COMBINE OF BREWERIES

Otago Daily Times, Issue 18874, 29 May 1923, Page 7

COMBINE OF BREWERIES

CAPITAL OF £1,500,000

10 PER GENT. ON DEBENTURES.

PUBLIC ASKED TO SUBSCRIBE,

The details in connection with the amalgamation of breweries in New Zealand are now nearly completed, and it is expected that the prospectus of the new company will be issued throughout New Zealand in the next few days. It is no secret that an important meeting of proprietors and directors of brewery companies is at present being held in Wellington to deal with certain factors which require settling, but it is. not expected that any delay will occur in this connection. The promoters of the scheme have been engaged on their work for some months, and a definite arrangement has been arrived at as regards the share capital. The combine will consist of £1,000,000 worth of debentures, each debenture being of £IOO. A return of 10 per cent, is guaranteed on these debentures for three years. Then each applicant who is allotted va. debenture cf £ioo is entitled to apply for 20 shares—that is, one-fifth of the value of each debenture can be obtained in the share issue. In this way 200,000 shares will be absorbed. The remaining 300,000 shares will be held for future distribution. The companies 'included in the combine are: — ' ■ Speight and Co., Strachan and Co."(private companies), and M‘Gavin and Co. (eanital £20,000)—all of Dunedin. . Ward’s (£IOO,OOO capital), The Crown. (£86,400 capital), and Manning’s (£96',0()0 capital)—all of Christchurch. The Crown and Manning’s have not yet finally decided to join, but the shareholders _of these two were expected to ratify joining the combine at meetings held yesterday. Staples and Co., Wellington. Barry’s, Gisborne. Lyon and Co. and' Hancock and Co./ Auckland. . ;r Other companies can come in if they desire. It is expected that there will be no difficulty in floating the new company. Tiro object of the flotation is. of course, to interest the general public in the liquor trade and give it a greater measure of safety on the occasion of the triennial elections, k.