Page 4 Advertisements Column 6

New Zealand Herald, Volume XLIX, Issue 14972, 20 April 1912, Page 4

Prospectus. ; jK| ■ . - _— ABRIDGED PROSPECTUS 4fH| J AS. J. NIVEN& COMPANY, LIMITB t* H ENGINEERS. ■ l|| sr A Private Company duly incorporated under The Companies Act, but about to' be registered^as a -Public - | 8 ' (This Prospectus is issued in respect of the intended Public Company.) ' - 1 s ' : CAPITAL - £300,000. :{§|| * mm DIVIDED INTO 300000 ORDINARY SHARES OF £1-.EACH. h . SHARES ALREADY ISSUED ... ' ... -—— — — W «SlQD^m9 a SHARES NOW OFFERED FOR PUBLIC -SUBSCRIPTION, w M «• m ~ 117,80Q\||S|| ?|fl Jj" ' To be paid for as follows:— On application ... » .... m m m »— ' «—• •-« *— *■» 2s* per share [* On 29th June j 1912 ... •** —• ■«* 2b. jar • ehawt^g^^sßß d .On 30th September, 1912 ►— —• »•« —• •— ' «•-» 2s* per sham '? ilTfllßl On 31et • December, 1912 M —• — »,««««« h '++ 2s. per share . 'v^BH J On 31st (March, 1913 • ... w . —• ' —• ~ • +U'/ —, W "•* '2s ■ per ■ shaw ||[l« £■ On 30th June, 1913 ... • ~ •— «-• **» "•— ; •s#*«» ,2b. per cliax» k |fs* ' e, On 30th September, 1913 — —* «-«.—< — —• •— . '*•* w '«* 2s. per Bhaiq . - ■flff B On 31 st December, 1913 ... .w . •— — ' <— 2b. per Eh&rq Kg i. The balance of 4s. per share shall (at the discretion of the Directors), be payable in one sum at a date being nofcSl H - than 3 calendar months from the 31at December, 1913, or in such amotmta and-at guch. intervale -{being Jaot.earlier AWjfsp aforesaid) as the Directors may from time to time determine. ' rW® H mlmM u . DIRECTORS. , gj it, GEORGE NELSON, M.1., Mech. E., Napier, Chairman and Managing Director. ' J WILLIAM NELSON, Tomoana, General Manager in New Zealand for Nelson " li JOHN CHAMBERS, Mokopeka, Havelock North, Sheepfarmer< ' ' '/ifefcl "WILLIAM HENRY NELSON, Woodville, Managing Director of the. WoodyiHe "JBaooS v Co,, Limited,. \ i u ' LIONEL NELSON. 0.1.. Mech. E., Napier* Engineer. a ,u.mU m BANKERS: The Bank of Ausfralaaia, ' •-" ||ff|H - ' - ■ AUDITOR William McCnllocb, Napier, ' f- •' SOLICITORS; Sainsbury, Logan, and Williama,-|J«|ites. ' ■ '' ||| r Mf SECRETARY: Frank Sydney Russell, ' J REGISTERED OFFICE.; Waghorne-«toee*, Naple^, . • V .-• ' ' ' HISTORY OF THE COMPANY. a . The business of Jas. J. Niven and Co., General Engineers, was founded in this year 1893 by Jag. J. Niven and -Ctorgfc HB v Nelson, in partnership, under the style of Jas. J. Niven and .Co. . ' , ' ' , " r' J ; ,„ ; ;j ' The. partnership continued until 1903, when Mr. Niven retired. • . - '1 r .' f j 4l:f| ; 'Ibl * The business was carried on for 5 years by Mr. Nelson, when, owing to its outer owing Jris " financial resource*, B - verted the undertaking into a private company, incorporated on the 21st December, 1908. . 7fs|| 1 r The business 1 was taken over by the Company as a, going concern, Mr. George Nelson being elected Chairman 1 Managing Director. J! ' . 1 "'^Jv'"- * rffW R The Capital of the Private Company when registered was £65,000, divided into 50 Preference Shares of £100 .eadi Iflll h - 600 Ordinary Shares of £100 each, all fully subscribed; as the-business grew, further capital was from time to time inSßf H' '* duced, bringing the total up to £82,700. " r ~* 7 1 ~J;. M ' ■ Eventually, in January, 1912, the Directors considered that the time bad arrived when it was 'desirable, for If cient carrying on and expansion of the business, that the capital of the Company should be again largely increased,- an 3 fli* 3 Company converted into a Public Company. Accordingly the capital was increased to £300,000, and. it was, resolved to tt* Si [ register the Company as a Public Company under the provisions of Section'l72 of The Companies Act, 1908. The necestoS IS steps are now being taken to effect this. The conversion of the Company into a Public Company will enable the-mimleS"! B ship of the Company, to be increased 'beyond that allowed by law to a Private Company—namely, 25— will further ittiiiS H the Company to avail itself to the full of the opportunities for legitimate expansion, which are now offering, and which && confidently anticipated will in the future present themselves to the Company. 1 ' = f r rV . The 50 Preference. Shares mentioned.in the Memorandum of Association of the Company Have been converted ' iatoijlfS dinary Shares, and by a special resolution passed by the Company on 26th January, 1912, it was resolved that the capital of 1"! ' the Company be divided by the subdivision of all its , existing shares into - Ordinary: Shares of £1 each, and that the condjlfoal nji§ of the Memorandum of Association be modified accordingly. ' ' '• ■' 'v v ; ' The capital of the Company, therefore, now consists of £300,000, divided into 300,000 Ordinary Shares of " of which 82,700 are held by Shareholders of the old Private Company, and have been fully paid for by them. V The ' .of the old Private Company have not received, nor will they receive, any other benefit or consideration in ca^'or otherwioa |S| I on the conversion of the Company into a Public Company, nor has any money or other consideration, been 1 paid or given M ; HI 1 or in respect of the goodwill of the business of the Private Company, nor will any such be-paid : or"given.'"As the re-t»jHsS^S ; ® I tion of the Private Company as a Public Company does not alter the identity of the Company, and consequently does : iu>tiwiiffi • volve the promotion of a, new Company, no payments have been or will bo made to anyone as promoter. ' " The following statement, taken from the last Annual Report and Balance-sheet, sets out the Assets and Liabilitjej-# ||§ the Company, as at 31st March, 1911, other than liabilities under current contracts in the ordinary course pf business-—|| ASSETS AND LIABILITIES. The last Annual Report and Balance-sheet of the Company, duly certified by ':' . . ,f | the Company's Auditors, shows that at 31st March, 1911, the Assets •; c > > " > held by the Company exceeded the .Company's Liabilities by , H : ~j§84,685:16 5* This amount representing the Capital paid up at 31st March, 1911 78,000 ; 0 0 ' o! Plus the profit available for division year ending 31st March, 1911 . M '»* 6,685 16 ' 5 t rj v ' /If M ' ; ' - -- ' £84,685 16 S ,-|U . Since 31st March, 1911, further Capital to the amount of £4700 has been paid lilllll up, making the total of. paid-up .Capital to date , N ... T £82,700 70 0 4|h|» I > REMARKS ON ASSETS. " v-S3?B|^^H I The Company owns Engineering Works at Napier, Gisborne,; Hamilton, and Palmerston North. , - " Vfi^B L' THE NAPIER WORKS cover an area of 2J acres, of which li acres—including most of the •• frontage—is tieeholl 11 I The back portions of the property are held under six leases from the Napier Harbour Board, five of which have from'^uTwlß I i 14 years to run, and contain provisions giving the tenant the right to a perpetual renewal. The remaining Lease from tiwEß II Harbour Board runs out in 1930, and contains no renewal provisions. It affects only a small portion of the work's otfc Hi } The remainder of the work's site is held under Lease, which has two years to run, and which contains a purchasing cluuf flgf J at £225, exercisable at the end of the term. . " ' v 6 f The Property has a frontage; of 508 feet to Wagborne Street, of which 412 feet is freehold. !lil' v The premises and plant comprise all the Departments of a General Engineering Company; the Works are modern U$ I ! 1 complete in every respect. • , ' ' . *-*§1$ , At GISBORNE t|je Company owns three roods thirty-two perches of freehold facing the River on the Eaiti fcidH H opposite the passenger wharf— which the . Works are situated. The buildings, which are of wood and iron, cover 9C04 ma square feet, and are quite new, having been built in 1910. ~ ,' / ||| ' At AUCKLAND the Company rents an Office only. -• ' ' "'la'Br At HAMII/rON (he Company purchased Mr. Upton's Engineering Establishment— the Railway Station—lfli |'| " October last. The purchase comprises a freehold section of twenty-seven perches, with" building of wood and "iron, covering K# 2600 square feet, built in 1902 and 1907, suitably fitted and equipped. Plans are now being prepared for doubling the Hit* Iji of these premises. With an eye to future developments, the Company has purchased two acres of freehold at the comer of 11' . London and Selkirk Streets. , •; ■ |||| At PALMERSTON NORTH the Company lias works built on li acres of freehold in Church Street, facing the »' Goods Shed. The buildings, of wood and iron, cover 9000 square feet, and were built in 1903. ~ gf . At WELLINGTON the Company rents premises, where a small stock is carried. ' fS At WAIPUKURAU the Company has arranged to purchase li acres of freehold opposite the Railway Station. iTElft ii l transaction is not 1 yet completed, but will be. shortly. • . ■■"■•r;. '„, At HASTINGS the Company recently purchased seventeen . perches of freehold, having 'thirty-six.'feet frontage ; Market Street, opposite the Public Library, - , *• • J ' ■ p • ''| ■ The BUILDINGS AND PLANT throughout the Various Works are in good order, and have been thoroußhlyAWfl|S®l - maintained. : ; • r j LONDON OFFICE.— Company rent offices in London, from which all European purchases are made and negotiwfiijl tions conducted. Hie Lease of the premises has nine years to run, at a satisfactory rental. k „ The STOCKS are in good order, and the book debts owing to the Company are sound. Year by vear any'dwW&JS s?" items have been written down. ! . ■ ' J t,, INVESTMENTS.—These consist of shares in and loan to Subsidiary Companies, namely, Needham, Niven 'and Q>-4 1' ~ ' K'res°t Th» c.^nanv a of wt' v^® 11 of Palmerst « North. In the former the Company holds a controlling If' It is now ™ dSX7a Br»th ofth" """ " P ** mi «« W**-* **» « PROFITS OF THE COMPANY. ' I Since, the formation of the Company in 1908, an. average annual profit of' £7,777:185 :, 4d Has been earned. The Di«f ; - tors have no reason to anticipate other ? an ,an expansion of the profits consequent upon the extension of the Compaox' R business and the sympathy and interest of a larger circle of - shareholders. : ; " GENERAL. affected. 8 Th%- 6 S e lfthforf'„Sy ""*** tKe " bAll »« contracts of the Co W S lw o hStoT^p^ C S ,^?p.'' l!iCh tb ° DirKto ' r ' ? rMMd lo h » .11 of .IMMM uons, «*»*»*«<* astMi ° s 10 I—;™ The preliminary expenses of the Public Company vSI be paid by it, and are estimated at £800. , f t u 'p® Articles of Association provide that a .Direct -r's [Unification is the holding in his own riM of at least 1000|| of the Company, and that the Directors' fees shall bo fi ;ed .V in time to time by a resolution of th« fSnoanT in S« n6r#J IB meeting, and that the remuneration of the Managing I) vector hall be fixed by the Dhitor" Company jjBI Applications for shares should be made to the Dirot tors , i the forms provided with the Prospects They^^W^B' warded direct to the Secretary of the Company at Napier , Or trough the Managers of the at'GiSe, rfel™li.« ' Hamilton, Palmerston North, Wellington, or 3, f Saltern i 'Jail Court, Cannon-street, London F C ' Iff Applications will be received up to noon oh'; TV J .'SD ATApril 30, 1912. = onaon ' ' % .i A remittance for the amount payable on .applies! .) mu.'t, be forwarded with the annlication If nn allotment the deposit will bo returned without deduction Tf 4k- .„, m Vw»- nt «hu«, e application, li no auotniww «« be returned to the applicant, ' lf th u " mbe ' af Bhdres dUottcd 13 Ic6S than that applied for the Prospectuses and Forms of Application can be = tamed at any of tho Company's Offices - ' ' WMflHt The Prospectus has been duly filed with the Ret trarof .'ompanies. • umce3 » ~ '■Smm ' Dated this twentieth day of April, 1912. 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