Page 7 Advertisements Column 2

New Zealand Times, Volume LXX, Issue 3826, 23 August 1899, Page 7

SUBSCRIPTION LISTS OPEN ON SATURDAY, 19tli 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 cent. Fixed Cumulative Preference Shares of £1 each, fully paid. , (Now offered to the Public.) (n) 20,000 7i 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 of purchase.) ISSUE OF 80,000 7 PER CENT. 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 of 7 per cent, per annum, payable half-yearly, and will be entitled to participate pro rata with the Deferred 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 be 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 be 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 one- > - fourth 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. The Dividend on these Shares will be paid Free of Exchange at the Bank of 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 per 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 by the Company. The Whole of this Issue of 80,000 Shares has been Underwritten. DIRECTORS; The following gentlemen have agreed to join the Directorate: The Hon NICHOLAS FITZGERALD, M.L.C., Melbourne (Chairman of the National Trustees, Executors and Agency Co. of Australasia, Ltd.). JOHN GRICE, Esq., Melbourne (Director of the National Bank of Australasia, J. SADDLE.-, Esq.,Melbourne (Messrs Baxter and Saddler, Contractors). ■ ~ MAJOR F. G. HUGHES, 395, Collins street, Melbourne. Esq., Sydney (General Manager 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 of each Director shall be 300 of the Fixed Cumulative Preference Shares, and each of the above-named gentlemen has agreed to take up such Qualification Shares. BANKERS: THE BANK OF AUSTRALASIA. SOLICITORS: MESSRS MOULE, HAMILTON, AND KIDDLE, Market street, Melboun J AM E S 0, GREY STREET BROKER : HENDERSON, . ... ... WELLINGTON. PROSPE C T U S. T HIS COMPANY being formed to acquire as a going' concern and rarry on the well-known business in Australasia of THE DUNLOP PNEUMATIC IYRL COMPANY (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 securing to this Company the exelusive rights throughout Australasia for all Pneumatic Tyres that may hereafter belong to THE DUNLOI PNEUMATIC TYRE COMPANY, LIMITED, of England, at cost price, and special faculties are also given to this Company-in regard to the purchase of raw material for the manufacture ot Tyres. The English Dunlop Company has agreed not to compete with this Company in Australasia, thereby securing to -his Company the exclusive sales ot the celebrated DUNLOP CYCLE TYRES, and also of theDUNLOP CARRIAGE TYRES. The Australasian business was formed by the world-famed DUNLOP .PNEUMATIC TYRE COMPANY, of England, in the year 1893. The net profits for me Australasian busineess for the last year have 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. . , , . ■ w x • ■ The Head Office and Manufactory of the Australasian Company is situate in Menbourne, and the Company has Branch Depots (where a full supply ot stock is kept) ut Sydney, Adelaide, Brisbane, Perth and Christchurch, New Zealand. The business of The Dunlop Pneum.-.tic Tyre Company (Australasia), Limited will be taken over.by this Company as a going concern from the Ist day ot August, 1899, and the Company will have the benefit of all profits from that date. The accounts of the Australasian business have been submitted to the well-known accountant, Thomas 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 tor the present year up to the Ist July, and it will be noticed therefrom that the business is worked practically on a cash basis: "424, Chancery Lane, "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 31st January. 1899, and beg to report as follows: , „ , “The Sales for the year ended 31st January, 1898, amounted to .£76,029 7s lOd, and for the year ended 31st January. 1899, to .£91,871 Os lid, being an average of -£83.950 43 4 £r]?£e NeTpr’ofit for the same periods was ,£11,975 8s 3d and £214,707 19s lid respectively, being an, average of .£13,341 14s Id per annum, and equal to over 15 per cent, per annum on the net sales. "The total Sales for the Six Months ended 30th June, 1899, have reached £345,854 Is 5d,-as compared with £344,296 7s Id for the corresponding period of 1898 'The number of tyres sold during the last financial year amounted to £355,569. The business is; practically, worked on a cash basis, the bad debts for, the two years under review representing less Gian (15s) fifteen shillings per cent, upon tne 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 faithiully, “THOS. BRENTNALL. F.1.A.V.” As appears from the Accountant’s Certificate, the net profits for the year ending OVER 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 jnontns of re j uc tions on the cost’ of Cycles have brought them into universal use and they are now regarded-in almost--every household as a practical necessity, and there can be no doubt that the demand for DUNnoP TYRES will continue to increase each year. It is intended to further extend the scope of the business by ’utioducing into these colonies the DUNLOP PNEUMATIC CARRIAGE TYRES, 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 Australasia to the valuable Trade Marks and Trade Names of this business. The Vendor and Promoter, Richard Garland, Esq., Managing Director of the Dunlon Tyre Company, Limited, Toronto, Canada, has fixed the total purchase urice at £3135,000, and has included the Trade Marks and Trade Names, as well as the Benefit of the valuable contract obtained from the English Dunlop Pneumatic Tvre Comnanv. Limited, as part of the goodwill of the business sold to this Company, and has apportioned the value thereof at £(125,000. Out of the total purchase price, only £45 000 is payable in cash, the balanc thereof being represented by the said tleferred Preference Shares and the ordinar 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 to carry on its business on best cash ori The business will be carried on witbou interruption, upon the lines which haye 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 be carried on to better advantage than ever. 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 Moule, Esq., of Market street, Melbourne, Solicitor, a Trustee for the Company, of the other Limited and the Dunlop Pneumatic Tyre Company, Limited, 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 be payable by the Company will be the usual brokerage of sixpence per share on the Preference Shares subscribed for by tlio The said contracts and Mr BrentnalUs Certificate above referred to, and the proposed Memorandum and Articles 6f Association of the Company, may be inspected at the Office of the Solicitors to the Company. Applications for SEares must be made in fife printed form, and sent to one of the Company’s Brokers, with a cheque for the amount payable on Application. Where no Allotment is made the deposit will be 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 be 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.