Page 6 Advertisements Column 2

Gisborne Times, Volume XXX, Issue 3470, 9 March 1912, Page 6

ABRIDGED PROSPECTUS or JAS. J. NIVEN £ COMPANY, LIMITED, ENGINEERS. A Private Company duly incorporated under The Companies Act, but about to be re-registered as a Public Company. (This Prospectus is issued in respect of the intended Public Company.) CAPITAL - £-300,000. DIVIDED INTO 300,000 ORDINARY SHARES OF £1 EACH. SHARES ALREADY ISSUED SHARES NOW OFFERED FOR PUBLIC SUBSCRIPTION To be paid for as follows: — On application ... ••• On 29th June, 1912 On 30th September, 1912 On 31st December, 1912 On 31st March, 1913 ... On 30th June, 1913 ... On 30tli September, 1913 On 31st December, 1913 82,700 117,300 2s 2s 2s 2s 2s 2s 2s 2s per per per per per per per per share share share share share share share share The balance of 4s per share shall (at the discretion of the directors) be payable in one sum at a date being not , o c ‘ a i eil aar months from the 31st December, 1913, or in such amounts and at such intervals (being not earlier than as aforesaid) as the Directors may from time to time determine. L DIRECTORS : GEORGE NELSON, M. 1., Mech. E., Napier, Chairman and Managing Director. WILLIAM NELSON, Tomoana, General Manager in New Zealand for Nelson Bros., Limited. JOHN CHAMBERS, Mokopeka, Havelock North, Sheepfarmer. fe WILLIAM HENjyft NELSON, Woodville, Managing Director of the Woodville Bacon Co., Limited. LIONEL NELSONS’,| G. 1., Mech. E., Napier I Engineer. | ? " * 1 * SOLICITORS : Sainsbury, Logan and Wi SECRETARY : Frank Sydney Russell. FI'TCE : Waghorne Street, Napier. BANKERS AUDITOR : J or, Ja: Th Wi Bank bf Australiasia. McCulloch, Napier. REGISTERED as, Napier, HISTORY THE COMPANY. |. Niven and Co., General Engineers, was founded in tlieifear 181| J. Niven and Co. by J; 'he - - - , c T Georg# Nelson, Tn partne|s|iip, under the style of J; jhhe partnership continued until 1903, when Mr Niven retired- j |Tlie business n. enMed on far 5 yenrs by Mr Xfson, nheftf ||finaifial converted the undertaking into a private company, incorporated on * - 1j 1 - ri - - going concerr ' !MV h . J. Niven and resources, he j The business was Managing Direc-toi Iken over by the Company .(as a 'Mf Georgtfc: Nelsdn Iffim sI # € i. elected Chairman and mianaging iurec-tor. g ? je I t fe £ '% m finrt 1 The Capital of the Private osft)any when registerec#vas £65,000, divided int| 50/Prefetence Shares of £IOO enoll and 600 Oriimu-y Stares of #lfo each all Mly si#se,-ibed; as |ie business *«fc/rther capital ivas from time to time introduced, bringing the ptalup to £82,/00. 0, f # I Fventinllv in Janulrv 19l£. till Directors considered that the tine lid arrived when it was desirable, tor the m I r Ilmnsiii of lie business, tha#the capital of the Company should be again largely increased ofhci|nt cant mg on *™d||pans cp J. c v Mcordingfv the caiitalTas increased to £300,000, and it was resolved to rfeSf tol C^paf a Se p-uUsions of Se/tion 172 of The Companies Act, 190 S. The to tne l ompanv as * effect this# The conversion 4f «ie Company into a Public Company will ste P s ■ , 4,‘ | to ij e increased beyond that alWed by law to a Private Company—namely, 2o Tvllf fmdher emtoff {lie oonipfuiy|o avail itself to the'full of the opportunities for legitimate expansion, which nlw offering and will itjs confidfitly anticipated will in the future present themselves to the Company. the Compnai jJ (prided by t||e su&ivision of all its existing shares into Ordinary Shares of £F each, and that tie conditions of|tln| femorandunl of Association be modified a accordingly. lie capital of tiff Cfnfjiany, there if which 82,700 are nemberiof the old f-a||^mpanyComSv STPubUc ' otoer~consideration been ,r othervfese on the cfnvejpn oi the Company Co ‘ mpany ; nor wi n any such be paid or paid or ip en f° r „ nf +Ua pJL n to Gomnanv as a Public Company does not alter the identity of the Company. Company does not alter the identity of the Company. riven T V be re-ipulfon of the Private Company as a Public C md conseliently dfis nojf involve the promotion of a new Con|iany. no payments have been or will be made to anyone - . -i - - -* -'«■ - |S rn .;jf r .„,. n ii lP ,ir token from the last Annual Report and Balance- sheet sets out the Assets and Liabilities offthe f Conijiany^as *" at 31st- March, 1911, other than liabilitfes under current contracts in the ordinary course of business. I ASSETS AND .LIABILITIES. The last Annual Report and Balance Sheet of the Company, duly certified b} the Compnnv’s Auditors, shows that at 31st March. 1911, the Asset; held by the ‘Company exceeded the Company’s Liabilities by 1911 1911. This amount representing the Capital paid up at 31st- March, Plus the profit available for division year ending 31st March, Since 31st March, 1911, further Capital to the amount paid up, making the total of paid-up Capital to RERpdWS ON ASSETS. at Napier, Gisborne, Hamilton rs.ooo o 6.685 16 lias been £84,685 16 £84,685 16 5 £82,700 0 0 Tlie Company owns Engineering W THE NAPIER WORKS cover of 2| acres of The back portions of the property#toeld under six leases from the to 14 vears to run. and coiitaiu^provisions giving the tenantfthei. right to from-the Harbour Board runs fut ill 1930, and contains no ||n work’s site. The remainder of the work’s site is held unaergLe purchasing clause at £225, exercisable at the end of the* toThe Property has a frontage of 508 feet to WaghornilS The premises and plant comprise all the Departm«[fts|o| md complete in .every respect. | At GISBORNE the owns tin ipposite the passenger wliarf-fon which the 000 square feet, and fire quite new, bavin J At AUCKLAND he Company rents tid Palmerston NorthsA’ Bfech 1J acres—incmding %Qsff.of tlie frontageff-is freehold ie Napier HarbouffTßpards; fivekof .wbicTi nave from 1] o perpetual a! provisions. It, haft two. ■eneSal.f The remaining Lease ctslonly a small portion of the t’s to run, and which contains a w^ , ich'\tl*2 feet is freehold. eraffEngin eering Company ; the Works are modern roods thirty4tvJkS flMlhes of freehold facing the RKect on the Ivaiti side Torks are sifiuatecT The buildings, winch ryv#tof wood and iron, cover only. M#lipton’s Engineering EstabUj^ent—facing the Railway Station—m section of with budding of wood and iron, anf M9o7f suitablv fitted and Plans are now being prepared for fitblal eye to future the Company has purchased two acies of 'rlJlStreets. Comply has works buSTon H acres of freehold in Church facing tlie At HAMILTON i ictober last. The pu <fha|fe comp ivering 2600 square it •t,/%ilt oubling the size of the e prJmi •eehold at the corner - c LoiMon aj At PALMERSTI^' NORTH fiier uoinpaiay nas woms ,JI NI 4 r- ; , . innQ Railway Goods Shed. The Spfegs, of wffod and At WELLINGTON the Company rents e a small stock is carried. At WAIPUKUIJkU the Company has purchase H acres of freehold opposite tlie Railway Station. Iris transaction is no# yet completed, but villJ#ahortly. . At HASTINGS the Company seventeen perches of freehold, having thirty-six feet frontage to [arket Street, opposite the Public Libr^T The BUILDINGS AND PLANT-tfirougliout the Various Works are in good order, and have been thoroughly well aiiitained. „ ■ , i n LONDON OFFICE.—The Companv rent offices in London, from which all European purchases are made and negations conducted. The Lease of the premises has nine years to run, at a satis ac oij len a . The STOCKS are in good order, and the book debts owing to tlie Company are sound. Year by year any >ubtful items have been written down. . INVESTMENTS.—These consist of shares in and loan to Subsidiary Companies, namely, Needhiim, Niven and Co., IS r tliis Company. Tt is now conducted as a Branch of the Company. PROFITS OF THE COMPANY. Since the formation of the Companv in 1908, an average annual profit of £/,/! £ ors i 4V.i.t:— „„ omon.einn of the profits conse upany’ Since the formation ot the Company in JLyus, an average aimun. ~’ s "' IS * ' 4 - d has fieeu earned The •ectors have no reason to anticipate other than an expan-sion of the profits consequent upon the extension of the pany’s business nncl the sympathy and interest of a larger circle of shaieho c e . GENERAL. As the re-registration of the Company does not alter its identity tlie subsisting contracts of the Company will not be affected. They are of the ordinary trade character. >■ The minimum subscription on which toe Directors may proceed to allotment is 20,000 shares, all of which tlie piesent shareholders are prepared to take upf v No Commission will be payable for subscribing or agreeing to subscifbe oi piocuiing oi agreeing to piocuie sujscriptions, but the Company will be at liberty to pay ordinary brokerage. The preliminary expenses of the Public Company will be paid by it, and aie estimated at £SO,O. Tlie‘Articles of Association provide that a Director’s qualification is the holding in his own right of at least 1000 shares of the Company, and that the Directors’ fees shall be fixed from time to time by a resolution of the C P*- - in general meeting, and that the remuneration of.the Managing Director shall be fixed jy the Directors. Applications for shares should be made to the Dire3toi's on the forms provided with the Prospectus. Fk©? 'J I '*; be forwarded direct to the Secretary of the Company at Napier, or through the Managers of the Company at Gisboine, Auckland, Hamilton, Palmerston North, Wellington, oiy3 Salters Hall Court, Cannon Street, London, E.C. Applications will be received up to noon on TUESDAY, 30tli April, 1912. . _ A remittance for tlie amount payable on application must be forwarded with the application If no aUotment is made the deposit will be returned without deduction. If the number of shares allotted is less than that applied toi the surplus will be returned to the applicant. Prospectuses and Forms of Application can be obtained at any of the Company s Offices. The Prospectus has been duly filed with the Registrar of Companies. Bailed this-3th day of March, 1912.