PROSPECTUS.

Otago Witness, Issue 1325, 21 April 1877, Page 22

PROSPECTUS.

Robert Sparrow, Esq., Dunedin. Iron "Works, Dunedin. Basil Sievwiight, Esq., Solicitor, Dunedin. j G. S. Brodrick, Shipping and Insurance Agent, Dunediu. ' I William Moodie, Esq., Manager New Zealand Meat Preserving Compj-ny; Kakanui.- l Robert Ha worth, Esq., of Messrs Ri and T. Ha worth, Merchants, Dunedin. A. S. Gibbs, Esq., of Messrs Gibbs and Clayton, Merchants, Dunedid. John Reid, E«q., Merchant, Auckland. ■ Valuators and Auditors : ' • A. W. Morris, Esq. ; C. H. Street, £eg.; and Edmund Smith, Esq. ' Valuators for. Vessels. Ciptain Thomson, Harbourmaster. Andrew M'Kinnon, Esq., Shipbuilder, Mayor of Port Chalmers. Keith Ramsay, Esq., Shipowner. Solicitors : Messrs Sievwright and Stout. Bankers : The Bank of New Zealand and Branches. Brokers : Mossis Connell and Moodie, Princes street, Dunedin. J, B. Bradshaw, Es.q,, Princes street, Dunelin. ' This Company is projected for the purpose of purchasing aud thereafter carrying on Messrs Guthrie aud Larnach's well-known VVoodware Factories and their extensive Importing Timber and Iron Business. An agreement has been entered Into with Messrs Gut-hrio and Larnach to sell to the Company their new Factories, together with all their other buildings, with the entire machinery, plant, and etock of every description at the actual net cost; the whole of the freehold and leasehold lands held by the firm, at present market va.ue ; and iheir useful fleet of Coasting Vessels, also at present actual value, the new Company taking over all current agreements and uncompleted orders or contracts- . (i?or the purpose of these and all other valuations, the gentlemen respectively named hereafter have been appointed by mutual agreement between Messrs Guthrie and Larnach and the Provisional Directors.) It has also been arranged that the new Company shall take over the entire debts due to tin firm secured and unsecured at par, but shall be entitled to receive on all , unsecured debt* interest at the rate of 8 per cent, per , annum from the day when, etock is taken up to the date of actual payment, and in addition a commisston for collecting of two anil a-, half per cent., Messrs Guthrie and Larnach guar- 1 anteeing the entire amount of the unsecured debts to the Company. ' * i The prudence of this, arrangement will at -.once be' apparent, when it is remembered that the Company, thus.keeps ia its own hands the entire connection cf ' the retiring fiim, and thus prevents its customers' from being subjected to/a possibe outside pressure ;' receiving, moreover, a commission fcr,the collection' of debts which itsowa staff, of office'nfwiU be ab'fe £oi overtake in tfie "usual course*of business, without cos' , to the Company. . . . By agreement between the Provisional Directors and Messrs Guthrie and Larnacb, it has been arranged that . 'the valuation of the freehold and leasehold lands shall, be made by Messrs A. >V. Morris, I , C.'H.'Street, and • Edmund Smith, accountants ;, the valuation of vessels by Captain Thomson, Otage' Harbour 'Master," Keith Ram«av, Esq.-, shipowner, 'and "Andrew- M'Kinnon, Esq., shipbuilder, Port Chalmera; and {that the net cost of buildings, plant, nirchinery, anil stock shall be, ascertained from the book's and vouchers of the retiring firm by a Committee of the Provisional.- Directors, assisted by competent accountants and experts, ■ Four thousand of the Company's 'shares fully paid up have been agreed to be allotted to Me°sYa'Gutarfe ) and Larnach, as .consideration; for, the, Goodwill of' their very remunerative business, they undertaking themselves to pay all preliminary expenses (including brokerage, advertising, &c, .&c), > in .'connection' with the floating oi the Company. Stock. will •be taken as on the day the Company enters into' possession, and the debts due to the firm will be taken over as from the same date. , , '• •' ' v, • The timber business is most extensive, and ,may fairly be said -to be the largest in the Australasian Colonies. -In connection with this branch of the business, there are several Bush Mills, and, a large fleet of coasting vessels, emolcyed regularly in "cirfying anpplies'for the requirements of the Factorie3"as'well as open markets, j;, .-.,•,•!■' .*■• , ■ I The Import, Iron, and Hardware business of the firm is' also very extensive. Ttiese several'branches at present represent a most valuable and important part of the firm's trade, and the promoters feel confident that they can be most safely and profitably extended. - <-'•■• •- . In the New Zealand Woodware Factories there are feur distinct departments, viz. :— Ist. Sawing, Planing, and Moulding Factory. ' ' ' ■ 2nd. 'Door and fcash Factory. _ . - > . »_, 3rd. Tub and Bucket Factory. , , 4th. Furniture and Turnery Factory. ' ' ' The trade of each of these is capable of great Wd urofltable extension, and as an evidence of the great outlet for the products of these works, Messrs Guthrio and Larnach have been compelled 'to run the"machinery overtime, on an average 1 two nights per week, since the opening of the new Factories. * , . „, The whole of the extensive *Factorie3"and' i Stores (specially designed by David Ross, Esq., arch tect, of this city) are substantially built of brick' and cement, on solid bluestone and concrete foundations (all timbers being 'of the best and most durable 'descriptions), covering an area, including) the 'timber' yards; of several acres of valuable land in. the chief streets of the city. * ■",' ' The whole of the splendid modern 1 machinery was designed and planned by an eminent .engineering firm in Glasgow, under Mr Guthrie's immediate supervision while iv Britain, and after a very careful inspection of the principal woodware factories in America Britain, aud on the Continent. , Each machine has been firmly placed on a solid bed of concrete where necessary, to prevent the 'possibility of vibration' and to avoid wear and tear. , ', , ; : , The contract for the purchase of machinery was entered into when materials and labour ia' Scotland were at their lowest. . - . . = The important advantages to shareholders in a Joint Stock Company of entering' into possession of a large manufacturing and importing business in 'full operation on & fixed date, with & thoroughly trained staff of officers and men and a large mercantile connection, without having to wait for the erection ot buildings, importation of plant, stack, Ac/or' being "subjected to any of the risks and delays incidental to the smarting of a new business^ and' with ali preliminary expenses paid; should be at once apparent t« investors. ', . t . ,- The following special advantages are worthy of notice:— - i-i-- „ - Ist. The whole of the machinery iv the (Factories is driven by one piir of powerful engines, worked. by two men— an. engineer and 'fireman— whose wages may fairly he said to constitute the whole expeme'inconnection with the motive power, Jas the only fuel required to keepup steam is the sawdust and shavings drawn from the different facsories as soon ad made 'bymeans of pneumatic tube?, ynd deposited in 1 a large brick safe, ready for consumption, alonvside the boilers. By this means all' rubbish is utilised and made a source of profit, and the cost'of labour reduced to a minimum. , •• , ; A ,. ( , • -, 2nd. The four Factories being worked under one roof, a great saving is consequently effected; not only in the motive power, but also in the management as tlie whole can be superintended and controlled by one manager. ' * ' ■ 3rd. The Tub and Bucket Factory, now in full operation, has a monopoly of the supply of these indispensable articles, there being no other t.ub and bucket factory in the Australasian Colonies. * A lar^e return may therefore be looked for to the crenit of this branch of the business, 4th. The whole of the Factories, especially the Furniture Factory, being worked 'in connection with the general timber busin3S3, is carried on most profitably not only from the fact of the first cost of the timber being procured at the cheapest possible rate, but also that largp. quantities of short cuttings of timber which would otherwise either be sold as job lots at a low price, or sent to the furnace to be consumed as fuel ( are utilised. . ' The Union Sash and Door Company in Auckland is of a similar character to the New Zealand Woodware Factories, only beiner Much less extensive. Icis however, a fair criterion to base calculations upon as to what may be expected from the New Zealand Woodwaro Factories. The Company referred to has only been in active operation for a little "over four yean, and has paid annual dividends of 20 per cent., besides carrying large amounts to reserve fund ; .'•'o that, in addition to the very handsome yearly dividends, tfie original £5 share 3of the Company arc now quoted at £7 10a, and a new issue allotted to shareholders, on which £2 10s has heen paid up solely out o? reserve fund, are quoted at £3 10s, making the present total market value of the ori&iuaj shares £11 or a premium of 120 per cent. '