Page 7 Advertisements Column 3

New Zealand Times, Volume LXX, Issue 3825, 22 August 1899, Page 7

SUBSCRIPTION LISTS OPEN ON SATURDAY, lOtli AUGUST, AND CLOSE SIMULTANEOUSLY IN ALL THE COLONIES ON MONDAY', 28th AUGUST. DUNLOP PNEUMATIC TYRE COMPANY OF AUSTRALASIA (LIMITED). (To be incorporated in Victoria under the Companies Acts.) CAPITAL .£170,000. DIVIDED INTO (a) 80,000 7 per coni. Fixed Cumulative Preference Shares of £1 each, fully paid. (Now offered to the Public.) (c) 20,000 71 per cent. Deferred Non-cumulative Preference Shares of £1 each, fully paid. (Reserved for the Vendor in part payment of purchase.) (c) 70,000 Ordinary Shares of £ 1 each, fully paid, the dividend on which is not to exceed 9 per cent, in any year. (Reserved for the Vendor in part payment ot purchase.) ISSUE OF 80,000 7 PER GENT. CUMULATIVE PREFERENCE SHARES OF £1 EACH. TO BE FULLY PAID UP. THESE SHARES will be PREFERENTIAL AS TO CAPITAL. They will also be ■ entitled to a fixed Cumulative Preferential Dividend ct 7 per cent, per annum, payable half-yearly, and will be entitled to participate pro rata with the Deterred Stock in all dividends declared in any year after payment of a dividend of 9 per cent, on the Ordinary Stock. These Shares will be specially protected by the Articles of the Company, which will provide, as, a fundamental article, that no Debenture or Mortgage on the assets of the Company shall at any time he given without the previous consent of at least two-thirds of the Preferential Shareholders for the time being of such sha res present personally or by proxy at a Meeting to bo specially convened for the purpose. PROVISION will also be made in the Company’s Articles for the creation of a Reserve Fund of <£40,000 for the further benefit of these Shares; and onefourth'of the net profits in each year, after payment of the dividends on the Fixed Preferential and Deferred Preferential Shares, will be placed to the * credit of this Fund. - _ , , .... ' , e The Dividend on these Shares will be paid Free of Exchange at the Bank m Australasia at Melbourne, Sydney, Adelaide, Brisbane, Perth; and Christchurch and Auckland, New Zealand. . .. ... .. SUBSCRIPTION for the above 80,000 Shares of ,£1 each is now invited, payable as follows:— 2s 6d xier Share on Application; Balance on Allotment. NOTE.—Upon payment of, the 20s (twenty shillings) per Share as above mentioned no further liability, whatever will attach to these Shares'; and an Official Certificate to that effect will then be issued bv the Company. The Whole of this Issue of 80,000 Shares has been Underwritten. DIRECTORS: gentlemen have agreed to,join the Directorate: The following gcuuciiicu na><; ..ale™. . .. ~ -- The Hon NICHOLAS FITZGERALD, M.L.C., Melbourne (Chairman oi the National Trustees. Executors and Agency Co. of Australasia,) Ltd.). JOHN GRICE, Esq., Melbourne (Director: of. the: National Bank'.of Australasia, VALENTINE J. SADDLER, Esq.. Melbourne (Messrs Baxter and Saddler, Contractors). ~ ■; ■ • , MAJOR F. G. HUGHES, 395, Collins street, Melbourne. : , , S °Z.* C AREN NIE, Esq., Sydney (GencralManager for Australia of the Mutual Life (Insurance Company of New York). ( '' ... ! ... . ’ It is'proposed that the Articles of Association of the Company shall provide that the qualification pleach Director shall be 300 ,of the Fixed, Cumulative Preference Shares, and each of the above-named gentlemen hasjagree.d to, take up suck Qualified-, tion Shares. ;i '-.i ’ ; ' BANKERS: THE BANK OF AUSTRALASIA. SOLICITORS: MESSRS MOULE, HAMILTON, AND KIDDLE, Market street, Melbourne. JAMES 9, GREY STREET BROKER : H END EB SON WELLINGTON. PAR O S PEC T U (3. T HIS COMPANY is being pinned' to acquire as a going concern and rarry on Hie well-known business in Anatralashi of THE DUNLOP PNEUMATIC 1 iRE COMP ANY (AUSTRALASIA), LIMITED, together with its Goodwill (including Trade Marks and Trade Name), Patent Rights, Leases. Plant and Furniture in Australasia; and an Agreement has been entered into scouring to this Company the ex- « j.l. ...7. J. A .. n G> n L,n.' n «-.n Tiiirontiniio nn rl Pnfoilf Tr.lO’nvCl VP nrVi'.U 1 t.O in Australasia, thereby securing to Giis'Company the exclusive sales of the celebrated DUNLOP CYCLE TYRES, and also of theD uNLOR CARRIAGE TYRES. The Australasian business was formed by the world-famed DUNLOP INLUMATTC TYRE COMPANY, of England, in the year 1893. The net profits tor tne Australasian busineess for the last year ha ve been greater than for any previous year, and amounted to £14,707 19s lid, and the sales of Tyres in Australasia for the same year numbered 55,569. , . _ ~ . . . The Head Office and Manufactory of the Australasian Company is situate in Melbourne, and the Company has Branch Depots (where a full suoply of stock is kept) at Sydney, Adelaide, Brisbane, Perth and Christchurch, New Zealand. The business of The Dunlop Pneumatic Tyre Company (Australasia), Limited, mil be taken over by this Company as a going concern from the Ist day ot August, JBJJ, and the Company will have the benefit of all profits from that date. Hie accounts ot the Australasian business have been submitted to the well-known accountant,, lliomas Brentnall, Esq., F.1.A.V., who has given the following certificate with respect to the sales and profits for the last two years, and also as to the sales for the present year up to the Ist July, and it will be noticed therefrom that the business is worked practically on a cash basis: "■•124, Chancery Lana, “Melbourne, 20th July, 1899. ■MESSRS MOULE, HAMILTON AND KIDDLE, "Solicitors, Melbourne. “As requested, I have examined the Accounts of the DUNLOP PNEUMATIC TYRE COMPANY (AUSTRALASIA), LIMITED, for the Two Years ended Slsi January, 1899, and beg to report as follows; "The Sales for the”vear ended 31st January, 1898, amounted to £76,029 75.10 d, and ‘ ' —9, to £91,871 0s lid, being an average of £83,050 for the year ended 31st January, 1899 4s 4d oer annum. . ‘‘The Net Profit for the same periods was £11,975 8s 3d and £14,707 19s lid respective!} 1 :, being un average of £13,341 14s Id per annum, and equal to over 15 per cent, "er annum on- the not sales. • • , , , . “The total Saks for the Six Months, ended 30th June, 1899, have reached £Tb,balls sd, as compared with £l-4,296 is Id lor the corresponding period of 1898 “The number of tyres sold during the last financial year amounted to <£55,569. is, practically, worked on a cash basis, the bad debts for the two years under review representing less than (15s) fifteen shillings per cent, upon the 'turnover, for the whole period. “The above figures speak for themselves as to the magnitude and soundness ot the business of the Company. „ "I. am. Gentlemen, yous faithfully, “THOS. BRENTNALL, F.1.A.V.” As appears from the Accountant’s Certificate, the net profits for the year ending January 31st last were £14,707 19s lid, and as the preferential dividend on the present issue of £BO,OOO only amounts to £S6OO,'THESE PROFITS’ WOULD ENABLE SUCH DIVIDEND TO BE PAID MORE THAN TWO AND A-HALF T juvl'Ea OVER. In addition to this, it will be noticed from the certificate that the sales of the Dunlop Tyres for the present year exceed the sales for the corresponding months of last vear. The recent reductions on the coat of Cycles have brought them into universal use, and they are now regarded in almost ■•■ very household as a practiced necessity, and, there can he no doubt that the demand for TYRES will continue to increase each year. - It is intended to further extend the scope of the business by uitioducing into these colonies the DUNLOP PNEUMATIC CARRIAGE TYRLt, which are. now so extensively used throughout Europe and America. The DUNLOP TYRES are the world's standard, and nearly all the principal cycle manufacturers throughout the world fit their machines with Dunlop Tyres, and this Company will acquire the exclusive right for Austramsia to the valuable Trade Marks and Trade Names of this business. The Vendor and Promoter, Richard Garland. Esq., Managing Director of the Dunlop Tyro Company, Limited, Toronto, Canada, has fixed the total purchase price at £135.000, and has included the Trade Marks and Trade Names, as well as the Benefit of the valuable contract obtained from the English Dunlop Pneumatic deferred Preferenco Shares and the ordinal' Shares. The Company -will commence : business FREE FROM DEBT, and with a Working Capital of £35,000 (less only the usual brokers’ commission of sixpence per share) standing to its credit, which will be ample for all purposes, and will enable it lo carry on its business on best cash terms. , . , , , ~ , . , , The business will he earned on withou interruption, upon the lines winch have proved so successful in the past, AND AS THE .HEAD OFFICE OF THE COMPANY WILL NOW BE IN AUSTRALIA instead of in England, as heretofore, it is anticipated that the business will he carried on to better advantage than over. The Contract for Sale and Purchase is dated 10th August, 1899, and is made between the said Richard Garland of the one part, and Frederick Arthur Houle, Esq., of Market street, Melbourne. Solicitor, a Trustee for the Company, of the other part, and the contracts between The Dunlop Pneumatic Tyre Company (Australasia). Limited, and the Dunlop Pneumatic Tyre Company, Liinited, respectively, and the said Richard Garland, are dated the 15th day of May, 1899. The Vendor and Promoter will bear all cost in relation to the formation of the Company up to Allotment, including the payment of a commission averaging not more than 10 per cent, for underwriting the present issue, payable partly in cash and partly in the Ordinary Shares. ■ The only preliminary expense which will bo payable bv the Company will bo the usual brokerage of sixpence per share on the Pre'ferencc Shares subscribed for by the public. - ■ The said contracts and Mr Brentnall’s Certificate above referred to. and the proposed Memorandum and Articles of Association of the Company, may be inspected at the Office of the Solicitors to the Company. ' Applications for SEares must be made in the printed form, and seat to one of tho Company’s Brokers, with a cheque for the amount payable on Application. Where no Allotment is made the deposit will he refunded in full, and where the Allotment is less than the amount applied for. the balance of the deposit will be applied towards the instalment payable on Allotment. Allotment will bo made in order .of priority of application. Prospectuses and Forms of Application can be obtained from the Brokers of the Company, or at the Offices of the Bankers or Solicitors of the Company. Dated this 19th day of August, 1899.