Page 1 Advertisements Column 5

New Zealand Times, Volume LVIII, Issue 2846, 15 June 1896, Page 1

MERCANTILE & FINANCIAL. PROSPECTUS Of Proposed THE IMPERIAL LOAN AND INVESTMENT COMPANY, Limited. GUARANTEED DIVIDEND—IO Pee Cent. Pee Annum foe Five Tears. CAPITAL : <£20,000, Divided into 2000 ordinary shares of £5 each, with five years’ guaranteed return of 10 per cent, per annum as hereinafter appearing £IO,OOO 2000 fully paid-up vendor’s deferred shares of £5 each as hereinafter explained 10,000 £20,000 ( Subscription is invited for the 2000 Ordinary Shares of £5 eaoh, payable—2a fid on application, 7s fid on allotment, and the balance by calls of 5s per share (if required) at intervals of not less than two calendar months. PROVISIONAL DIRECTORS: 6. W. Ranks, Wholesale Butcher, Kaiwarra H. A. Hubrell, Rouse and Hurrell, Coachbuilders, Courtenay place John Rod, Butcher, Johnsonville Malcolm Beresfobd Snoad, Tea Merchant, Manners street J. G. Turner, Manufacturer, Barber street. G. W. Smart, Managing Director BANKERS : The Bank op New Zealand, Wellington. SOLICITORS: Messrs Moorhouse and Hadfield. AUDITORS: Messrs Cook and Gray, Accountants and Trade Assignees, Wellington, Auckland, Christchurch and Dunedin BROKERS: Messrs Cook and Gray, Habooubt and Co., B. W. Kibkby. THE Company is about to bo formed for the purpose of acquiring, consolidating and extending the well-known and wellestablished business of George William Smart, carried on by him in Manners street, in the City of Wellington, in the premises known as “ The Imperial Loan Office,” as Loan Office, Pawnbroker, and Dealer in Furniture and Chattels, and to carry on and enlarge the same; and carry on or purchase other businesses of a similar nature. This business was founded by Mr Smart in 188(1, and is now one of the largest and most successful businesses of its kind in the Colony. Ten years ago Mr Smart commenced business on the present site with about £SOO, and in connection with the formation of the present company, his business and assets have been thoroughly audited and valued by Messrs Cook and Gray, accountants and auditors, who certify as follows; “ Wellington, N.Z., 20th January, 189 G. “ Having examined the books and securities held by G. W. Smart, pawnbroker, we hereby certify, according toonr valuation he is worth £12,000 after paying all liabilities j and that, he is carrying on a first-class, sound, extensive and profitable business, the same being conducted .in a thoroughly businesslike manner. “Cook and Gray, “ Accountants, Wellii gton.” The valuation of the property under offer to the proposed Company, as shown in detail by Messrs Cook and Gray’s valuation, is £11,450 9s Bd. The vendor, Mr G. W. Smart, has agreed with Mr A. W. W. Curtis, as trustee for the proposed Company, to sell the said business on the following terms : (a) The sum of £1456 9s 8d to be paid out of the first moneys available in the hands of the Company after payment of expenses of floating and registering. (b) 2000 fully paid-up £5 shares in the said Company, to be allotted as soon as the Company is registered, such shares during the first five years after registration of Company to receive no dividend whatsoever, unless and until a dividend at the ra.o of 10 per cent, per annum shall have been declared on the amount for the time being paid up on all contributing shares. (c) That the vendor he appointed General Manager of the business tor a term of five years at a salary of £4OO per annum, such salary to be paid only in the event of a dividend at the rate of 10 per cent, per annum being declared on the amount for the time being paid np on all contributing shares. (d) That ,the vendor personally guarantees, during his five years’ management, a dividend of 10 per cent, per annum on the amount for the time being paid np on all contributing shares. The business and property to be sold include the valuable leasehold premises in Manners street, with a purchasing clause at £1372 10a, the leasehold interest of the vendor being valued by Messrs Cook and Gray at £5500 (subject to a mortgage of £750, which will be paid off by Mr Smart); and also securities for advances amounting to £2772 13s 8d; and stock-in-trade ip sh,op, valued by Messrs Cook and Gray at £lo2olßs fid, in addition to_ furnitqre, office and shop fixtures, and fittings, etc., ip shop valued at £128135; and the furniture and fittings in the Criterion Theatre, £152 7s fid. Deeds disclosing the vendor’s title to the said lands, the encumbrances thereon, and valuations by Messrs Cook and Gray of the various properties, apd of the goodwill, and the agreement with Mr Curtis, as trustee tor the proposed Company, may be seen at the offices of Messrs Moorhouse and Hadfield, Feathersstreet, Wellington, Mr Smart’s object in floating his business into a Company is, that ha feels certain, with a larger amount of capital, bettor results can be obtained, his bonafidea being shown by the fact that of the purchase inoney £IO,OOO will bo taken oht in shares in the Company; and his confidence in tho Company while under his management is shown by his preferring paid-up shares to cash, and by his agreeing to guarantee personally 10 per - cent, per annum on all contributing shares, and to receive no dividend, remuneration for his services, or payment whatsoever, until subscribers are paid 10 per cent, per annum on the amount for the time being called up on the shares subscribed. Tho method of disbursing the net profits will bo—firstly, 10 per cent, to subscribers; secondly, 10 per cent, on the vendor’s shares; and thirdly, the balance will be paid to a,ll holders of shares in the above Company in proportion to the amounts for tfio tim.e being paid UP on each' share. The progress of the business, as shown by the enormous increase of the capital in the ton years of its existence, is sufficient to indicate the soundness of the investment, which, combined with the large interest obtainable at a tirno when the rate of interest on most other investments has sunk so low, renders it an opportunity to intending investors seldom to be met with. It is proposed to allot shares according to priority of application. It is not intended to register the Company until one thousand shares are applied for. .The application fees on all unallotted shares will bo returned in full. The business it is proposed to purchase being a going concern, there are necessarily many contracts entered into by the vendor which cannot bo herein set forth, and applicants must be deemed to have had notice of these contracts, and to have waived aB light to any further particulars thereof. The last clause of the above prospectus refers only to loans and advances in the ordinary course of Mr Smart’s money-lending business, and does not include any contracts concerning lend and buildings. Messrs Moorhouse and Hadfield are solicitors to the Company; Messrs Cook and Gray, Haroourt and Oo„ and K. W. Kirkby, tho (Brokers. Wellington, 16th May, 189(1 230 jy/j-ONEY to Lend in any sums on freehold security, without commission, charges. HENRY HALL, Solicitor, 16, Brandon street, Wellington. 48 GOLDEN ALE. SPOBT of Government Analyst, Wm. Skey Esq.,-—October, 1895. a bottle , sample of Golden Ale, Dntained only 0*72 per cent, of alcohol; :ore ia a non-intoxicant. THOMSON, LEWIS A CO,