Page 3 Advertisements Column 6

Otago Daily Times, Issue 6473, 10 November 1882, Page 3

Prospectus. PROSPECTUS OF THB T\UNEDIN CITY AND SUBURBAN TRAMWAYS COMPANY (UMITKD). CAPITAIi, £100,000, 111 100,000 Shares of £1 ouch; Of which it is proposed to call up 6» per share as follows :—Deposit on application, 2s per nbaro; allotment call, la per share; balance in thrw calls each of Is por month. The whole 6« can b« ■ paid up at once it deeired, and dividends will be payable on the amount actually paid up. A« ft large put of tho purchaae-money—viz., £36,t00— will, if required, be acccepted by the Vendor In the sbnpo of the Company's debentures bearing 7 per cent, interest, it is not anticipated that further calls will be required, exc«pt tor extending the lines when found desirable. PROVISIONAL DIRKCTOKS. E. B. CARGILL, Esq. W. J. 11. LARNACH, Esq., 0.M.0. R. A. LAWSON, Esq. HENDERSON LAW, Esq. MONTAGU PYM, Esq. WILLIAM GRtGG, tsq. C. S. REEVES, Esq. WM. LANGLAjNDS, Esq. JAMES MARSHALL, Esq. WILLIAM ISAAC, Esq. Ur COUGHTREY GEORGE BELL, Esq. A. J. BURNS, tbq. J. HAZLETT, Fsq. D. BAXTER, E=q. DONALD REID, Esq. JOHN R. JONES, Esq. B. SIEVWRIOHT, Esq. H. BASTINGB, Esq. T. W. KEMPTHORNE, Esq. JAMKS HOBIN, Eaq. R. PATERSON, Esq. W. T. WINCHESTER, E&q. h. j. Walter, Esq. J. R. DANSON, Esq. THOMAS BROWN, Esq. R. WILSON, Esq. With power to add to their number Bankers: THE BANK OF NEW ZEALAND. Solicitors : MESSRS SIEVWRIGHT, STOUT, & CO. Brokers: MESSKS GILLIES, STREET, & HISLOP, iKB MR J. BRADSHAW. Intbhim Secretary : MR. R. H. LEAKY. This Company is projected for tho purpose of purchasing, working, and extending the City and Suburban Tramways, and also the Omnibu3 Plant at present' owned and worked by Mr David Proudfoot, and also of purchasing or forming and of working other Tramways In the City of Dunedin, and suburbs thereof, and I elsewhere in New Zealand as may be deenped advisable, - and of generally carrying on the business of a tramway and omnibus proprietor and carrier of passengers and goads In all its branches, for the carrying oat of which objects full and ample powers will be taken in the Memorandum of Association. ■ An agreement dated the sixth day of November, 1882, rnado between Mr David Proudfoot of the one part, and Mr William Isaac (as Trustee for and on behalf of the Company), of the other part, has been entered into for the sale and purchase of the said City and Suburban Tramways at the price of £65,000, and the option of purchasing the Omnibus Piant or any part thereof at tho prices respectively therein mentioned is by the said agreement Riven to the Company, to be exercised within the period therein limited. By, the terms of the said agreement the Company will be entitled to the rents and profits of the business »l from the Ist day of December, 1882. It suits Mr Proudfoot to sell, as his extensive contracts in New South Wales require his constant personal superintendence. On the other hand, the Provisional Directors believe that great public advantage, will accrue from the undertaking beingownedbyalarge proprietary, providing as it will a safe and profitable investment for the savings of all classes of the community. It is confidently believed that, under a large proprietary, apart from what may be termed the natural increase in the revonue, the income will be largely increased through tho influence and supervision of a body of shareholders, which will undoubtedly operate as a check upon abuses known to exist, in the exposure and suppression of which each shareholder will have a personal interest.

Tramway shares all over the world are considered amongst the safest and most steadily dividend-paying Btock; the business being a ready-money one, and free from the hazards and contingencies that bo-ot most | joint-stock undertakings. The only question, there* fore, to be considered is, Is the property offered at a fair value, and at that price do the average returns represent a good dividend ? . The Provisional Directors have fully satisfied themselves by the valuations of experts, appointed by themselves, that the price to be paid for the Tramway I concessions, live and dead stock, and plant—viz., £65,000 sterling—is a fair and even low estimate of value. They have also had the Vendor's books for the past two years examined by n competent accountant, and are in a position to state that the net returns, after paying for maintenance, repairs, and all charges and expenses, show a handsome return upon the, capital propoEed to be called up. These valuations and reports in detail can be inspected at the office c( the Interim Secretary. The property is offered to tho Public at the price required to be paid to Mr Proudfoot without any loading whatever, so that the Provisional Directors are acting entirely in the interests of the investing Public. •- .... The Provisional Directors have purposely made tbo shares small and the calls light, so as to place it within' the reach of eviry inhabitant of Duneriiu and its suburbs to become a shareho'der, believing as they do that if the Pubic liberally respond to the opportunity of becoming the p'opiiotori of the Tramways, which, are now an established necessity in the community, the result will be that the returns In every way will enormously increase by the greatly-extended use of the ; Tramway system. • • ' It is thought unnecessary to say anything as to tho efficiency of the system, aa that is a matter of public notoriety, nor as to the quality of the plant, as it is weil known that the whole iff of the very best character, and was renewed after the fire which occurred about two years ago. .'.'■■!

. The following brief summary will show what Tramway property is included in the said price of £65,000 and now offered. <.■•:■" lat. The various exclusive concessions granted by . the City of Dunedin, and the several -boroughs -of-North-East Valley, Caversham, St. Hilda, and South Dunedin, as per leases which are open for inspection, and which provido for full valuation on expiry of same. „ 2nd. The Lines now equipped and working are as follow:- ■-..■-. Cmr OF DnNEDis.—Double line of rails from the old Kerosene Bond in Princes street, along Princes street, George str.-et, Albany street, ancf Great King street, to the Water-of-Leith. A single line o' rails from the Custom-house, down High street and Castl? street to the Water-of-Leith; and a single line of rails, down Rattray street to the Tramway Work- f shops and Tramcar Depot. ! " Power is likewise given to tho Proprietor to lay : down a double line of rails along Rattray street to tho Steamers' Basin, Docks, and Wharves, and there can be but little doubt that ultimately this concession will provo the source of large revenue Caversham.—Double lino of rails from the o'd Kerosene Bund, Princes street South, down the St. Kilda road to Cargill road, thence . along Cargill road, David street, aud Caversham Main road to tho Terminus. ; ' South DuNBDBf and St. Kilda.—Single line of rails from Cargill ioa'J, do*n tho St. Kilda " road to the Terminus at Grand Pacific Hotel, Ocean Beach; service-linos therefrom into tram-sheds and stabling; also, a branch line of single rails along Stuart street to the Forbury Racecourse. NORIH-EA6T VAIiMSY.— A single line, being a continuation of the City Tramwaj'3 along "the Jltiin North Road, the present terminus being the Township of Norinauby. ~ '■'■'<■ Liberty is granted by the several Corporations to lay down other lines, and it is proposed to extend the present lines along the Forbury road to St. C air, ' and to continue the North line to the end of the North-East Valley a3 soon as possible ' ' The-total length of lines now laid is 12 miles 32. " chains, and they are all provided with necessary sWings, loop-lines, and turn-outs. . " ■."■•■; lll.—Land and Buildings as follow :—The freahol<is at North-East Valley, Cavoraham, and Ocean Bead), on which are erected large and comraodio'is stiblea and tratn-sheds; Corporation Leasehold, Cumberland street, together with tbe substantial brick and cement ttables, with all the necessary accessories, erected thereon. IV.—Roilino-stock, &c., comprising 8 motors, 32 tramcars, 307 horses, stock of materials, plant, &c. V.—The Goodwill of the proprietor. The following statement will serve to show the progress of the business : — Per Annum. Receipts 'jotwecn January Ist ' . ' ■ and 3tet December, 18S0 .. £18,150 7 0 Receipts between January Ist and 31st December, 1831 .. £22,757 17 6 Receipts between January Ist) and 31 st May, 18iS (tivo \ £33,973 7 0 months, £0998 18s; .. ) '■',■■• The profits for a period of 21 months ending 31st May, 1882 (the date of the last balance), after providing for maintenance and repairs, amounted to' £10,993 8s 7d, equal to £5282 per annum. - ' • ■ ■■ •■ & 6. d. The net profits for the last 12 months of that period, during which higher prices , ruled for fcragc, amounted to .. ■-.... .. 6,593 311 The interest on Debentures— •• " viz : £35,000 at 7 per cent, " '"'■' will be .. . .. 2,430. 0 0 Leaving a balance available for dividend and resorve .. £1,H5 3 11 Or nearly 14 per coot, on the proposed paid-up capital. The attention of investors is drawn to tbe very great advantage of entering into possession.ot a large . cash business in full operation on a definite data without waiting for construction, importation of . plant, and free of all the risks and delay*, and the ' heavy legal and other charges incidental to tho start- ; ingot a new concern. Profits will accrue trom the very day the expenses of tho Company begin, and it. may bo confidently said that seldom anywhere can such a property be acquired on terms so advantageous. Comraenling upon the amazing increase of traffic (over £15,000 in six months) on the Korth Metro--politan (London) Tramway-lines, the Money Market Review remarks:— "Facts are better than any amount of argument, and a faol like this pots to prove there reside in Tramway traffic, combined elements of solidity, progress, and elasticity, which, will cause them in the future to realise the hopes of even the ■most sanguine amongst shareholders." Applications for Sharea will bo received at tho Bank of New Zealand and its Branches, and from the Brokers and Interim Secretary. If no allotment is made tho deposit will,bs returned without deduction ; and where tho number of sbareg allotted is less than the number applied for tbe Burplua will be credited in reduction of tbe amount payable on allotment. Forms of application for Shares may be obtained from the Company's Bankers, Brokers, or Interim Secretary. . ... The above-mentioned Agreement and the- Draft of tho Memorandum and Articles of Association of the Company may be inspected at the Offices of the Compuny's Solicitors. 8n

PROTECTION FROM FIRE., .■:..,.. mEB NATIONAL INSURAKCK COMPACT OF NEW ZEALAND Issues Policies against ..'. FIE! AND II AKI N E KIS X S 01 every description , \ AT CURRENT RATES OF PREMIUM; •■: - Hbad OmoB: Cuetom-houao square, ' ; DncEora. "