LAUNDRY PROJECT

Grey River Argus, 17 December 1940, Page 3

LAUNDRY PROJECT

IN GREYMOUTH The prospectus has been Issued of Westland Laundries Ltd., which it is proposed to capitalise at £lO,OOO. It is expected there will be little 'difficulty in obtaining the necessary money in Westland, and the company may soon go to allotment. The preference shares are to carry six per cent, with a right to participate to eight per cent, land offer an attractive investment. With fixed assets worth £6OOO and, a s it is understood the share capital will not be called beyond 10s I for some time, with uncalled capital on ordinary shares of £2,000 and working capita! of £5OO. the preference shareholders (Should b<> well covered for their investment It would appear that the company will not require the full amount of (he proposed overdraft, and prefer shareholders should have a cover of something ovei' £2 for every £1 paid up by them. > There is no doubX that with the service that the company proposes io provide at Greymouth, Hokitika and Westport, there should be good support from the public, and a substantial pay-roll on th P company’s ' est’v mat c would give employment to a' number. 1