Page 8 Advertisements Column 5

New Zealand Times, Volume XXXIII, Issue 7848, 10 July 1911, Page 8

ABRIDGED PROSPECTUS OF Ills Go-operative Assurance Oompany, Ltd (To be Incorporated under the Companies Acts of New South Wales.) CAPBTAL, ----- S2SO,CGO DIVIDED INTO 500,000 SHAKES OF Ms BACH. 300.000 Shores are now offered for subscription on payment of Is on application. and Is per Share on allotment. No call shall exceed 2s per Share, and such shall not bo made within three months of the Registration of the Company and thereafter at jieriods of not less than three calendar months. Onc-third of the whole issno is reserved for Now Zealand, one-third for Notv South Wales, and one-third for Tasmania. The promoters havo personally procured the subscription of more than ths minimum fixed by the Directors as sufficient for the purposes of tha Company, consequently the. Company will be Registered immediately; SYDNEY DIRECTORS—HON. C. E. PILCHER, K.C., iI.L.C. A. G. RALSTON, K.C. JAMES S. INCH, Managing Director. (Two other Directors will bo appointed at first meeting of Directors.) Now Zealand Directors will bo appointed as soon as business is commenced In Now Zealand. BANKERS—THE UNION BANK OF AUSTRALIA, LIMITED. N.Z. SOLICITORS — MESSES MOORHOUSB, HADFIBLD AND NEWMAN. Wellington. N.Z. BROKERS—MESSES WILLIAM H. TURNBULL AND CO., Panama street, Wellington. MESSES IRWIN AND GEORGE, Panama street, Wellington. Head Office for Australia Head Office for New Zealand SYDNEY WELLINGTON THE OBJECTS OF THE COMPANY. This Company is being formed to transact or procure the business of Improved Industrial Insurance, Ordinary Life Assurance, etc., and, in addition, is establishing a House Purchase System, which has been very successful all over the United Kingdom. Its objects are the raising of a fund by tho payment of subscriptions or contributions by its members and tho application of such funds iu assisting its members to obtain Freehold (or Leasehold) Property, or in tho making of loans or advances to its members and others upon approved security, with periodical repayment, of principal and interest by instalments with or without Insurance features combined. Any scheme which has for its object the advancement of thrift secures tho encouragement of those who have their own interests at heart. ' In this respect what are commonly known as Houso Purchase Companies are doing excellent work, their object being to enable thrifty people by means ol small periodical subscriptions to become tho absolute possessors of their own homes. J The Promoters are Mr James S. Inch and Mr James Edward Stokes. Mr Inch has been on© of the most suoessful Life Assurance Men in Now South Wales and Tasmania for a considerable number of years. For over threo years ho acted in' various capacities for tho Mutual Life of New York, afterwards as N.S.W. Agency Superintendent for the National Mutual Life Association, and finally as its Manager in Tasmania, and bis records show that hia success has been exceptionally progressive. Mr J. E. Stokes has had many years’ Selling Experience in the North ot England in connection with House Purchase Endowments, which havo come much into public favour of late years. During his stay in Australia he haa given evidence of his abilities by breaking both Industrial and Ordinary Branch Records in different Australian States and in New Zealand. Together these gentlemen form a very strong combination, and they show their faith in this Company by leaving good positions and prospects to launch this undertaking. It would appear from the records that £70,000,000 sterling is invested in Companies in Great Britain doing Houso Purchase Business. Among these Companies are the well-known Provident Free Homes, capital £100,000: Britannic Assurance Co., capital £25,000: Pearl Assurance Co., capital £500,000. Theso Companies are combining Ordinary Insurance work with the House Purchase, and tho Shareholders a,re drawing largo dividends, the Shares standing at very high premiums. As recently as last year two Insurance Companies were formed in Australia, and were largely over-subscribed, and to-day Shares are selling in both of them at a oonsidarable premium. Neither of these Companies, however, are doing House Purchase business, which is the principal feature of this Company. The Promoters have been busy with tho preliminary work in connection with, this Company for some considerable time, and as a result thereof are assured that it frill be well received in both Australia and Now Zealand, and large parcels of Shares havo already been, applied for. With regard to the security of the enterprise, we would point out that its position in relation to the majority of its advances ought to be far safer than, say, that of a Bank, seeing that the very essence of tho House Purchase System, is the gradual reduction of the risk by weekly or monthly payments. If any endorsement of the soundness of the scheme is required, it is supplied by the names of the three Sydney Directors, viz.; Tho Hon. C. E. Pilcher. K.C., M.L.C., A. G. Ralston, K.C., and J. S. Inch, Mr Inch is giving up his position as Manager of tho National Mutual Life Association in Tasmania to direct this undertaking. The Co-operative Asnrance Company, Limited, is the first Company undertaking this work in Australasia, and it should get the cream of tho business. It is well organised, ready for immediate business, and there appears to bo no reason why it should not prove at least as profitable as tho Companies operating so successfully in other countries. THE SUBSCRIPTION LIST WILL OPEN ON MONDAY, JULY 10th, 1911, AND CLOSE ON OR BEFORE MONDAY, JULY 31st, 1911. Ae it is practically certain that tho whole issue of 300,000 Shares will b« fully subscribed it is not anticipated that more than the application and allotment money will bo called up. Prospectuses and application forms, with complete particulars, may be obtained from tho Now Zealand Brokers — ¥m. H. TTJMBULL & CO., IE WIN a GEOEGE, PANAMA STREET, WELLINGTON.