l (John S. Barton, Equalisation Account of .4230,001) is to be created in priority to any dividends paid on ordinary shares. C.M.G., Chairman of Directors). 1 m rectors' >'■■■■ MB JOHN s. BARTON’S REPORT AND CERTIFICATE.""""I COMBINED BALANCE SHEET,— Set out hereunder is a pro forma financial statement DIRLCIDRb. MB. ... iMMiva * showing the COMBINED BALANCE SHEETS as at 3lst March 1938, for Todd Motors CHARLES TODD, of Wellington. .Merchant, Chairman. ... Financial Services, Ltd., Limited and Todd Motor Industries Limited: this is the combined Balance Sheet T . ~ , r - ■> i i . described as appended to the letter of Mr. John S. Barton, C.M.O. EDWIN PERCY YALDW'i .X. ol \\. nington. Rc'irctl linnk Manager. iFornwrly Man- 7 Odd Motors. Limited, and . wciiingtoii, —■ liger and Attorney for New Z. aloiol of the Commer.-iai Bank of Australia (Ltd.) Todd Motor Industries. Limited. oth May, 1935. LIABILITIES. ASSETS. ~ind Chairman cIGD and I!G5j of the Associated Ranks of New Zealand.) Wcllinaton , MorHa-cs £58,589 Land and Buildings £131,655 n v . a 129,264 Plant, Tools and Furniture .. 17.395 .lul-f.x .MOODY ALBERT D.oTT. of V\ ellington. ( •ompany lurecior. ( Guv< j-ntng Dear Sirs. Bills Stock 160,852 Director, J. Ilotl Limited: Chairman ot Directors. Gulden Bay Cement t 0.. Ltd.; / have, used, l/Otir respective audited (LCCOUIIIs dS (it blSt March, IJ3B, to ('roditors D ' 81192 Bills Receivable 195,616 local Director. Nntipna! : Mutual Lite Association o! Australasm Ltd.; Director. (nld tli - 0 separate liases Of valUTltion. Of the shares Of Todd, provision for Income‘Tax'i SOJiOO Debtors (Secured) 37,459 Mcßenzies Depaument Store. Ltd.) ~c ftich are to 1)G r . ? a Tand Direstmtuts’i? 7,867 ( HAH). ES PATRICK TODD, of Wellington, Company Director. Chased bl/ the proposed, ncm Company. fll ,, Shareholders’Funds- ’ ° Sundries IM’ 5 Firstly, I approach the question, Mhat ussct-backuiy is thcie joi the share Capital .. £190,000 DESMOND HENRY TODD, of WUlington, Company Director. £250,000 of Preference Share Capital ichich the public is asked to subscribe?” Reserves. Deferred BRYAN -TAMES TODD, of Wellington. Company Director. I sought an ansicer to that question by a study of the assets scheduled ill Profits .. IIO.SSOt 1 ) the Balance-Sheets, commencing with their recorded book values and making 1 ‘ ANDREW TODD, of Wcliingtun. t.ompany Director. proper and justifiable adjustments on a consenvativc basis. J append a £600,425 £600,425 combined Balance-Sheet based on book values, and from that I prepared an , ; Secretary: adjusted Balance-Sheet bringing into account all unrecorded assets and values With regard to to-day’s value of the assets, we refer to Mr. John S. Barton’s letter. ALLAN HARRIS. Company Secretary. Wellington. in id, disclosing clearly the consequent adjustments which I had made. I have p --“- RTrE ;Z Th e item “Land and'Bffildings” in the Bailee Sheet allowed these adjustments only after a, close and careful scrutiny and checking separate urban freehold properties in New Zealand. ..The most Bankers: a.t all points. In the result lam of the opinion that the position revealed by valuable building is that located in Courtenay Place, Wellington. , It has. been THE NATIONAL BANK OF NEW ZEALAND LIMITED. Wellington. f/ lr . adjusted Balance-Sheet, viz., a backinq of act assets worth, at least valued recently by Mr. S. George Nathan, of Wellington, whose market valuati corn 710/1 ' .£17,000 in excess of the Company’s book value, which is based on cost price, less b.kiO.OOO is i st(lblish( d. dcnreclation • Mr Nathan’s valuation may lie inspected at the offices of the Pjmil Solicitors: Secondly, 1 approached the question. “What justification for a purchase pany’s Solicitors, Messrs. Morison. Spratt,'Morison and Taylor. Wellington. The MORISON. SPRATT, MORISON AND TAYLOR. 151 Featherston St., Wellington. CI. o f £,',()0.000 can he found in the profit-earning history and prospects of Company, besides its retail business in Wellington, has retail bn, Z‘ ll Vi i ‘Zußhld , ~, . «»<k, M f,„- ~u Lroftq. Auditors. actual and contingent, the combined net profits of the two Companies for that' f.ictorv in Petone Wellington, is a ferro-concrete building built in 1935 and fitted ERNEST HUNT. TTRNER AND lIESLOP, 127 Featherston Street. Wellington, C.L respective last completed year, after provision for income ta.c, arc (IS „ n u „.to-date plant for assembling motor cars and tr iickL employed .. ..l oi,-.*. Afor/ih IQQQ worn •>*)7 Thp fjictorv CSTI tUFII Ollt Cfiib anil irilCKb orcmlUnK : J',*;,, j, Mill &i,lcmbcr. HIM .. .. WS.OSS y S'G'zjz/ lu - '» iajs ■■ ■■ c 6M ~. ... ™ D i. ■r o i a i £6'i955 CORPORATION LIMITED on completion of the proposed capitalisation: Registered OHice: j. 11, •• •• I, — lio-ntt ( OCRILNay ilail. m lllington, c.e. simple calculation can be made to use this figure, as a check on our p re f erence sham l^.^^ 8 . £2SO,(KM) Holding in Sube\diarms' awo.oon capital value above. These profits capitalised- at 7’ per cent, justify a. capital Ordinary Shares 250,000 todd motors cor I’nRATIOx LIMITED is lu'ing tormmi to acquire ail the shares value of about £925.000. Calculated on the, basis of the proposed- capital of ‘ > i-xotHBO in .,. r ? fl ' l . Motors Liintred, and in Todd Motor liidu.-trics l.imtred Th" ”*??'.. £500.000 they provide an overall return of 13 per cent. This would represent £500,000 wi tbe in lull contro •> bo h oner; tug companies. Inc purpose ot the formation , . , ’ .. , , j t this Company i< firstly in effect to convert a family concern into a Public Limited 26 per cent, on the, preference share capital, and that percentage would cover Liability Company, os'the bti'-ines-. has reached a stage where it. is deemed desirable the dividend on that capital more than four times Over. roNTINDITv OF MANAGEMENT.— The present Directors of the two operating to broaden its proprietary base and put it on a permanent share These figures obviously leave a large margin for business fluctuations. Companies, viz. Messrs.*Charles Todd, Charles Patrick Todd. Desmond Henry Todd the Directors of the new Company to create jodd. and Andrew Sul naturally be expected to associate itself with a proprietary interest tn the Company ou t of future profits a Preference Dividend Equalisation- Account equal to two safeguarding the. conti nu itj us^f nt ' ](?lnen wlt]1 ’ o thers. will be members of the and its prospects years’ full preference dividend will effect a substantial increase in that mar- BoaVdof Directors of the new- Company, and they have undertaken not to enter into f/in (Hid that must tend to confirm the expectation which, the profits to date : ,,,y competitive contract for a period of at least three years As j / '‘"tbei” TERMS or I’l kciiase. Tin total . onsideratton fur tie purchase as at 31st March. reasonably raise, that the preference dividends can be maintained over a Company these gentlemen will in the, Jqn’bethe onlv shareholder 1938. is £.->00,01)0 pavable as to £N.o.otto in .->OO.OOO ordinary shares of 10/- each allotted im-.-ir,, shareholders in general meeting. As the new Company as fnilv paid and as to £250.000 in cash. The shares are to be purchased on the basis pci tod of tiadc xassion. if su(h should (l) lit , f ,, /-> (direct and through nominees) in the two operating t ' , " l P a ' l ’ e ;r ’V p’mpanles of the respective audited balance sleets of the Companies prepared as at 31st March, J hare personally e.ruhiiiwd the accounts, books and records of the Com- will 1)y thp exercise of its voting power at general meetings °t I nose mp.antes. 1935. Tin- position revealed by these balance sheets is that disclosed l>y the taking of panics anil satisfied mi/self that the trading results have been arrived at with VOTING POWER.— At any general (ordinary or extraordinarv) meeiin or accounts by tlm two opi-raitng Companies ami the conseqin;nt ascertainment <>l profits , rPnilr y ~.,/ lln ,i accoiintancii iirincinlcs and on- a careful Company on a show- of hands each shareholder (preference r up to the 31st .March, liijs. Tin- profits thus ascertained an- for a period of 12 <l >cgaia o so.ina business ana a<(ounram y principles ana on a, carcjut ()1 i ea ch share (preference or ordinary) has one vote. months in the case of Todd Motor Industries Limited. ;l nd for (i months in nhe case and conservative basis. X ours faithfully, wre innnixiKv MEETINGS will ordinarily be held in Wcl»f Todd .Motors Limii-d John S. Barton. Hngton^ 1, ° K EXTKAOBDI Chairman of Direct™B. DIRECTORS’ FEES.— To be a fixed sum determined from time to time by the .SPECIAL PROVISIONS FOR PREFERENCE SHAREHOLDERS- —... — > Company in general meeting. The Articles provide that all fees of: Directors (a) A CAPITAL RESERVE ACCOt .XT: EARNING CAPACITY: AI’DITOR’S REPORT.—The financial results over the last (whether of the " ew £° n J>’ paffi b/the new CompaEy The ' shares l,v Hie new Company is to Im made on the basis of the five years, and especially the progress made since the Assembly Plant has been fully r C . h £„ d ( f r ® h 2n a V " regard to the TOlue of services rendered by such Directors in retention in the business of ilm aforementioned profits and the assets representing working, are shown by lite following Auditors report.- only and them. No divith-nd is imiim paid by cither of the ojieraling ('ompanies out of the • <m TA v »■ hniriino- of »> least £sfH> v»ortlJ (st profits as at 31st March. 1935. In the books of Dm operating Companies the total sum ERNEST HI NT, TI.RNER & lIESLOP. DIRECTORS’ QLALIFICATION.— Io be the holding of at least. . oV? "'"'SGSGB'fco..,.,,,. li„,»o., .„,> SKtir, (hi A PREFERENCE DIVIDEND EQVAEISATION AICOI NT: Todd Motor Industries Limited, Wellington. and' possible subscribers of preference shares , vl , u _ os , t , i, „ «• ’ There are no Founders, Free, Management or Deferred blwres. .... ,>,«>„ tSe <>>- »>?™™ .>,,.11 div nd I. ™ ».<■ ...» jSm Un“e™."d Tndd jloto“Bd"?rle?Llmlkd. " h h ,' r c ‘ h’Sh, l„ b’o podded In respev-l «r each nt ths t»».wta s matters (omp.iny as toitovr,. pr()tits , lf . state( ] wcrr . disclosed by the Companies’ books. These sums repre- is follows;— C-vytOOfl (1) I’avnient of 6% Preference Dividend. sent the net profits (shillings and pence omitted) after providing for all expenses Ilart consideration of purchase price <2> J'ran.h-r >. a rrnh-re,....- 1d.1d.-nd Av.-nant cu.nw. Including dapreelallon. but subjeel tn ■ K^Smeni”»t any mnnws b.rrna-.d by the Company Nil li <,„^n,.!."3 i bLs?t ’ ro ' w s «S‘® e ?s:nis h s I^ , ” p <iui ’\" Eis \ in all baa been so credited to Preference Dividend Equalisation Account. It should be (Year ends 31st March) (Year ends 30th Sept.) tratlon, legal expenses, t N -, noted also that the brokerage agreement provides that all the preliminary expenses £ £ Brokerage of and incidental to th.- promotion of the new Company shall Im borne and paid by 3933 7,454 7,454 £250,000 Tmid Motors Limited. 1934 — 24.661 34,667 payments arc by terms_of the brokerage agreement to be paid by Todd Motors ,, , ~., . „ . -.r.,,,,. T _i,.« r i.nitori nro nrtvni.. ’ riie Assembly Plant was opened at this stage prTl l irnfnaiw h Exp'enses. including stamp duty, registration, legal expenses, and prin*HISTO- 1 mill Motors Litniieii «iml lodd Muioj Indu. ri<. Limited arc prixa.«. nnkin" it possible for the Company to import ooHmaiAri Limited pt'l'ffi'y Companies, the shares of which are as indicated above owned by (hpjr ebiel Jj S c.K.D.. saving duty and freight, Commission 5% on £250.000 payable to Financial Services Limited, the Mr. Charles 'lodd and members of hts ramily. he bus, ie--s nas e>tab s e n L-.t reducing prices and thereby increasing sales and krganisin? Coinnanf as fee'covering its works of investigating, reports, organlsas.; sirs?’it "i. !.±„!x> sg s“x-..?Sg" y bvsL™gu >. b.-n.M >. »« »» tton Agents and a Motor Car Department was added in HH2. Retail agencies were £ ALLOTMENT. — It is the intention ot the Directors to go to allotm secured ami' garages established in several towns. 1936 1,015 W>»»- scriptions for 150.000 preference shares have been h b Daid for or 84,775 (1) „ c-oodwlll is included in either balance sheet and no goodwill nas seen pmu wr v* In 1923 the .Motor Car Departmenr was reorganised as an independent private partner- 1937 17,460 (3) 92,813 110,273 js to pal(1 for , ftxces , t j n so f ar as the goodwill of the businesses enters into tn. >hii> trading ns Todd Motor Company, converting its .-icliyities from a retailing agency lirg) vpnr - n wb j c ]j provision was made for the carrying for- purchase price of the shares. into a wholesale importing and < isfributing house. ns business again was 7 , |r j ( J - deferred profits on Hire Purchase Sales, the total provision amount- BROKERAGE COMMISSION, I’RELIMINARY EXPENSES tire paid by Todd porated as a Private Ltnnied Luihiht.y Company in 13 ami is now known as '1 mid ing to £35(16$ (Tu previous veers provision had been made for the defer- j Motors Limited with a share capital ot CKm.ihH). In I.J-I tlm partnership had secured £ t f j (] "interest” portion of the profit on such transactions.) The A am(Hl nt has been paid or is intended to be paid 5° ar D' Promoter, except (a the distributing Iranehtse lor \< w Zea ami from tlm < hrysler Corporation of I .S.A , , ]pf „ rre(l £ 3 5.665-addod to the profit £49,107-as shown ? s °d™"od above in relation to Financial Services Limited, and (b) In so far as th and Canada, now eompr.smg Chrysler. ]m s„t,, Plymouth ears and Fargo tnmk< In th ; ? ligures (>r £84,775 H s shown above. nromolere' being the vendors of the property to be purchased out of this issut Ift.ll it acquired from Routes Ltd (England) flu- ti.im Inse Or New Zealand tor thei. . ( . )iis waf . tlji , t ;,. st ln j| year ( ,f effective operation of the Assembly Plant. receive purehas>? money in shares mid cash. products, winch t "-day com prise 1 Limber, Hiillma 11 and I .a)botm nrs and < otiiiiiir .l.id ’ N profits to date subject to Income Tax since the above complete years 11 «... uan-HMr CONTRACTS — Karrier trucks. These franchises are now .-ill held by lodd .Motors Limited. I here oneratinir Companies were:— DATES OF AND PARTIES TO MATERIAL CONIKACXb. l sliares j,j contracts do not contain any stipulation binding t lie Importers to take a minimum i.lj Agreement dated Ilfh May. 1935. lor ,n * cr , a^‘G^ lc A a c u ar }d. P . p hn _j ps number of vehicles per annum or to continue to take these vehicles for any fixed Todd Motors Limited. 6 months to March, 1938 ;E6l,BU> Todd Motors Limited and Todd Motor Industries Limited b_tv en Todd period, or. on the other hand, any stipulation by the Importers for a fixed term. Ar- Todd Motor Industries Limited, 12 months to March, Charles Patrick Todd. Desmond Henry lodd. Lry tin “ xfnrtrnret rangements are. instead, fonnih-il on the basis of coniitleneo confirmed by mutttall.v H)3B 1~,347 Marv Todd, Kathleen Mary Todd. Moyra latnck aa < : .l’ ae ) , n ?rr pnfn ® f . rt _ satisfactory results of an expanding business over the periods above mentioned, cover- ' Whvte ms vendors of the one part and Herbert Taylor of the Lily’ <H 4veningw . ing fourteen years in otic ease and seven in the other. TOTAL, onder above two headings .. .. .. ,C74,17.> Solicitor as Trustee for and on behalf ol the Company ot tne oilier pa . C>) Brokerage A-reement dated I’lt.h May. 1938. between Todd Motors Limited and A fundamental change was made in March, 1935. by the formation of Todd Motor lours faithfully, . .... ~ Financial Services Limited and John Saxon Barton. . Industries Limited, which erected an Assembly Plant for assembling motor veliiel.— ERNEST lILNI, TURNER AND lIESLOP. v-reemenl dated 11th May. 1935. between the Vendors and Financial Services in Petone, Wellington. Since then th- motor vehicles have been imported in an tin- operating Companies, though independent Limited Liability Companies, ar. ” jj m i (f ,d whereby the Vendors undertake to subscribe the residue of preference assembled (classified by the Customs Department as "f .R D ) combi ion. gaining t» ( . lo solv co opereting. Todd Motors Limited acts as Importer of the C.K.D. vehicles. shares, if any ' . a u m Ptbenefit of lower flights and a preferential tarilf rate, and thus firstly aehteving the • wholesaler and distributor of the manufactured vehicles, and carries on hire pur- , 4( \ Kreem ent dated 11th May. 1935. between the Vendors and Herbert Taylor ot most favourable hw.-.s lor the importation of vehicles, ami secondly, adding a itselut , finance business whereas Todd Motor Industries Limited assembles the vehicles th ” citv of Wellington, Solicitor fas Trustee for and on behalf of the Company) unit to the secondary industries of the Dominion. Tin- working alliance of lodd |))( ' ( ~.O Iin( ()P T( ,dd Motors Limited. The whole of the profits of this inter- working restricting competitive activities by the Vendor Directors. Motors Limited and Todd Motor Industries Limited constitutes om- 01. three oi-ganis-t wil| 1)t . in ( fie new Company. . “ ' ’ ~ ~o ntrn(. ( s ami of rhe Memoranda and Articles of Association of Dons m New Zealand that undertake the importing and assembling of both English t opie> ot the simi lonrrai is an 1 u officer of the Company’s Solicitors and American C.K.D. vehicles and their distribution I hrouglioiit New Zealand. Tl RNOYER AND STAFF—The total turnover in the last complete financial year was rhe two ’’D/**' 1 ‘Morison and Taylor and of FINANCIAL SERVICES over ,£1,319.000 for Todd Motors Limited (for year ending 30/9/37) and over Ji 133,000 •’I'S!-r-- • welling ton ’ The Todd Organisation is Dio only fully New Zealand owned and independent concern ())1 . .Motor Industries Limited (for year ending 31/3/38), making a total of oier i.i.ii ii-jI , > h „ rronn Of this kind. £1.152,000. .... , ,- CHARLES TODD. < - £ TODD. In assessing (be prospects of this underlaking it is necessary to visualise Approximately LWO people aro E. P. YALDWY N. £ and remember the place of the motor vehicle in modern transport. Trude conrli .list ribut ing-wholcsalc and retail (including dealers)--and servicing of the < ompaiiies J. MA I LOTT. ANDRE WTODD. 'ions may ebange, trade fluctuations may he unavoidable hut motor transport is I<:> products. 1 11-, in,, ,i '**£< *\. tt w'■ integral feature of our economic life. Our trade routes and (he roads which serir Bo ll opera! nig ( ompanies :ir< 1.-gist' red • U’V i >»• \ndiiors as those of the r‘ v’ Ho ? ’ (hem the layout and organisation of our industries and to a large extent, (be spread It is intended that the Accounts shall tie audited by the same Auditois as those o nt j Hott. Of our population aro bas.-d on the possibilities of the motor vehicle and anticipa'i now Company. The HOW Company 8 linaneitll year will close on the loth No )i > > Datetl the 16th dity May , 4938, and depend on a eoniinnan.-e of its use. of each year. , ■ ■ > ■■■■ BALANCE-SHEET OF THE TWO OPERATING COMPANIES The Vendors are the members of the Todd family who hold I lie shares at. present. as at 31st March, 1938. . < se ems By the above transaction they, as holders of practically the whole of the or/tinary LIABILITIES. AS&I-.XS. shares in the proposed new Company, will retain a snbsliintial part of their interest Todd Motor Motors Todd Motor Todd Motors in the whole undertaking. As a further indication of this-intent ion they have eaten >1 Industries Ltd. Limited. Industries Ltd. Limited, into an agreement with the new Company to retain severally not less ~liln ~ VIVFD ASSETS— C £ in ordinary shares for a minimum period of three years trom the day or aiiitm it SECURED LIABILITIES — T-ind and Buildings . 15,867 (4) 115,788 (7) and also they agree to take up any preference shares offered herewith to and not sub- - 58,589 (1) . pmnr. and " " " 8,824 (5) scribed for by the public. S Payable 7. 7. 7 7 .7 7’ - . etC % >9SB _77_ 120 >11S . The names and addresses of the Vendors of the said shares, which is the only pro- v< . ppr!Rl ,, n , . iifILITIES— ~ -d-8-C FLOATING ASSETS— 44g0 perty to be purchased by the new Company, are:- 7 7. 7 7 - 3.3® —' ——— ’ — Shareholders’ Credit. Accounts .. -• •• •• — 18.83. Bills Receivable .. .. • • •• — ,2 ,8 ' Purchase Price. Directors’ Fees Lsol' — Sundry Debtors (Secured) .. .. — nl’wh Provision for Income Tax 6,900 _0,600 Sundry Debtors (Unsecured) .. 15,94b : Stocks .. .. 11,696 iw,iWW -qS Deferred Profit on Hire Purchase Sales .. — 4 ,iK‘no Work in Progress s > S4S 12831(10) S a •xv' g.-- Unearned Income, and Internal Accounts .. .. -- 2o,4!)8 ijf e insurance Premiums . .. — 5’648 S2; So- £ O K AUTHORISED CAPITAL —Fully Paid ■■ . - 2...000 Kiu.OOO Prepaid Expenses and Sundry Accounts 63- ’ 4 oj> .ci d Cash. PROFIT AND LOSS APPROPRIATION A/C. .. 5,335 (2) (3) 35.226 18 ’ 211 WF. -gx.£47,1411 £553,276 £47,149 £553,276 $ c a • Contingent Liabilities —£4so. ■ ZH __ £54 0w on Courtcnav P i Bee aniJ Wakefi eld Street buildings, Wellington, repay- £ d- (.HALLES IODD. Director. able i/7/1<)51 interest 41-44 per cent. , . Charter Todd Wellington 25,105 3,804 38.03$ 0 0 76.076 DESMOND HENRY TODD, Director. Thnaru building, repayable 1/2/1942, interest 4* per ce»t. Charles Patrick Todd. Wellington .. 25,104 3,504 38.037 0 0 7(>.07(> j n a(;uort i ilnce with the provisions of “The Companies Act. 1933.'' we report to t2) Being profits lor 12 months. Desmond Henry Todd, Wellington . :£’',s- l( ! ! -•’! ?c members that we have obtained all the information and explanations we have requirei! (3) B elll X l ’. r< i fll s. I f n'',m. n nonrort ition Reserve £3.373. Bryan James Todd, Wellington .... Jo’! n- 5 !! -o’!!-! > n respect of the accounts of the Company examined by us. and in respect ot the above (4) Cost price. npnrociation Reserve, £5.667. Andrew Todd, Wellington *■«’!-? i'o!- m’.l'-- !! Au'.m- Balance Sheets, and that in our opinion such Balance Sheets are priqierly drawn tip (.it Cost Price, plt’.k. ’-Denrecintion Reserve, £2,902. Mary Todd. Wellington J,Sil 1,4, o H”!’— ! Jan- s o as to exhibit a true and correct view of the state of the Companies’ affairs according (fi) cost Price., 030. p e n C rec i a tion Reserve, £13,444, comprising properties in Kathleen Mary Todd Wellington .. 9,871 1,4 M 14. ~.> 2 . „ to the best of our information and the explanations given to us and as shown by tin (<) Cost pr ce Moyra Patrick Todd, Wellington .. 9,870 1,49;> 14.1G4 10 0 2!).9(D books of the Companies Wellington, Cliristu nrcii ana J.mm Sheila Margaret Whyte, Wellington J),B'o 1 ’ 49,> 14,f).>4 10 0 29J)00 ERNEST HUNT, TURNER AND HESLOI’. iurtuding^tised' ears and trucks valued conservatively at 58.724, which represents 105 - IMIO -” Welimglo,., »>» .Mn.,, «®. . >»> I'-'glS' STutfM mnST't ' COPIES OF PROSPECTUS ON APPLICATION TO. iw-iiny.fltii.Bgatojt UHk “*•