Page 16 Advertisements Column 1

Otago Witness, Issue 3514, 19 July 1921, Page 16

o w © ? Issue of Mortgage Debenture IE 9 1 In Sums of £SO and Multiples thereof CURRENCY: TEN YEARS. In © Security behind the £350,000 issue consists of first-class assets, the concrete assets alone having a value of upwards of £550,000 —more than twice the amount of the Loan (£250,000) now offered for public subscription . Growth of Wellington Gas Co. 8 per cent, with Safely! Thr Wellington Gas Company was established in the year 1869, that is 52 years ago, and its history has been one of constant progress. Wellington wrs then a very small community of about 8,000 persons. The population of to-day is 100,000 and is increasing steadily. In 1869 the Company was incorporated with a share capital of £IO,OOO. At the present time the authorised capital stands at the figure of £550,000. In respedt of gas consumption, in 1880 the sale of gas was 37,000,000 cubic feet ; in 1890 it was 65,000,000 cubic feet ; in 1900, 1 10,000,000 cubic feet; in 1910, 280,000,000 ; and in 1920 it was 466,000,000 cubic feet. PURPOSE OF ISSUE. Th . purpose of the issue of the present 8% Mortgage Debenture Stock is to provide money for extension or plant at the Gas Works and Manufactories at Miramar, the construction of additional Work Shops, the extensions of mains and services generally, and particularly to provide gas for adjoining suburbs that do not yet possess this convenience. The present issue of Stock is secured by a Mortgage Debenture Stock TruCt Deed, in which the Guardian Tru£t and Executors Company of New Zealand Limited is appointed Trustee for the Stockholders, and the Stock is further secured by a floating charge on the general assets of the Company. The Guardian IYuCt and Executors Company of New Zealand Limited will further hold 35 debentures of £ 10,000 each from the Company in support of the 1 ruSt Deed and to secure the stockholders. The assets referred to and over which the stockholders will have security, consist of valuable freehold property in the City of Wellington and at Miramar, whereon arc erected the Showrooms and Offices of the Company, and the extensive Works and Manufactories of the Company, plant, machinery, services, stocks, moneys due, Government War Loan Stock, shares in other companies, of a total value of upwards of £550,000. The last Balance Sheet of the Company as at the 31st December, 1920, shows assets amounting to £555,745 18s. 2d. The money to be raised is to be mainly expended in the aquisition of further plant and services, and the assets will therefore be very substantially increased. Particulars of Debentures These 8% Mortgage Debentures are in sums of £SO, and multiples thereof. Interest at 8 per cent, per annum, will be paid half-yearly. Applications for Prospectus or Debentures will be received by the Bank of New Zealand, any member of the Stock Exchange, or at the Company’s Office. Apply Promptly! The Future of Gas World-wide experience proves that the development of electricity and the growth of Gas-consumption go together. In Wellington, for instance, the consumption of Gas has increased seven-fold since the introduction of electricity, in 1890. In that year, the consumption was 65 million cubic feet; during last year, 1920, it was 466 million cubic feet. Evidence from Canada, Sweden and other countries where hydro-electricity is abundant and cheap, proves the same tendency, and shows that Gas has so many unique advantages that it cannot be economically replaced. Ihe future of the Gas Industry is a sure one. Board of Directors C. PRENDERGAST KNIGHT, LL.D. Barrister (Chairman) H. BEAUCHAMP, Chairman of Directors, W. M. Bannatyne & Co.. Ltd. G. FITZGERALD, Civil Engineer. G. F. PEARCE, Director, Levin & Co. Ltd. A. L. WARBURTON, of Arthur Warburton & Co. Get the Prospectus To-day and learn full particulars of this attractive and solid investment, which offers you 8 per cent, per annum with first-class mortgage security. The Wellington Gas Company Ltd., Wellington