Page 4 Advertisements Column 2

Southland Times, Issue 4493, 4 December 1882, Page 4

ErospectuB r /.nwatO .R'O'S' Puff o t v *s. Of THB' * 3 ' DUNEDIN CITY'AND SUBURBAN J TRAMWAY COMPANY ' (Limited). ■ " JOf.' ... 1:. f .„' '**i00,06b! * In 100,000, Bhares of £1 each. ?i Of which it is proposed to oall tip w per' - - share, as follows;— Deposit on applica- „ tion,' 2s per share; allotment call, Is per share ; balance in three calls each of Is per month. The whole 6s cfin ' ' be paid up at once if desirfed, and divi--1 dends 1 will be 'payable on the 'amount actually t paid up. As a laTgepart of .the purchase money, vfe., £35,000, will, it required, be accepted by the vendor in the shape of the company's debentures bearing 7 per cent, interest, it is" not anticipated that further calls will be re-' quired, except for the lines when found desirable. Provisional Directors: — "W J M Larnach, KBq.,D Baxter, Esq ' . „ O.M.G. Donald Reid, Esq B A hawson, Esq John ft Jones, Esq r Henderson Law, Esq R Wilson,' Esq Montagu Pym. Esq , B Sievwright, Esq ,E B Cargill, Esq °■* H Bastings! Esq ' Williani Gregg, 'Esq ' T W Kempthorne, Esq C S Beeves, Esq James Robin, Esq t James MaifehalVEsqf >R Paterson, Esq Hon Capt Fraser W T Winchester, Esq W Isaac, Esq , J.P. H J Walter, Esq Dr Coughtrey J R Dansen, Esq - George Bell, Esq Thomas Brown, Esq A J Burns, Esq Capt WVBaldwin J Hazlett, Esq s With power to add to their number. \ Bankers: The -Bank of New Zealand. Solicitors'^ *• _ \ : Brokers-: 0 -. ... .„ .- Messrs Gillies and- ! Hislop, and^Mjp'J. B. :Bradshaw, Dunedin ; Thomas Perkins, . Vi U InvercargiU.^ \ Interim Secretary : ? Mr R. H.-Leary. This Company^ is projected for "she purpose 1 of; purchasi ngj'^YTorking, an<i extending 1 : the City and Suburban Tramways, and also the, Omnibus Plant at present owned and worked by Mr David Proudfoot; and 'also of purchas- ! 'ing or forming and of working other TramVways in the City of Dunedin and suburbs thereof, and elsewhere in New Zealand as may be deemed advisable, and of generally carrying on the business of a tramway and omnibus proprietor and carrier of passengers and goods iv all its branches, for the carrying out of which objects full and ample l Jpowers will be taken in the Memorandum of Association, ! An agreement dated the sixth day of November, 1882, made 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 Plant or any part thereof at the prices respectively therein mentioned is by the' said agreement given to the company, to ;-be exercised within the period therein limi- " ted. By tbe terms of tbe said agreement tbe Company will be entitled to the reats and profits of the business as from Ist 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 being owned by a large proprietary, providing as it will a safe and profitable investment for the savings of all classes of the community, lt is confidently believed that, under a large proprietary, apart from what may be termed the natural increase in the revenue, the income will be largely increased through the influence and supervision of a body of shareho'ders, which will undoubtedly operate as a check upon abuses known to exist, in the exposure and suppression qf which each shareholder will have a personal interest. Tramway shares all over the world are considered amongst the safest and most steadily dividend-paying stock ; the business being a ready-money one, and free from the hazards and contingencies that beset most joint-stock undertakings. The only question, therefore, to be considered is, is the property offered at a fair valne, 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 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 a 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 proposed to be called up. These valuations and reports in detail can be inspected at the office of the Interim Secretary. The property is offered to the Public at the price required to be paid to Mr Proudfoot without any loading whatever, so tbat the Provisional Directors are acting entirely in the interests of the investing Public. The Provisional Directors have purposely made the shares small and the calls light, so as to place it within the reach of every inhabitant of Dunedin and its suburbs to become a shareholder, believing as they. do that if the Public liberally respond to theopportnnity of becoming the proprietors of the Tramways, which are now an established necessity in the community, the result will be that the rsturas ia every way will ! nor' ously increase by tbe greatly-exten .ed use of the Tramway sj gtnn. It is thought unnecessary to say anything as to the efficiency of the system, as that is a matter of public notoriety, nor. as to the quality of the plant, as it is well known that the whole is of the very best character, and was renewed after the fire which occurred j about two years ago. The following statement will serve to show \ the progress of the business : — Per annum. Receipts between January Ist and 31st December, 1880 £18,150 7 0 j Receipts'between January Ist and 31st, December, 1.81 ... 22,757 17 6 Receipts between January Ist and 31st May, 1882 ; Receipts between January (5 months, £9,998 18s) 23,973 7 0 The profits for a period of 21 I months ending 31st May, 1882 (the date of the j last balanc ?), after : providing for maintenance and re- - pairs, amounted t0. £10,993 Btf7d, equal to £6,282 per ,- annum., „ W The net profits, for the last 1 2 months of "that period, during which higher prices ruled for forage, amounted ; toww ",.. :.'.: ... .:,.. ... " 6, , 59 ji s*^'.-iis The interest 'on Debentiirep, *" * ' viz : £35,000 at 7 per cent . willbe... ... ......... 2,450 0 0 'Leaving a balance available for Dividend and: Reserve... £4,145 3 11 (Or nearly 14 per cent. on. the proposed pa-'d up capital). The attention of investors is drawn to the ; enormous advantage ot entering into pos- ; Bessibri bf a large.cash bnsihess in f nil opera*^ 'tion on a definite date, without waitinsr fory construction, impoi tation of , plant, and free of all the risks and delays, and the heavylegal and otber charges incidental to tbe ; starting of a new concern. Pjofi ts will^accrue from ,-,the very dayV the expenses of the Company-begin, r and. it ; may f be said that seldom anywhere can, such "a '■■ property •-. be, acquired ; on terms V.ao. advantageous, .'22iyi.:ii > - Commenting upon the amazing increase; of | traffic (over £ J.S.QOO ; in six , ( months) on *.he '■ North Metropolitan (tipndon)!Tramway ; lines, ; the Monejr.. Market. jfemariM,*^ _*aeis are ' better , than any. amount , of argument, and. a fact like this : go'es to' prove there reside in i Tramiway. > .traffic, , cpombinedv, „elements.,s pf ; solidity, progress, : andeiMticity,jWhich will i cause them in the future to realise the hopes ; of V even-. the. .most 'sanguine amongst > shareholders;'/ >!; ».-t' : .-,n- od? yyy^iiji" Applications for Shares will ; . be received atujthe oßank.-of j/Ne^r) Zealand V, and, its Branches, and from tbe Brokers and Interim i Secretary,}, r^; j;? -W /. ) ' ■■-•■-'. -- Um iMltimiti ie made th . deposit wUlvbg