BREWERY MERGER A FACT.

New Zealand Herald, Volume LX, Issue 18423, 12 June 1923, Page 8

BREWERY MERGER A FACT.

AGREEMENT NOW SIGNED. TEN COMPANIES CONCERNED. DOMINION'S BEER OUTPUT. 75 PER CENT. IN COMBINE. [by telegraph.—press association.]: ' WELLINGTON. Monday. i • .As the result': of ; the recent , movement for the amalgamation . of: the brewery firms of the Dominion, it is now announced that an agreement; has ■;; been; signed and the i prospectus of the new'. company, to be known as the New Zealand Breweries, Ltd., will be issued next week. : The company merges the businesses : of James SpeigHt and Co., W. Stracban'; and Co., and . McGavin and Co., of Dunedin; Crown Brewery Co., Ward and Co., land S. 'fanning and Co., of : Christchurch; J. Staples ; and Co., of Wellington ;v D. J. Barry, of Gisborae; and the Lion Brewery and Hancock and Co., of Auckland. These firms represent 75 to 80 per cent, of the total manufacture of beer in the Dominion. ■ ■;■' -V-V . % '

- The capital of the New Zealand Breweries, Ltd., as recently announced, will be £1,500,000, of which £1,000,000 will be issued immediately in debentures of £100 : each, open to public subscription. A return of 10 per cent, is guaranteed on these debentures;- for three .years. Each applicant who is allotted a debenture is entitled to apply for 20 £1 shares. ! In this way 200,000' shares' will be absorbed, leaving 300,000 shares to be "held for future distribution.. ' The paid-up capital of public companies involved in the merger is:—McGavin and Co., £20,000; Crown, £86,400 •■ Manning's; £95,000; Ward's, £100,000. The reserves and balance carried forward in respect of the three companies last named are: Crown, £133,358; Manning's, £66,000; Ward's, £28,157 total, £227,515. Dividends per: annum (including bonuses) totalled in respect of the Crown brewery, 12£ per cent.' and in respect of Manning s and Ward's, each 10 per cent.