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during the past eight years. In 1881 the Life Fund “Mr. Hayward is an intensely earnest man. Before stood at £842,522 against the advanced figures quoted I had been with him a quarter-of-an-hour, I found that above, which show an increase of £434,744, or over 50 he possessed a great amount of animal magnetism. My

The number of policies issued in 1881 was first question he answered unhesitatingly. 900, insuring £420,168. Last year, as shown, the “How do I account for our progress ? ' he said, number was 2,036, insuring £834,315. These figures repeating my query.

• There are a number of reasons, speak for themselves, and tell a far more forcible tale but principally because the system stands the test of than all the eulogy that could be pronounced upon examination, and being much cheaper than any other, them. This office is purely mutual, and participating and the payments being spread over the year in six members are entitled to vote at the meetings of the portions, enables thousands to avail themselves of its company. At the same time there is no liability benefits who are blocked out of the old system by its attached to the membership. After three years its high charges." policies are non-forfeitable, and are indisputable after “I can quite understand that a man will always buy five. Sea voyages and foreign residence do not involve in the cheapest market, providing the goods are equal ; extra charges, except in specially named unhealthy but I should think you would have difficulty in conclimates. Then there is a temperance section, in vincing your clients that your system is as secure as which all benefits of increased longevity and profits what you term the old system.” the refrom are divided.

“There is very little difficulty in convincing any one who is in earnest, and who will give close attention to

the evidence we can submit. The experience of all THE MUTUAL RESERVE.

offices goes to show that the cost of pure insurance to

them is but about one third of their charges. That is MR. HAYWARD INTERVIEWED.

a matter of fact, and as charges are based upon what The Mutual Reserve Fund Life Associ

actually occurs, what can be safer ? Mrtual Reserve ation is the phenomenon of the insurance

" True, I can understand that, but how is it that so Fund, Life A880world. Its record and its achievements

many companies have been wrecked, although their ciation of New

charge for premiums is much greater than yours ?York,

of the first eight years of its existence
are singular and unique. Last year the

“No company ever yet failed on account of the death

rate it experienced. In all cases you will find specuproposals received were more than 13,000 in number. The different reports presented at the annual meeting

lation, bad investments, or misappropriation, have been the leaks that have made the ships go down.

Now, as held at the chief office, Poster Building, New York, on the 23rd day of January last, are marvellous, from an

our reserve surplus which now exceeds £400,000, and

which is growing at the rate of nearly £10,000 a insurance standpoint. The following is extracted from

month, is amply protected by being trusteed, no them. First on the list comes the record for 1888:

calamity can possibly overtake Besides the NEW BUSINESS.

Government supervision of all American companies 13,251 Applications, aggregating Insurance for £8,457,535 is almost a guarantee of their security.' 12,124 Policies Issued, covering


7,783,737 “I was going to ask your opinion about the American 777 Applications Rejected, covering do.

system of Government supervision.

What do you Total amount of Insurance in force


think of it?" MORTALITY. Death claims during the year (434 members)

“I think it gives the greatest protection to policy£347,638

holders possible, for no company can become in the Total death loss to each £1,000 in force

10.02 slightest degree shaky, without being brought up with Total death claims paid

£1,184,631 a round turn,' as the sailors say. To my own personal Total cash reserve surplus, Dec. 31st, 1888

£387,223 knowledge, since 1859 no company has failed in From this statement it will be seen that the average America, that has not made a proportionately fair return amount of the policy issued is £642. In point of fact, to its policy-holders ; whilst in this country they are the new business secured by this office in 1888 was pulled up too late to save anything, and weak offices are about equal in amount to one quarter of all the new allowed to drift on to a hopeless state of ruin.” business secured by the 82 British offices in 1887, “How is it then that, proving so good in America, according to Bourne's Grand Totals.

similar supervision has not been adopted here ?" The premium income was £524,804. Of this amount “ An attempt was made to introduce a Bill in Parlia£347,638 was expended in death claims, £101,149 was ment, in 1870, similar to the Insurance Laws of the added to the reserve surplus, and the balance was used United States, but the Bill was so opposed and in expenses of management. The Comptroller, Hon.

mutilated of what I consider its strongest protective H. J. Remmund, in his report states that this was the points,” continued Mr. Hayward, “that what was actual income received by the Association.

He says :

left of it, although certainly a preventive to the Assuming, however, that the association had received the

formation of bubble companies, yet falls far short of maximum amounts that could have been collected from all the its original intention." new members in admission and medical examination fees, as per “ I remember the circumstances very well. It was business written and accepted during the year, and had then the failures of the notorious“ Albert ” and “European disbursed the same to the various agents and medical examiners

that brought about such an indignation that people felt (who have actually retained these fees as their compensation),

something must be done. Was it not ? " the association would have paid to agents admission fees amounting to 129,042dols. (£26,552), and to medical examiners

“Exactly ; but comparatively so little was done that examination fees amouting to 32,220dols. (£6,629), thereby

the protection afforded by the Act of 1870 is more or making the total expenses but 640,843,45 dols, (£131,860), and less nominal. This is plainly proven in the failures the rates of expense for each, £1,000 at risk but £3, 16s. 7d. that have taken place since then." The Comptroller's report is full of startling figures.

“Is the system of insurance as practised by your From the report of Director of Agencies, we learn association under the same supervision and control as that “ It does its largest business at home, in the State the ordinary or old system, in the United States ?” of New York, where it is best known, as applications “Emphatically yes ! but of course its reserves are not for insurance aggregating 10,369,000 dols. were received valued upon the same basis. The old system base sits preduring the year 1888 from the State of New York." mium charges upon the assumption that there will be a

The reading of such a report naturally excites curiosity continuously increasing cost of mortality as a company to know more, and with the fixed principle in mind grows older, and it makes no allowances for the entrance that the fountain-head is the irce of true informa- of new blood in the shape of proposers, or for the exit tion, our interviewer was instructed to call upon the of any policy-holder except by death. Now it goes general manager for Great Britain, Mr. W. H. Hayward, without saying that offices are constantly receiving new at the chief office for Great Britain, 90, Queen Street, members, and British experience alone shows that for Cheapside, E.C., and learn from him the springs of every policy that falls in by death, two policies are the action that result in such remarkable records, and lapsed. In America and the Colonies the lapse rate is he accordingly reports as follows:

even greater than this. The old system's charge is an

anie-mortem one on a theoretical basis ; ours is a

Mr. Robert W. Bell, for several years post-mortem charge on the practical basis, or the actual

General Items, inspector at the London office of the mortality experienced, thus securing insurance at the

Scottish Equitable Life Assurance Society, lowest possible cost, with ample protection for all pos

has been appointed its resident secretary sible contingencies in our reserve surplus."

for Liverpool, in the place of Mr. W. M. Monilaws. “Am I then to understand that your association, or The Prudential has in its employ probably the finest its system, is as equally protected, in the interests of agency organisation of any office in the kingdom. policy-holders, by the State Insurance Department, as Preferment comes only in the regular channel of ser. the old system?"

vice and efficiency, and the cause of the great success " You are ; and the best evidence of this is that it is that has, and is, attending the company is due to its admitted to do business in all the leading States of the splendid system. We note that Mr. S. Henderson has Union, the laws of some of these, such as New York been appointed superintendent of agents in Jersey. and Massachusetts, being so strict as to have forced out Mr. George Lyon Bennett, who resigned his position of existence a large number of assessment associations as secretary of the Commercial Union a short time that were not founded on true insurance principles, and since, has been succeeded by Mr. Henry Mann, whose consequently could not stand the test of official exami- long connection with the company, and the faithful nation.”

discharge of his duties, eminently qualifies him for “I notice by your report," said I, referring to a copy the position. In matters of this sort it is pleasing to in my hand, “that you have been specially officially note that virtue is not always its own reward, and that examined no less than eight times."

ability and experience are sometimes recognised even to “ Yes," and a smile of satisfaction stole over his the refutation of the text that “ A prophet is not withfeatures as he said it. “Our gigantic success has forced out honour, &c.” It too frequently happens that us into the fierce light of almost universal public criti- genuine talent, because of familiarity, is passed over cism, and we have been subjected to the keenest super- and ignored when exigencies arise demanding changes, vision on that account. The commissioner's reports, and importations foreign to the office are given posiand they are the highest authority in the land-have in tions that could be better filled by those who have beevery instance been not only favourable, but almost come imgrooved, as it were, in them. We congratulate flattering."

Mr. Mann on his preferment, and the Commercial “I should think with such endorsements business Union on its selection. would be a 'walk over' for you?”

Among the great and little things that go to make up “We have no difficulty in securing members unless life, recognition of ourselves by friends and fellowtotally biassed and prejudiced, and our record is suffi

workers is not the least pleasing. Mr. Charles A. ciently the highest ever attained to attest that. Besides Raynsford, who, after twenty-two years' service as proall this, our open mode of doing business welds our

vincial secretary of the Gresham Life Office, was members to us with the strongest bands. Every two made to feel the truth of this statement on his recent months we furnish audits of accounts, lists of death

retirement from the post, and was presented on beclaims that have been paid during the past two months, half of some of the local secretaries of the society, by and that are to be paid in the present, and in fact every Mr. Stratford, who fills that position for Norwich, with information, so our members know exactly what is

a handsome testimonial, consisting of a solid silver being done with their money. There is no blind

punch bowl, and a silver fusee-case. The inscription pool’ here.”

on the punch bowl was commemorative of the good “Report credits you with having done a very large qualities of the recipient, and the occassion of the business in Great Britain ? "

gift. “ The best evidence I can give you is to show you

The Salop Fire Office has appointed Mr. John our registers," pressing the knob of the electric bell.

William Dent its district agent for Birmingham. Mr. “ You can see for yourself,” said he, when the ponderous Dent's experience, both in tire and life offices, renders volumes were opened before me. And I did see, as he turned page after page of long

him very capable for the post, which he will no doubt

fill to the satisfaction of offices and clients. lists of names, names of high repute in the city and west end and metropolis generally ; names from the

Owing to the recent amalgamation with the Scottish provinces, from all quarters—mercantile, professional,

Metropolitan Life Assurance Company of the Scottish

Economic Life Assurance Society, Limited, the following military, and otherwise. Then the amounts written after them, many for the full amount issued by the

officials who have served in the society whose name is office, £5,000, and hosts for four figures. Names that deleted, have received appointments in the former comran into hundreds, and from hundreds into thousands,

pany as follows: London office : Mr. Edward T. Clifford, as the leaves were turned over.

secretary ; Capt. E. E. Mogridge Hudson, chief inspector. “ Truly," at last said I, “this is a remarkable show

Manchester office: Mr. John J. Wood, resident secretary; ing; I had no idea of it.”

Mr. H. E. Marriott, district manager (continuing as “Yes,” he said, “it is very good, but we have only heretofore). Middlesborough office : Mr. Fred J. Foster,

Aberdeen office : Mr. commenced business here, and yet the British Depart

A.C.A., resident secretary. ment headed the list for 1888, and this year gives

Thomas Ferguson as resident secretary. He acted in promise of much greater results than last.”

the same capacity for the Scottish Economic for this “Considering insular prejudice, it speaks volumes

place. Mr. A. Mennie, inspector. Glasgow office : Mr. for your system."

Alex C. Rutherford, resident secretary. “The truth is mighty and will prevail." It is

On Friday last, the 5th inst., the 75th annual meeting generally supposed that the British public are slow to

of the members of the Scottish Widows' Fund was accept new ideas. Our experience has been the reverse

held in Edinburgh, under the presidency of Mr. Robert of this. We find they inquire deeply, and sift evidence

Dundas. The net fund of the society amounted to to the bottom ; but once satisfied, they give their alle

£9,929,643 on the 31st December last. We shall notice giance unhesitatingly, and are eager to obtain policies at length at a subsequent date. with us. Besides our business in America is greater The shareholders' annual meeting of the Economic than ever. Each month of this year has shown increase Life Assurance Company was held on the 5th inst. at over the corresponding month of last.

its offices, New Bridge Street. The annual statement During all this time frequent communications, by and accounts, and also the report of the valuation for speaking tube and otherwise, showed me that others quinquennium ending December 31st, 1888, were were waiting their turn to see this intensely busy man ; presented. The chairman stated that business had so taking my leave with the usual exchange of ameni- been somewhat retarded in the provinces owing to ties I came away. The impressions created in my mind adverse reports having been magnified on account of were great and vivid. The evidence in all things I had the Falconer defalcation. seen pointed to but one conclusion—as great a future in The business of the Scottish Economic Life England as is being achieved in the United States for Assurance Company, Limited, has been transferred to this mutual and co-operative system of life assurance. and absorbed by the Scottish Metropolitan Life

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Assurance Company, the sanction of the Court of ground does this afford, in the name of common sense, Session having been received.

that because a set of seven or eight persons choose to The Directors' report of the County Fire Office has call themselves The National Provincial Trustees and been issued. It is of a fairly satisfactory nature, and Assets Corporation, they are going to secure the same shows increased premiums received.

business or anything like it! Truly the B. P. must inThe 3rd annual report of the Sickness and Accident deed be more gullible than is even generally supposed. Company of Edinburgh has been published. We The B. P. is of course free to chuck its money about in refrain from comment now, as we propose to deal with this free country and free age, but no one that we it in a fuller manner than we have space for this week could advise would join this venture.


-Here is another instance of this fatal trading upon CAPEL COURT.

names, fatal that is to the investor. We expect to see in a short time every stall that vends a pennyworth of bread blossoming forth, in the grandiose language of

prospectus literature, as a well-established baker's THE NEW ZEALAND MIDLAND RAIL

business. It does occur occasionally to an enquiring New Issues. WAY COMPANY.-The immense strides

mind to ask whether it is the company promoter who which New Zealand has made within the seeks out these • well-established businesses, last twenty years, and is still making, is amply businesses that seek out the promoter. We can see no sufficient to account for the increasing need of railway legitimate ground advanced to induce people to risk facilities in this important colony. Railways all the

their money in this undertaking, world over are almost always safe ventures, but in the STAPP WATER GAS PATENTS.—The advent of water colonies they have additional help which is unknown gas and the revolution this mode of manufacturing gas in England. That is to say they can nearly always is destined to produce and is already producing in the count on Government aid. In the case of the New

commercial economy of the world, is so enormous that Zealand Midland Railway Company, the Government these well-known patents are

found to increase have already subsidised the company. Under their

enormously in value as a matter of arithmetical procontract, the company have a free grant of 2,000,000 portion. That water gas, on account of the economy acres of land, to be selected by the company, not in in its production, and the superiority and certainty of alternate blocks, but according to what, in their own the result, is superseding coal gas in other than domestic opinion, and at their own option, suits their require- uses has been known for some time to specialists, but ments. The Government have further guaranteed that we take it that the general public are now also being should these lands not bring in £1,250,000 to the com- awakened to the fact, and its superiority as pany, additional lands shall be granted to bring up the illuminant, its cheapness (say about one-sixteenth of selling value to this figure. But on the other hand, all

the price of coal gas), and the absence of the noxious increase in value enures to the benefit of the company products given off during the combustion of coal gas From the valuations of experienced and trustworthy which so vitiate the breathing air in our rooms and experts, it is estimated that the land will ultimately public buildings are certain to make it more and more realise £2,500,000. Mr. Thomas Pavitt, an experienced

a favourite. We cannot help remembering in this timber valuer, well known in the colony, has estimated connection the croakings from time to time of certain the value of the timber, on a part of the lands granted, pessimists who are accustomed to ask what will become as sample of the rest, and finds that the timber on of England when her coal fields are exhausted, and the 91,000 acres in the vicinity of the line is worth, apart answer which has always been supplied that long from the value of the land when cleared, £635,000. before that time science would have discovered a

All the evidence points irresistibly to the conclusion substitute for coal. Here, then, at all events in one that a sound paying traffic may be at once expected. direction, the distillation of gas, has science been silent, Of the share capital, amounting to £500,000, £250,000 silently so far as the general householder is concerned, has been already fully subscribed, and expended on providing an efficient and cheap mode of superseding work which will form part of the security for the the valuable mineral. Space does not permit us to present issue.

enlarge on the subject of water gas, and we take it for This being the record it is not surprising to find granted that a great many of our readers are now such keen business men as Mr. Thomas Salt, M.P., and acquainted with the labours and investigations of Mr. Mr. E. Brodie Hoare, M.P., among the directors as Samsson Fox, C.E., which have lately been given chairman and vice-chairman respectively. Names wide publicity in the newspaper press. It follows, like these naturally and inevitably create such a feeling however, that the patented inventions for the manuof security that the company will not have to go far facture of this gas should next become matter of public afield to find investors anxious to get an allotment. interest and financial enquiry. This company has We expect that the shares will speedily rise to a accordingly been formed to secure and work the water premium.

gas patents for the United Kingdom, lately owned by THE NATIONAL PROVINCIAL TRUSTEES AND ASSETS “ The Stapp Gas Light and Heat Company" (in CORPORATION.—This is an age of imitations. Some America), and now working and in actual use in are good and go cheaply, while others are so dear and Chicago, Kansas City, Georgetown, Denver, and Leadso bad they are best let alone. One would have ville (Colorado). The company has acquired the whole thought that by this time the public were sufficiently patent rights for the United Kingdom and Ireland, surfeited with Trustee Companies, and that all the with the option of purchase of all the foreign patents business to be acquired by such companies would make for France, Italy, Austria, Belgium, and Portugal now but a poor living if divided among any more. But granted, or which may hereafter be obtained by the what does a company promoter care about the ultimate patentees, and the importance of this concession is success of a company? All his business is to endeavour manifest when we remember that in some countries to entice investors by sugared words to take up coal has to be brought from long distances and at shares. Whether the shares are worth anything to the enormous cost. The financial value of patents of this investor or not, is of no more importance to him than kind so intimately depends on their scientific value, the value of a row of pins. Therefore, it is worse than that the opinion of so eminent a specialist as Professor useless to ask him to examine what chances his pro- Wanklyn, will be read with interest by investors. This posed company has of making profits for shareholders. eminent professor of chemistry, also well known as the Because the Assets Realisation Company, and the author of The Gas Engineers' Chemical Manual, and ab Debenture Corporation, and The Trustees, Executors, consulting chemist to nearly every important gas comand Securities Insurance Corporation, and The General pany, has long been held to be the chief authority on Assets Purchase, all launched and carried forward by gas, and he has certified that “Stapp's Patent Furmen of wide experience, are successes, what solid

and arrangement provides the best means for

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the proper and economical production of water gas. to be made on existing bargains, and those who deter. The well known gasengineer, Mr. Charles Gandon, of mined upon cutting their losses will find their defici. the Crystal Palace District Gas Company, is also, in his ency a substantial one. So far as the Nitrate Railway branch, a tower of strength in the gas world, and he itself is concerned, the property is as good as ever it has passed a very high enconium on the merits and was, and believing as I do that these shares are now value of the invention. The testimony of these two quoted at their absolutely lowest figure, I should much practical scientists is sufficient without further elabora- rather buy than sell. Nitrate Deferred are now selling tion. The capital of the Company is £150,000, in shares at 21, 22, and the ordinary are readily to be obtained at of £l each. On the directorate aro-Mr. W. B. a fraction under 24. I question whether the making M. Lysley, who is a member of the Athenæum Club, a up price of the last April account will not show any reBarrister of the Inner Temple, and a member of the duction on this figure, but rather that an increase will South Eastern Circuit. As PUMP COURT so readily learns follow. Mexican Rails have been extensively dealt in, everything about its own people, it is natural to suppose and seem good for a further rise, though traffic receipts that other things being equal we should look with have not quite answered expectations. The latest approval on the presence of this gentleman on the quotations show a slight fall, but this is only a temboard, but our approval is confirmed by the know- porary movement brought about more from want of ledge that Mr. Lysley is by no means a tyro in gas

actual demand than anything else. matters, and this has already been recognised, as

South Africans have relapsed considerwo find that he is a director of the Bombay Gas

The Mining ably since my last, and the “bear ” now

Market. Company. Mr. J. W. Fraser, A.M.I.C.E., Mr. Fraser

running is evidently a strong one. The is consulting engineer to many large companies, ultimate result, however, will be that most of these particularly gas water and furnace companies, end really valuable securities will take an upward movement was formerly partner in the well-known firm of Fraser in the course of the next few days. The present deBrothers, boiler makers. Mr. T. Borradaile, the preciation in these shares arises from the fact that the patentee of Borradaile's Patent Governor, and director output during the month of March was below the sanPara Gas Company. The company have been fortunate guine expectations of those who had anticipated a big in securing the services of Messrs. Thomas and Hick, advance. Still it must not be forgotten that, though a firm of solicitors long and favourably known in con- hopes have been somewhat dashed with regard to the nection with company law. We are afraid that too actual quantity of the output, the gold raised has shown little heed is sometimes paid to the necessity of secur- progress. City and Suburban shares have dropped £4, ing competent advisers and guides in the intricacies of and Durban-Roodeport are also down £l, and the company law, and many a promising venture has been remainder of the Randt series, without exception, show wrecked either at its very inception, or, still more disap- a falling off of more or less importance. Robinsons pointing and aggravating, just when it begins to reap pro- remain very firm, which is no great wonder considerfits for those who have embarked their money in it. It is ing the optimistical reports sent over from the not every firm of solicitors, however competentand highly company. With regard to this company it is esteemed, that can with safety be entrusted to guide a proposed to reconstruct and raise the capital to company safely past the various pitfalls which beset £750,000. When it is considered that this mine company procedure. It is always, therefore, reassuring originally commenced with a capital of £5,000, afterto the company critic to find the names of certain firms wards increased to £50,000, it becomes a marvel in -among them Messrs. Thomas and Hick-affixed as history of mining ventures. Domkops, which I being the solicitors. We have always been of opinion recommended last time as a good purchase, can now be that it is just as important to see who the solicitors are,

obtained for 15s., so that they have fallen in sympathy as the directors ; indeed, in some respects, and for with other South Africans. My opinion, however, obvious reasons, often more important. For all tho remains unaltered, that they are a really good reasons above set forth we think that the Stapp Water purchase. In the miscellaneous market little has been Gas Patent shares are likely to be eagerly sought, and doing. Indian Gold have dropped somewhat, but are they should speedily rise to a premium.

all good purchases, and the time is not far distant when

many of these will be making as many pounds as they THE long expected rise in Yankee now fetching shillings. Colon Gold are good American Rails. rails has arrived at last, and judging by for an important rise, and, I hear, are likely to fetch

the persons engaged in rigging them, 15s. each before many days are over. An important there is every likelihood of their continuing the present private advice is to the effect that everything at the upward movement. Chicago and Milwaukee Preference mine is going on well, and that the work of developing have advanced 2, from 105 to 107. Illinois central, 1, the property warrants even the most sanguine expecfrom 113 to 114. Ohio and Mississipi, 1, from 218 to 225, tations. Esmeraldas have advanced, and there is little whilst these have been followed by a rise of in each wonder that they should do so, considering how of the following: Louisville, and Nashvills, Chicago, favourably the last report speaks of the property. Northern Pacifics, Union Pacifics, Union Pacifics and Crushings have commenced in good earnest, and assays of Lake Shores. So far as the Pacific routes are con- the quartz now being worked return as high a percentage cerned, I expect each of them to continue their up- as 5ozs. to 1 ton. As something like only a fourth of ward movement. Philadelphia and Reading have not this is required for working expenses, it is needless to advanced with the others, but in spite of unexceptional say that should this report be confirmed, and the authority to the contrary, I shall expect to see them strength of the lode continue, that the shares will run make definite and decided progress between now and up to par. in the course of the next month or SO. the next account. Indeed Ithink that with those who Etheridge United, another mine of which I have choose to operate in American Rails, this line is as spoken favourably, is now looking better, and is well good as any I can mention for an important advance. reported upon. The following shares should be bought The account now being adjusted looks like being an for a rise, Esmeraldas, Etheridge, Oregons, and exceptionally heavy one, both in British and American Colons. The last-named are now 6d. better at 78. 6d. Rails, and whilst deprecating any further purchase to 8s. 6d. and are still on the upward move. for the rise, in the first case I am not at all sure that

MERCATOR. the latter have seen by any means their best prices. The most noticeable features in this


market have been in connection with NiRailways. trate Rails against which there has sprung

MR. HARRY TICHBORNE DAVENPORT, barrister, M.P., has been up a decided spirit of antagonism during the past fort

appointed an Unpaid Commissioner in Lunacy. He was called

to the Bar at the Inner Temple in Michaelmas Term, 1860, night. A steady fall has to be chronicled, and the spirit and practised on the Oxford Circuit. Mr. Davenport is a of the movement seems as strong at the moment of magistrate for Staffordshire. He was M.P. for North Staffordwriting as it was at the last settlement. As a conse- shire in the Conservative interest from 1880 till 1885, and he quence there will be a very heavy carrying over charge has sat for the Leek Division of that county since 1886.


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Public Companies. To Solicitors.


next, 17th, at Four p.m., for both town and Country,

Richard Jordan, 120, Chancery Lano,


Public Companies' Registration Agent, &c., Continues to render assistance to the Profession in all matters pertaining to the Formation and Registration of Joint Stock Com. panies.

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Now roady, domy 8vo, cloth 10s., THE NEW LAW AND PRACTICE OF Railway and Canal Traffic: Being

the RAILWAY AND CANAL TRAFFIC ACT, 1888, and the RULES of PROCEDURE in the Court of the Railway and Canal Commission. With Notes and Cases, and containing References to other Statutes rolating to Railways and Canals. By ROBERT WOODFALL, of the Inner Temple, and the South Wales Circuit, Barrister-at-Law.

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(LIMITED). ISSUE of £745,000 FIVE PER CENT. FIRST MORTGAGE DEBENTURES (specially secured as stated within).

LLOYDS' BANK (Limited) and the
(Limited) are instructed to RECEIVE
APPLICATIONS for the undermentioned
the price of £92 10s. per £100 Debenture.
In Debentures of £100, £500, and £1,000 at
the option of the holder, being part of a
creation of £2,200,000, repayable at par at
the expiration of 20 years, and redeemable
by purchase in the market, at any price not
exceeding £105, or by drawings at that price
on three months' notice. No further issue
will be made pending the completion of the
line to Reefton, or until such issue is repaid
in the terms of the Trust Deed.
Payable £10 on Application.
£22 108. ,,

£20 13th May, 1889.

£20 16th September, 1889

15th July,

The Company was incorporated for the
purpose of constructing the above-mentioned
railway under a contract, dated 17th January,
1885, entered into by the Governor of New
Zealand, on behalf of her Majesty the Queen,
under Acts of the New Zealand Parliament,
and since assigned to the Company, which
contract has since been superseded by a con-
tract with the Governor of New Zealand,
dated the 3rd day of August, 1888, under
which the Company has secured additional
advantages. Of the share capital, amount.
ing to £500,000, £250,000 has been fully
subscribed and already expended on work
which will form a part of the security for
the present issue, as hereafter explained.

Under this contract the Government havo
subsidised the Company by a free grant of
upwards of 2,000,000 acres of land. This
land is not to be taken in alternate blocks
(as is so often the case), but may be selected
by the Company at their option, within a
very large area of the Middle Island specially
reserved by the Government for that pur.
pose. The Government have guaranteed
that should these lands not bring in
£1,260,000 to the Company, additional lands
shall be gianted to bring up the selling value
to that figure.

From the valuations made in the Colony it is anticipated that the land, when the whole line is made, will realise at least £2,500,000. All increase in value arising from any source belongs to the Company, without in any way reducing the above guarantee. Mr. Thomas Pavitt, of Christchurch, timber valuer, estimates that the timber alone on the 91,000 acres, in the vicinity of the line now to be built (out of a large acreage under timber included in the Company's option) is worth, a part from the value of the land when cleared, £635,000. The timber consists chiefly of red and white pine with birch, and there is a large and increasing demand for these woods in the colony and Australia.

The gross receipts of the Greymouth Gov.
ernment line, of which this line is a direct
extension, were £3,602 per mile for tho
financial year ending 31st March, 1888, and
when the accounts for the year ending
March, 1889, are published, it is believed
this figure will be maintained. It is esti.
mated that an annual gross receipt of only
£1,100 per mile on the Reefton section
would pay 8 per cent. upon the capital re-
quired for this work.

The security for the present issue of
£745,000 will be :
Railway, already constructed, out

of first issue of Share Capital,
including rolling stock, sur-

Railway, to be constructed and

equipped according to contract
out of the proceeds of this

Land, about 300,000 acres to be

granted to the Company in con-
sideration of abore expenditure,
and taken at waste land value
of 10s. per acre.....

Timber on only 91,000 acres in

the immediate neighbourhood
of the line now to be con-
structed, separately valued at 635,000

£92 10s.
Applicants have the option of paying up
in full, under discount, at the rate of £4 per
cent. per annum. Interest for two and a
balf years (i.e., during construction) will bo
deposited. Interest will be paid half-yearly,
the first payment being made on the 15th
October next.

TRUSTEES FOR THE DEBENTURE HOLDERS. 1. Beaumont William Lubbock, Esq.,

(Messrs. Robarts, Lubbock and Co.)
2. Edmund Charles Morgan, Esq., Deputy-

Chairman of the National Bank of New
Zealand, and late Director of the Bank of

3. Roderick Pryor, Esq., Hylande, Chelms-

4. Sir Frederick A. Weld, G.C.M.G., late

Premier of New Zealand.
Son and Pollock, 14, St. Helen's Place, E.C.

Thomas Salt, Esq., M.P., Chairman (Chair.

man of Lloyds' Bank, Limited).
E. Brodie Hoare, Esq., M.P., Deputy-Chair.

man (Chairman of the National Bank of
New Zealand, Limited, and Director of

Lloyds' Bank, Limited).
Sir Charles Clifford, Bart. (Chairman of the

New Zealand Trust and Loan Company,

H. V. Hart-Davis, Esq. (Messrs. Hoare,

Wilson and Co., London).
C. Shirreff B. Hilton, Esq. (Messrs. Miles

Brothers and Co., London; also Christ

church and Timara, New Zealand). Walter Chamberlain, Esq., Harborne Hall,

Birmingham, will join the Board, subject
to the sanotion of a general meeting, in
accordance with the Articles of Associa-

Lloyds' Bank (Limited), 72, Lombard Street,

E.C., and all Branches.
The National Bank of New Zealand (Limi.

ted), 71, Old Broad Street, E.C., and New

BROKERS—Messrs. Coleman & May, 2, Token-

house-buildings, E.C.
SOLICITORS--Messrs. Burchell & Co., 5, Tho

Sanctuary, Westminster. AUDITORS— Messrs. Cooper, Bros., and Co.,

14, George Street, Mansion House. ENGINEER—Robert Wilson, Esq., M.I.C.E.'

Joint Consulting Engineer to the Govern. ment of New Zealand, 7, Westminster

chambers, S.W. SECRETARY-Æneas R. McDonell, Esq., 79,

Gracechurch Street, E.C.

veys, &c.

Total value of security .........£1,550,000 Interest at 5 per cent. per annum for two and a half years will be secured on the present issae by a deposit in the hands of the Trustees of a sum sufficient to discharge the same.

A draft of the trust deed, securing the
Debentures, and a copy of the contract
between the Governor of New Zealand on
behalf of her Majesty the Queen and the
Company, can be seen at the Offices of the
Company. Applications in the form
accompanying the prospectus, together with
a deposit of £10 per cent. on the amount
applied for, must be forwarded to Lloyds'
Bank (Limited), 72, Lombard Street, E.C.,
or to the National Bank of New Zealand
(Limited), 71, Old Broad Street.

Full prospectuses and forms of application
can be obtained from the Bankers, or at the
Offices of the Company, No. 79, Gracechurch
Street, E.C.

12th April, 1889.


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