NEW ZEALAND TRAWLING COMPANY.

New Zealand Herald, Volume XLII, Issue 13048, 13 December 1905, Page 6

NEW ZEALAND TRAWLING COMPANY .

ISSUE OF PROSPECTUS. BEST TRAWLING GROUNDS EXTANT. [FROM Orß OWN" CORRESPONDENT.] ■,;■ : London, November 11. From time to time I have sent to the colony, c information with reference to a company which was to be formed, with Lord Glasgow - ; as chairman, for the purpose, of establishing a trawling industry and working the fishing-grounds of 'he colony. This week the company issued its prospectus. '■■-. In it subscriptions are invited for 70,000 shares of £1 each in the company, which is to be known as the New Zealand Trawling and Trading Company. The company, which has a share capital of £120,000, divided into £1 shares (&6,0u0 of which are reserved for issue in New Zealand), has been formed, the prospectus states, to develop the sea fisheries of New Zealand, which are exceptionally rich in fish, including .soles, cod, mullet, and many other varieties. The New Zealand Fisheries Syndicate, the promoters of the company, sent out to the colony selected fishing experts, practical fishermen, and their report is most favourable. The syndicate has secured the right to,purchase the chief fish business in Wellington, belonging to Mr. Fernandos, with ■ his steam trawler,;.and the steam trawler belonging to Mr. . Corry, worked from Napier. The company, on completion of purchase, will at once begin active business. It is stated that as regards Australia, the 1 demand for the New Zealand fish will be supplied by the lines of steamers fitted with cold chambers which now sail regularly between Wellington and other ports. The capital now offered is intended for the following uses: -—The purchase of the business, of modern steam trawlers, the development of export trade to Australia and elsewhere in fresh and cured fish, the erection of canneries and plant and buildings for the manufacture of fish guano and fish oil. It is proposed to purchase and equip a fleet of not more than twelve first-class steam trawlers, at a cost of about £6000 each. Mr. Samuel Genip'ton, a Brixham trawler owner, and Mr. Ernest Gempton, the experts referred to, report that the grounds are much the byst and most easily worked they have ever seen; and' from personal observation, experience, and tests they are thoroughly convinced that marketable fish can. be 'caught in immense, quantities. In their opinion, properly-equipped steam trawlers (such as are at present working from the fishing ports of this country) would earn a gross return of £110 per week, from which should be deducted £65 per week for expenses, leaving a net profit of £45 per week per vessel. Messrs. Watkins and Hull, accountants, of Wellington. New Zealand, have, it is added, examined the books of the businesses to he acquired, and certify that they show profits for 1903 and 1901- "at the rate of £2020 per annum, after deducting £500 per annum for management. A contract has been entered into with the Fish Oil and Guano Company whereby the company agrees to purchase all their patents in New Zealand and Australia for the treatment of waste fish and fish offal, for the sum of £10,000, payable in 10,000 fully-paid shares. The importation of artificial manures into New Zealand and Australia, as shown bylatest available returns, is over 100,000 tons a year. The output of the proposed factory, capable of treating not less than twenty-five tons of refuse fish and offal per day, will leave much scope for further extension. The prospectus gives the following estimate of profits:—Twelve steam trawlers, working 44 weeks per annum, estimated earnings £45 per week each vessel, , £23.760 ; one guano and oil factory, £4950 : •profit from business, £2020: Total, £30.730. A dividend of 12£ per cent, on £120.000 share capital requires £15,000. leaving a balance available for management, depreciation, reserve fund, directors' remuneration, and further dividend of £15,730. The New Zealand Fisheries Syndicate, who are the promoters, will, in consideration of the large expenditure incurred in investigations and arrangements, receive an allotment of: 14.000 fully-paid shares. The i syndicate will pay the whole of the preliminary expenses of the formation of the company, and: of this offer of the above 70,000 shares up to allotment (excluding ■ brokers' fees) in consideration wherefor the company will pay .to the syndicate £5000 in cash. The preliminary expenses are estimated at £5000. The" directors will not proceed to allotment unless arid until 30,000 , of the shares now offered are subscribe * >