South Wales Daily News

Public Companies, &c. tHE SUBSCRIPTION LISTS WILL BE OPENED on MARCH 25th, 1830, and CLOSED on or before MARCH 23th. 1890, at Four o'clock, tor Town and Country. THE MONTGOMERYSHIRE JL BREWERY COMPANY. LIMITED. an Amalgamation of Messrs T. E. Issard and Co.'s Brewery, Newtown, Montgomeryshire, Estab- lished 1851, and Mr David Roberts' Brewery, Aberyst- wyth, Cardiganshire, Established 1848. {Incorporated under the Companies' Acts, 1862 to 1886.) SHARE CAPITAL, £70,000, divided into 6,000 Seven per Cent. Cumulative Preference Shares of S5 each £30,000 'J,000 Ordinary Shires of B5 each, holders of which will ba entitled to the whole of the l1et }Jrofit, after providing for the Prefer- ence Dividends and interest on the Deben- ture Stock 40,000 £ 70,000 Civa-Per Cent. Debenture Stock £30,000 The Vendor stipulates for the right of subscribing *nd having allotted to him one. third of the shares of the present, issue, and one-third of the Debenture Stock, that being the largest proportion which can be allotted to him by the rules of the London Stock Ex- change. The Sbares are payable as follows, viz. :—10s per Share on .Application, S2 per Share on Allotmont, and the^balanee by two instalments of £ 1 5s each per Share, at one and two months thereafter respectively, or the may be paid up on Allotment, the Shares ranking for dividend from the dates of payment. The Debenture Stock (which will be issued in multiples of £10) is payable £5 per cent. on Applica- tion, £45 per cent. on Allotment, and the balance by jwo iUitalments of £ 25 per cent. each at one and two months thereafter respectively, or the whole ma.y be paid up on Allotment, the Debentures ranking for tnterest from the dates of payment. The seVen per cent. Dividends on the Preference Shares will be payable half-yearly. The Dividends on the Ordinary Shares will be pay- able yearly, but. the Directors have power to pay interim dividenalB. The five per cant, interest on the Debenture Stock will be payable half-yearly on the 1st of February and the 1st of August in each year. TRUSTEES FOR DEBENTURE STOCK HOLDERS, HENKY J. ROBINSON, Esq.. Bodtalog Hall, Merionethshire. .DEVEREUX Esq, Dolforwyn Hall, Mont- gomeryshire. DIRECTORS. THOMAS EDWARD ISSARD, Esq. Newtown, Montgomery shire. "ARTHUR DEAN DAWSON, Esq., Newtown, Mont. gomeryshire. "DAVID ROBERTS, .Esq., The Brewery, Aberystwyth. HENRY J. ROBIJl&ON, Esq., Bodtalog Hall, Meri onethshire. W. CHANDLER. MITCHELL, Esq., Claremont, Redhill. A. NEWTON, Eso.. Winchester Lodge, Uxbridge. W. S. LE GRAND, Knq., The Brewery, Lamberhurst. "Will jiin the Board after Allotment. HANKERS. The NATIONAL PROVINCIAL BANKof ENGLAND, Bishopsgate-street Within, London, E-C„ and all Branches. BTTOKF.RS. London J. YELLOLY WATSON, Esq., Stock Ex. change, aud 5, Copthall Buildings. Liverpool Messrs T. C. MUSSON, Stock Exchange, and Philadelphia Chambers, 5, Hackins Hey. Manchester P. KRNKST POWER, Esq., Stock Exchange, and Whiter's-buildings, 32, St. Ann- street. Bath and Bristol Messrs BETTON, SAYCE, VAUGHAN, and CO. SOLICITORS. Messrs TALBOT and WATKINS, Newtown, Mont- gomeryshire. 1. PERRY GODFREY, Esq., 6, South-square, Gray's- inn, London, W.C. AUDITORS.—Messrs HERBERT WATKINS & CO., Chartered Accountants, Moira-chambers, Ironmonger- lane, E.C. SECRETARY (pro tem.). — Mr C. LAWSON BENHA.M. REGISTERED LONDON OFFICE. — 5, THROGMOR- TON-AVENUE, ETC. TiHE MONTGOMERYSHIRE JL BREWERY COMPANY, LIMITED. PROSPECTUS. This Company has been formed to purchase and take over the well-known and extensive Freehold Brewery situate at Newtown, Montgomeryshire, known as the Crowu Brewery, which has been carried on with great success for nearly 60 years by Messrs T. E. Issard and Co. and their predecessors. Tbeold established" The Brewery," situate at Aberystwyth, Cardiganshire, wbich has also been snccessfully carried on for over 40 years by Mr David Roberts, and the large wholesale and retail wine and spirit business of Messrs Mytton and Galloway at Welshpool, the businesses possessing together 48 licensed hotels, taverns, and beer-houses. The businesses are profitable and increasing, and, with the view to their further extension, it is considered desirabl9 to continue their development through the medium of a Joint :5tt:1ck Company, with iis :5tocks and Shares issued to the general public. The Company will acquire the whole of the valuable Properties, consisting of— The Freehold Steam Brewery at Newtown, Montgomeryshire, coyering au area of over li acre, with an ample supply of excellent water the Freehold Steam Corn Crushing Mills, with the brewer's house adjoining, also the extensive Freehold Wine and Spirit Stores; the Malt Kilns and large Malt-house, fitted with all modern improvements, be- sides a considerable amount of Freehold Property beld in connection therewith. The Leasehold Steam Brewery at Aberystwyth, Cardiganshire, also possessing an unlimitedsuppiy of exceptionally good water, with malting kilns, large malthouses, brewer's house, and usual outbuildings. The well. known wholesele and retail Wine and Spirit Busi- ness of Messrs Myttoll,and Galloway, of Welshpool, Montgomeryshire. The whole of the plant, machinery, rollin stock, hors8; van-, vehicles, and the valuable good-will of the three businesses. The Breweries are admirably suited for carrying on the trade with efficiency apid economy, and have attached to them in each case, offices, cooperage, work- ing sheds wells. boiler houses, carpenters' and black- smiths' shops, (which enable repairs to be done1 on the spot), together with stabling, storerooms, and most excallent and roomy cellarage. raiHE MONTGOMERYSHIRE BREWERY COMPANY. LIMITED. Besides the trade done with the houses connected with the breweries, and which include many of the most popular and best houes in the districts, the breweries do an extensive and valuable family and general business, and the Crown Brewery does a. large wint; and spirit trade, and also has the annual contract to supply tl e county militia whilst under canvas. In addition to the forty-eight (48) tied houses already belonging to the brewery, twenty-four (24) valuable freehold and leasehold houses of a simi- lar character have been secured. The books of th-i breweries have been examined on behalf of the company, for the past five, years, by Messrs Herbert Watkins and Co., chartered account- ants, of Moira Chambers, Ironmonger-lane. London, E.C., who certify that the annual average number of barrels of beer brewed amouuts to 9,752, that the price which is being realised per barrel is 34s 10dtyield- ing an a verage profit of 13s 5Ad per barrel, and thu,t tho turnover of the wine and spirit trades of the Crown Brewery and Messrs Mytton and Galloway for the last year amounts to £11, 7¿¡, giving a further profit of £2,1,30, and which make together a total profit of £9.492 10* 8d. In addition to this, the beer trade done by the (24) new houses to be taken over is 2,476 barrels per annum, which, taking tne same ratio of profit only, would give a further profit ot 2s bd. The wine and spirit turnover of these houses, plus of tlaosa attaching to the Aberystwyth Brewery which have not hitherto been tied for wines and spirits, is £6,972 Ibs per annum, which (should give a further profit of £99j 3s 9d, 17s lid per annum. Thus, afcer making a liber.II allowance for working ex- penses, and providing for the interest on the Debenture Stock and Preference hares, there will remain a suffi. cient sum to pay l5 per cent. on the Ordinary hares. HitlIerto porter and stout have not been uually supplied from either brewery, consequently the tied houses and other customers hav9 purchased tlIese beer3 elsewhere. In future it is intended that the Company will regularly brew porter and stout, thus adding very 1a.r¡!;ely to the trade and consequent profit and without any increase of working expenses, aud as the trade is almost entirely a tied one, the profits can- not be subj&ct to the fluctuations of an ordinary or un- tied trade. The percentage of profits on the beer with the increased trade would t'e nearly doubled, as the extra. expenses of production would be but nominal. There is every reason, therefore, to anticipate even far better results than are above set forth. T~" HE MO NTGO MERYSH IRE -B- BREWERY COMPANY, LIMITED. The directors are fully satistied that there is ample scope for a further larg-e and profitable development of the business, but without taking into account the advantages to be gained by acquiring the twenty-four (24) additional houses, they confidently anticipate that the dividenad receivable by the holders of Ordinary Shares will from the outset be highly satisfactory while the sound nature of th Debenture Stock and Preference Shares &lust be apparent to investors. Mr T. E. Issard has consented to personally manage the business as managing director, ami wIll join the board after allotment. The directors propose to retain the services of the larger part of the Brewery staff, who bave for a long period enjoyed the coufidence of their employers, thus enabling the directors to ensure a con. tinuance of tho high reputation which both these breweries have already attained, It is well known that the Welsh ales are note for their purity, excellence, and tine flavour, and these are practically the only breweries within a radius of thirty miles, and so eujoy almost a monopoly of this large, area, comprising the tolIowing counties Montgomery- shire, Radnorshire, Merionethshire, Cardiganshire, and a large part of Shropshire. The businesses will be taken over from the 1st March, 1893, and the Shareholders will at once enter into a sound dividend-earning property. The whole of the properties (including the 24 new houses to be taken ovei) bave been valued on behalf (if the Company by Mr A. F. Argles, tbe well-known Brewery, Hotel, and Tavern Valuer (a copy of whose report and valuation can be seen at the offices of tho Solicitors to the Company), and from which it will be seen that they are in a first-class state of repair. HE MONTGOMERYSHIRE JL BREWERY COMPANY, LIMITED The price to be paid by the Company for the good- will and the whole of the properties is £79,85. The Stock-in-Trade will be taken ever at a valuation. The Company wiU not take 07er any of the liabilities. Tho Vendor stipulates for the right to an allotment of one-third of the :ha.re and Debenture Capital on tile same terms as the allotment is mde to the pubhc. To pay 5 per cent. Interest on the above-mentioned Debenture Stock will require per annum £ 1,500 to pay 7 per cent. interest on the above-mentioned prefer- ence Shares will.require per annnm £ 2,100. Thus, if the profits amount to there would bo more than sufficient to pay 15 per cent. on the Ordinary Share Capital. Application will be made for a London Stock"Ex. change Quotation. The 1vJlvwing are the recent prices of similar Cempames lately isned with Ordinary Shares, Prefer- ence Shares, and Debentures bearing intereso at rates Tarying ironl 4 to 5 per cent, — Now quoted Ex. Bristol Brewery (George's at. div. &Co.),Limited óp.c.prcf. l4 14J 0rd. (20p.c.). 32 33 Holts's Brewery Co., Ltd. 6 p.c. pref 123 13i „ „ 0rll. (12 p.c.). lef 16* Massey's Burnley Brewery 6 p.c. pre! lli I14 „ Ord. (i0 p.c.) 10i 11 122 13 „ Ord. (10 p. c.) 15 15i Parker's Burslem Brewery bpc.pref. lli 1l „ 0rd. (12 p.c.). 13 13* Stroud Brewery Co., Ltd. 6 pc. pref 1l list Ord. 15 loi 1;);f 14;( 0rd. (9 p.c.) 15* 15 William Haucock & (Jo., Limited (Cardiff) 6 p.c. pref. 12i 13 234 23i Original Brew- '5 Shares 6 p.c. pref. 6 6.1, Ord. (8 p.c.) 6i 7i •. Limited, 7 p.c. pref 12i 123 Ord. (8 p.c.). 11 lli the above list that the Prefer- nares of similar Companies stand f premium. Debentures bearing 4 to 5 per cent. are also quoted cases as high as 10 to 17 or 18 per JTGOMERYSHIRE COMPANY, LIMITED. Itracts have been entered into :— the 11th of February, 1890, between ompary of tho one part and C. H. her part, A Contract dated llth of _¡uhlir Companies, &r. [ February, 1890, between David Hoberts of the one part and C. H. Adams of the other part. A Contract dated the^l 1th of February, 1890, betweeu Mytton and Gal. loway of the one part and C. H. Adams of the otlIer part. A Contract dated the 12th of February, 1890, betwn C. H. Adams of the one part and C. Lawson Benham, as Trustee for the Company, of the other part; and a Contract dated 12th of March, 18..00, be. tween C. Lawson Benham, as Trustee for the Company, of the one part, and T. E. Issard of the other part. The Vendor, Mr C. H. Adams, is the promcter of the Company, and will pay aU expenses attending the Incorporation and Registration of the Company Printing, Advertising, &c., up to and including allotment, except brokerage. There may be other contracts con. nected with the breweries, &c., as going concerns, which, from the nature of the business, it would be injudicious to publish. Applicants for Shares must, therefore, be deemed to waive tbe insertion of dates and names of the parties to any such arrangements or contracts, and to accept the above statements as a sufficient compliance with section 38 of the Companies Act, 1867. Where a less nnmber of Shares or amount 'of De- benture Stock h allotted than that applied for, the balance will crediterl in reduction of tha payment due on allotment. Should no allotment be made, the amount paid on application will be returned in full, The memorandum and articles of association of the company, toether with the above-named contracts, the accouutant's report, and tile valuer's report and valuation, can be inspected at the Offices of the Solicitors of the Company. Apphcations for bares or Debenture Stock may be made 011 the forms accompanying the p¡ o'Pectns, or by letter to the Secretary, accompanied by a remitt- ance for tho amount of the deposit, and if paid by cheque, then payable to the order of the Bankers, to whom the same may be sent. Prospectuses and forms of application for Shares and Debenture Stock may be obtained of the Bankrs and Brokers, or of the Secretary of the Company, from whom all information may be obtained. The LIST of APPLICATIONS OPENED at the LONDON AND PROVINCIAL BANK, UlITI<D, Commercial-place, ABERDARE, PONTYPRIDD, CARDIFF, and other Branches, on WEDNESDAY, the 19tb .\larch 1I1stant, and CLûo3E 011 or before SATURDA Y, the 29th March. THE BLACK LION BREWERY COMPANY, LIMITED, ABERDAR¡¡;. Incorporated under the Companies Acts, 1862 to 1886. SHARE CAPITAL (nominal), £ 2o,0C0; FIRST ISSUE OF ORDINARY SHARES, £ 15,000 (1,503 of £ 10each). 120 DEBENTURES of £ 50 EACH, BEAR. ING 5 per cent. INTEREST, £ 6,000, of which £ 4,000 will be issued to the Vendor, payable as follows: Ordinary hares. Debentures On application £ 10 0 £ 5 0 0 On allotment 2 10 0 20 0 0 1 month after allotment 2 10 0 25 ° 0 2 months after allotment.. 2 ° ° 4 month" after allotment.. 2 0 ° DIRECTORS. 1\11' WAI. DA VIES, Merchant, Piasyfelyn, G1yn Neath. ")Ir A. S. PLEAC 10, Brewer, Aberdare, Managing Director. Mr THOS. WILLIAMS, Proprietor Black Lion Hotel, Aberdare. "Mr 1!:DW ARD ARNOTT, Proprietor Queen's Hotel, Aberdare. Mr REES MORGANS, Proprietor Mackworth Arms Hotel, Aberdare. Mr FRED. WM. MANDER, ProvÍ5ion Merchant, Aberdare. 1\'11' DAVID HUGHES, Accountant, Park-lane, Abel" dare. :\Ir D., TUDOR WILLIAMS, Surgeon Dentist, Aber. dare, Will join the Board after Allotment. BANKERS.—THE LONDON ANI) PROVINCIAL BAK, LIMITED, ABERDARE. SOLICITOR.-Major THOS. PHILLIPS, Aberdare and Pontypridd. SECRETARY.—Mr H. J, GIFFIN. REGISTERED OFFICES.—ST. JOHNS CHAMBERS, CARDL FF. PROSPECTUS. Thi company has been formed for the purpose of acquiring, earrying on, and further developing the business of Mr A. S. Please, Black Lion Brewery, Aber- dare, toether with the Wines, Spirits, Hop, Malt, and Cigar Business, with which he has been so success- fully associated. The Brewery has been established upwards of 30 years, and has attained a high reputation. No stronger evidence of the excellence ot the beers brewed can be adduced than the Üct that in a competition at the National Brewers' Exhibition, held in London in 1883, a Diploma of Honor was awarded to 1\11' Pleace for tbe superiority of hi" brewings. There are at present attached to the Black Lion Brewery, thirteen tied houses, of which eleven are double licensed, the average unexpired term of the Leases of these valuable Properties being 40 years. The business ha of late years developed iu such an exceptional manner that Mr Pleace has fountl it necessary to lay down an increased plant of au entirely modern character in order to cope with the improvell demand, and the Brewery is now capable of turning out 150 Barrels a week. No further outlay will. therefore, be required beyond that for rolling stock, for the largely augmented trade which is confidently anticipated. The price to be paid by the Company for the Black Liou Brewery, Carpenters' Arms, Royal Oak, goodwill, fixed and loose plant, fixtures, utensils, stock-in-trade, rolling stock, Ind book debts, toether with 1\11' Pleace's interest in the licensed houses, is £ 20,000. Toe Directors lIave been fortunate in securing the services of Mr PI\!aCea.s Managing Director, at a very low remuneration, which is evidenc of hi confidence in the future prosperity of the Company. To show the further confillence the Vendor has ill the stability of the undertaking, he has agreed to accept as part p:1yment of the purchase money at least £ 4,000 of the Debentures, and tbe whole sum of £ 6,000 if required. The aerated water and bottling ale and stout depart- ments are regarded as verr profitable adjuncts to tha business. A good connection has been formed, ami arrangements made fl.r providing the.se brancue8 with new machinery, so as to assure considerable develop- ment of the company's business in thIs direction. The directors have under their consideration a scheme by which the customer; who are ;;lJareholderJ will boiietit in the form of a Royalty on goous suppliell to tbem by the company. The accounts of the business hue been investigated by Messrs W. C. Clarke aud Dovey, tile well-known Cardiff Chartered Accountants. Their Certificate is as follows :— To tho Director of the Black Lion Brewery, I,imited, Aberdare. Gentiemen,-In compliauco with your instructions, we have coJorefully investigated the accounts of the business carried on by Mr Pleace, and proposed to be acquired by thus company, amI hereby certify that thy net earnings of the trading for the 12 mouths preceding F3bruary 23th, 1890, includin rentals, and exclusive of interest ou capital, amouut to the sum of £ 2,363 178 2d. Fuil allowance has ùeen made for bad and doubtful debts, and depredation of plant and machinery, &c. The number of customers on the books exceeds 250, most of whom have beell dealing with the Brewery for a considerable period, and a large and lucrative business ha been carried OU. With the improved machinery and plant now laid down, and tho increased trade which is expected to result frGIII the form3.tion uf the Company, it may safely be asuDHdthat even larger profits will ill future be made. We are, Gentlemen, Your 0 bedien t servants, W. C. CLARKE and DOVEY, Chartered Accountants. Cardiff, March 15th, 1890. It will thus be seen that, without taking into account the increasoof trade which will bu the natuntl outcome of the co-operative character of the Company's under- taking, and the improved probts from tile increase of capital, tha.c a minimum dividend of at least 13 per cent. per annum cau be relied on. Taking, however, the profit for the last year's trad- ing, and tleductin the amount necessary to pay imerest 011 the Deben tures, there remains £ 2,053, a sum sufficient to pay a dividend at the rate of 13j pt>r ciut. q« the Ordinary shares, leaving a margin for any increased expenditure necessitated by the transfer of tile busines3 to a Limited Company, as shown by the following figuros :— Minimum profits for the year ending February, 1890 £ 2,363 17 2 Interest on *,6,000 Debenture, 5 per cent. 300 0 0 Leaving a balance available for di vidend. £ 2,063 17 2 The District of wbich Abürdare forms a centre pre. sents a very favourable field for the operations of tb Company, and the output assured by the Company's tied houses wIll render it free from the fluctuations of a general trade. The Abenlare Valley has been proved to be exceedingly rich in minerals, as testified by tbe present sinkings by Messrs Nixon and Co. and the Dowlais Iron Co., and other projects indicate a still further development of the resources of this Valley. The Directors invite tho attention of intcntiin Shareholders to the bvonrable results attained by the undermentionetllocal undertakings of a similar charac- ter, also to the present market value of the Shares of the respective Companies :— Nominal Present Value. Value. William'Hancock and Co., Limited, Ordinary 20 per cent. Dividend 10 28 Ely Brewéry Co., I,imited. Ordinary 15 per cent. Uivideud 10 18 Stevens amI Sons, Limited, 10 per per cent, Dividend 10 13 The Shares of other local Companies formed during the preseut year are now standing at between £ 2 ana £ 3 premium. The properties will be taken over as from the 10th March lI1stant, from which date all profits of the busi. ness accrue to the Company. No promotion money wiJl be paid. and the whole of the expenses incurred in connectiou wit,h the formation of tile Company will be borne by the Vendor. The only Agreement entered into is that ior the pur- chase of the property from the Vendor. This Agree- mcut. as wen as he Memorandum of Association, may be seen at the registered office of tile Company, Application for Shares or Debentures should be made on the forlll accompanying the pro- spectus, and forwarded to the Company's Hanke's at Aberd'1re, Pontypridd, Cardiff, and other Branches, together with a remittance for the amount of the deposit. If the whole of the amount paid on application by any applicant be not allotted, the surplus paid on application will J»e appropriated to the Hum due on allotment. Where no allotment is made the deposit will be returned in fun. Prospectuses and forms of application can be obtained1 at the Offices of tho Company, or at the Oilices of their Bankers and tl1eir Branches, and Solicitor. Cardiff, March 17th, 1890. 2732 K..J. H EAT H & SON S, 51, QUEEN-STREET, CARDIFF, Respectfully beg to inform their numerous patrons and the public generally that thEY have OPENED A BiiANCH AT 34, TAFF-STREET, PONT¥PRIDD. The Entire New Stock of PIANOFORTES, ORGANS, &0" contain all the very latest patents and improvements. A LIBERAL DISCOUNT allowed for Cash, or may be had on the ONE, TWO, OI THREE YEARS' SYSTEM. Also a Stock of VIOLINS, BANJOS, GUITARS, MANDOLINS, I andallldnds of Musical Instruments. AU the Newest Music, Tutors, &1. 111u:trated Catalogues and terms for the Hire System may be had on application, post free. 9431—5-1066 E P P S S I GRATEFUL AND COMFORTING. (BREAKFAST) O C O A MADE SIMPLY WITH BOILING WATER OR MILK. 13857-487-1192 1VTEATH AND DISTRICT ADYER- -Ll TISING, BILL-POSTING, and CIRCULAR DISTRIBUTING COMPANY. Office: 13, Cattle- street, Neath. Best permanent posting-stations in Town and neighbourhood. Contractors for all des. criptions of advertising, circular distributing, &c. Orders promptly a.ttended to. AU parcels to pe dii tincly addressed to T. Harry Ha.wkins, Neath 109 fJubiic &c. | The SUBSCRIPTION LIST WILL OPEN at the [ South Wales Union Bank, Limited, Swansea, Cardiff, and its other Branches, on THURSDAY, the 27th day ot March, 1890, at 10 a.m., and }y be CLOSED at any time thereafter, and is intended itb be closed at the latest on the following Wednesday, the 2nd day of April, at 3 p.m. r r Those Applicants who make application for the two classes of Shares,—Preference and Ordinary,—will re- ceive greater consideration than those applying for Ordinary Shares only. QWANSEA UNITED BREWERIES, O LIMITED (BREWERS, WINE AND SPIRIT MERCHANTS, AND AERATED MINERAL WATfeR MANU- FACTUBERS). Incorporated under the Companies' Acts, 1862 to 1886, whereby the liability of Shareholders is limited to the amount of tiIeir :i1ares. SHARE CAPITAL, £50,000. Divided as follows :—2,000 nou-cumulitive Shares of £ 10 eacu, bearing 6 per cent. per annum PreferenC(3 Dividend, £20,000; 3,000 Ordinary Shares of S10 each, £30,000. Payabie as follows:—On application, £1; on allot. ment, £ 2; one month after allotment, £ 2 two months after allotment, £2 three months after allotment, S2 four months after allotment, £1. In addition, debentures of the value of £ 25,000 will be issued for sums of £ 100 each, bearing interest at the rate of 0 per cent, per annum, payable B10 per bond on application, and balance on allotment. Both shares and debentures may be paid up in full on allotment, and dividends anti interest will be cd. culated accordingly. DIRECTORS. Mr Alderman A. MASON. J.P., Swansea. Mr LASCELLES CARR (Chairman of "Royal Hotel Company, Cardiff, Limited," aud Deputy-chairman of Messrs "Thompson aud Shackell, Limited"). Mr CHESTER ROW, Royal Hotel," Swansea. Mr RICHARD WAIN," Penarth Hotel" and Marine Hotel," Penarth, and Griffin Hotel," Brynmawr (Director of Royal Hotel, Cardiff, Limited," and Pearce and Company, Cardiff, Limited," Brewers. 'Mr J. AERON THOMAS, Solicitor, Swansea. MANAGING DIRECTORS, HENRY WILLIAM CltOVVHURST, "Orange- street Brewery," Swansea. xMr F. D'OYLEY MEAitS, "Glamorgan Brewery," Swansea. Will join the Board after Allotment. BANKERS. — SOUTH WALES UNION BANK, LIMITED, SWANSEA, and its Branches. SOLICIT Oil.—Mr HARRY COUSINS, St. Mary-streetj Cardilt. AUDITOR.—Mr J. E. GUNN, Westjiate Chambers. Cardiff, SECRETARY (pro tem.)—Mr W. H. JAMES, Swansea. REGISTERED OFFICE.—THE BREWERY, Orange- treet, Swansea. PROSPECTUS. This Company is formed for the purpose of pur- chasing, amalgamating, and working as one concern the two well-known Brewery Businesses at Swansea, known as the Orange-street Brewery," and Gla- morgan Brewery," which will be takeu Over as frow the 31st December last. The price to be paid in respect of the Businesses is £15,000, for which sum the Company will acquire FIFTY-EIGHT FREEHOLD AND LEASEHOLD LICENSED HOUSES (the average lease of Fifty of the Fifty-six Leasehold Houses is 2b years or thereabouts, while six only are held. for short periods, mosu of which it is beiieved can be extended 011 equitable terms), tho Orange-street and Glamorgan Breweries, the Aerated and Mineral Water Manufactory held in connection with the first-named Brewery (all of which premises have been Valued at £51,000, as per valuation annexed, by Mr T. P. Martin, the well-known valuer of Swansea, who acts as Valuer in that town to the Assessment Committee), the valuable Stock and Book Debts of the value of £15,503. In addition to the Proporties and Book Debts the Company acquire the well- established Businesses, the Goodwills thereof, and the Plant, Horses, Carts, and Utensils-in-Trade of both Concerns, all of which are of considerable value. The number of barrels brewed by the two Firms in 1889 averaged 18,481, in addition to this they supplied Burton Beers to the number of 3,032 barrels. For many years the Burton Trade at Swansea has been very heavy, but it is declining in proportion to the rapid growth of the trade of the local Breweries. H is worhy of notice that Ù1e lIIcre!J.8e m the output for the first two months of the current year has been at the rate of more than one hundred barrels per month above the corresponding months of last year. In addition to the Business of Brewers, both Firms have been carrying on large and rapidly increasing Businesses of Wine and Spirit Mer- chants, ou which substantial and satisfactory profits have been made. The increased sales of these last- mentioned businesses for the first two months of the current year have been at the rate of 400 gallons per month over the corresponding months of last year. The Aerated Water Manufactory held in connection with the Orange-street Brewery has all the necessary appli- ances for carrying on a much larger business than has hitherto been done, and as tha .amalgamation will bring in all the houses attached to the Glamorgan Brewery, it is only reasonable to expect that this portion of the business will at least double itself. The output last year from this factory was 22,702 dozen bottles. The increase in January and February of this year over the corresponding months of year amounts to 687 dozen bottles. The Orange-street Brewery, at which it is intended to carry on the whole or the brewing business in future, was erected some few years ago, at a very heavy cost, occupies a considerable tract of land, and with a small outlay will be, and is, admirably adapted for carrying on the large and growing lJusilwss whiclI it is believed must necessarily result frOlJl the amala- mation. The sum of £35,00:> has been agreed to be taken by owners ol the two businesses in debentures and shares. The Company has taken power for carrying on the business of maltsters, and it is estimatell that if they malt two-thirds of the barley required by themselves, a saving of at lease £ 750 per annum will be effected. Taking this in conjullction with the estimated saying in the cost of working the two concerns as one (which should amount to something like £ 600 per annullJ),it is considered highly probable that an increased protit on the present trade will be made of about £J.550 yearly. For the purpose of amalgamation,and as between the present Vendor and the former Owners, the books of the various businesses weœ suo- mitted to Messrs W. C. Clarke and Dovey, of Cardiff, Chartered Accountants, WHO CERTI- FIED THAT THE PROFITS OFTHE YKUt 1889 WERE This would. leave uvaiiablo for Interest on £ 25,000 5 per cent. Debeutiues £1,250 This would leave available for Dividend Ó percent. Preference £1,2CO This would leave available for Dividend 12 per cent. on Ordinary £3,600 ——— £6,050 Surplus. £151) This surplus, having regard to the saving in the cost of malting and working, should not only be utli- cient to pay all the necessary expenses in working the concern as one Company, but it is tuought should enable the Company to pay a Dividend of 10 per cent. on the Ordinary Shares at the least. The Company has been fortunate in securing, as mauain directors, for a period of five years, the ser- vices of Mr Crowliurst and Mr Mears, who are so con- vinced of the good prospects before the Company that they have accepted small srlaris, which are to be increased in accordance with the dividends paid. Mr Crowliurst has for upwards of 29 years in part owned and managed the Orange-street Brewery, ancf Mr Mears, for five years, bas been Consultill Brewer to the Glamorgan Browery, and has increased the trade in a most satisfactory manner, so that the premises of that Brewery have become too small for its business. Mr Mears has had nineteen years' experience with some of thp, largest brewers and maltsters in tbe Midlands, having been for ten year (five years as head brewer) with Messrs Boddington and Co., Manchester ami Burton-on-Trent, [md nve years as brewer and manager to Messrs Mitchell and Co., Birmingham, both of which firms aro now Limited Companies with capitals of and £&5U,000 respectively. The Contracts entered lIltu are :— 1.—March 13th, lc90, between Henry William Crow- hurst and Benyou Reeve Benyon.Winsor of the 1st part, John Aeron Thomas and Hannah Jones ot the 2nd part, and John Edwin Gunn of the 3rd part. 2.—March, 13th, 1890, between Henry William Crow- hurst and Benyon Reeve Benycn-WTinsor of the 1st part, John Aeron Thomas and Hannah Jones of the 2nd part, and Charles Lioyd AY atkins of the 3rd part, Francis D'Oy ey Mears of the 4th part, and the said John Edwin Gunn, who is the Vendor to the Company, of the 5 th part. S.—March 13th, 1890, between parties to the fourth mentioned agreement as to the appropriation of moneys to be paid thereby. 4.—A Contract for the purchase of the business on the above-mentioned terms, made between John Edwin Gunn of the one part and tho Company of the other part. Other arrangements kave been entered into with various persons, which may constitute contracts within the meaning of the 38th Section of the Companies Act, 1867. There are also various contracts connected with the .Brewcries,.&c., 803 going concerns, which, from the nature of the busiuasses, it might be injudicious to publish. Applicants for Shares must therefore be deemed to waive tho insertion of dates and names of the parties to any such arrangements or contracts, and in order to prevent any qUHstions must accept the above statement as a sufficient compliance with Section 3H of the Companies Act, 1867, or any other statutory obligation to disclose such contracts. Copies of the memorauùum ami articles of associa- tion of the company, and of the above-named con- tracts, and the reports of Messrs Clarke aull Dovey, and Mr T. P. Martin, can be inspected at the offices of the solicitor to the company. Prospectuses and forms of application can be ob- tained at the offices of the company, and Solicitor, or at the Bankers of the company. Application for shares or debentures should be malle on the forms accompanying the prospectus, and should be forwarded to the company's hankers accompanied by a remittauca for the amount of the deposit. Ii tue whol" of the amount applied for by an appli. cant be not allotted, the surplus amount paid on deposit will be apportioned tow3.f!ls the sum due on allotment, but where no allotment is made the 4:ieposit wiJl be returned ill full. THE ATLAS JJlURNISHING COMPANY, CABINET-MAKERS, UPHOLSTERERS, AN-. GENERAL HOUSE FURNISHERS, 5, ST. CARDIFF. JJIURNISH ON EASY TERlS, OR FOR CASH, DIRECT FROM THE MAKERS. THE ATLAS FURNISHING COMPANY CONTINUE TO SUPPLY FURNITURE OF EVERY DESCRIPTION To Householders, Lodgers, Mechanics, and all Classes in any station of life, on their well-known HIRE jpURCHASE SYSTEM, The Liberal Terms of which are Acknowledged to be undoubtedly the MOST ADVANTAGEOUS EVER OFFERED IN CARDIFF OR ELSEWHERE. The Furnishing Department comprises EVERY HOUSEHOLD REQUISITE, INCLUDING SHEETS, KNIVES, KETTLES, BLANKETS, FORKS, SAUCEPANS, QUILTS, CRUETS, FENDERS, FLRlJlRONS, PERAMBULATORS, &C. The ever-increasing Business of this well-known Firm, and tbe very considerate manner in which they treat with all their Patrons, has made this Company the most deservedly popular in the trade. TERMS. S3 Weekly Payments Is 6d j B30 Weekly Payments 10s £6.. „ 2s 6d :50 „ „ iOS £lO.. 208 £15. „ 4011 £20, 7s 6d ( A GOODS CARRIAGE PAID within 200 Miles. PIANOS ON EASY TERMS. BATH CHAIRS, INVALID, BABY CARRIAGES, Lent out on Hire by the Day or Week, And with option of Purchase. CHAIRS LENT FOR EVENING PARTIES. 13972 -—— 1253 PROSPECTUSES AND PRICE LISTS POST FREE ON APPLICATION. ? s 1: p- NEWPORT O ft I I C £ JJL OF THE ;n » SOUTH WALES DAILY NEWS," No. 1, TREDEGAR PLACfi. ADVERTISEMENTS received up to Seven o'clock p.m. will secure insertion in next morning's issue of he DAILY NEWS.' Estimates givenfor Advertise. ments ORDERS from NEWSAGENTS will receive prompt !lttant-iou, and be executltd npon the same terms su from the Chief Qpico. public O[;ompanies, &r. SPECIAL FEATURE I BANKERS' GUA.P..ANTEE.-])IVIDJ<NDS at the rate of SEVEN PElt CENT. on the PREFERENCE SHARES, aud TgN PEtt CENT. PEn. ANNUM on the ORDINARY SHARES will be uaranteed for Five years by the South Wales Union Bank, Limited, as specified below. THE SUB:5CRIPTION LISr WILL BE OPENED AT THE BRISTOL AND WEST OF ENGLAND BANK, LIMITED, BRISTOL, and their various Branches and the South Wales Union Bank, Limited, Swansea, Cardili, and Branches, 011 MON. DAY, tho 24th day of MARCH, 1890, at 10 a.m., and may be CLOSED at any time thereafter, and is in. tended to be closed at the latest on Saturday, the 28th instant, at 3 p.m. AN AND CUl\IP ANY, LIMITED. IncJrporated under ttw Companies' Acts, 1862 to 1836. SHARE CAPITAL 'H' £ 65,000 DIVIDED INTO 2,úOJ Preference Shares of £ 10 each, beariug 7 per cent. per annum Preferencu Dividend. £ 20,000 4,500 Ordinary Shates of £ 10 each £ 45,UW PAYABLE AS FOLLOWS On application, jcl; ou allotment, £ 2 one month after allotment, £ 2 10s two mouths atter allotment, £ 2 10s; four months after allotment, £ 2. DIRECTORS Councillor LASCELLES CARli, Tredelerch, near Car. diff (Chairman of Royal Hotel Co., Ltd., ami Deputy- Chainnau of Thompson & Shackell, Ltd.), Chairman. MORGAN M. JONES, Esq., Maiudee HaJJ, Newport (Of Jones ilro., Shipowners, Newport and Cardilf. Coullctilor JUS1PH RAMsDALE, Koath, Carditf. •Mr JOHN BEA VAN, Clarence House, Poutypjol, Managing Director. Will join the Board afkr Allotment. BANKER5-sUUl'H WALES UNION BANK, J.inuLed, CarditI and Branches, 30LICITOlt :-1\11' HARRY COU"INS, St. Mary-street, C¡.¡,¡ ell it.. SECRETARY.— Mr JOHN EDWIN GUNN, Westgate- cila}4uers, Cardilf. REGISTERED OfFICE. WESTGATE CH4.BjnS, CARDIFF. PRObPKOTUS. This company is formed fur tue purpose of acquiring, canying 011, antl extending the Luge awl. weB. e,talJli"ile,1 businesses oi j\lr John Bevun, conducted under tile style 01 Bevan aud Company, at Cardilf and Poncypo ji—better known under tue registered title oi The Cardiff Furnishers." 'The business, which was foundetl in 1850 in Ponty- pool. hs been conduccett oy thc vendor since thø year 1868, and, beil1 establisheÜ in Carditf for nearly live years, 1" now one of the largest and most successful furnishing businesses in South Wales aud Monmouth- shire, with a succthsful record of 4lJ years. The Businesses will be t::t.ken over frow the 31s day of March instant. Til Receipts during the months of Jilnuary and February, 18i)0, have considerably exceeded thostJ of th" same mouths ill tile previous year, and have beeu proportlOnateiy profitable. '11.1e pricd to be paid to the Vendor is £ b5,000 in Cash or Shares, for which consideration he will trans- fer to the Company the Goodwill of the Business, which is certified by Messrs Clarke and Dovey to be charged Do the Company at less than three years' purchase of the nett protits lor the year 1889, the whole of the Book Debts, amounting tu £ 18,631 10s 9ù (payment ùf which h guarauttJed by the Vendor), tite immense Stocks of Household Furniture, carpets, Aiusical Instruments, &c" &c., at Cardilf ani Poutypool, Bigut Horses, Seven Vans and Carts, Working Plant, the Registered Trade Mark, and the very valuable Leases of tue premises iu t. Mary-street and Duke-str&et, Cardiff, with a 21 years' Lease of the Pontypool premises. ihe Vendor's sole reason for offerill this extensive and lucrative business to the public ill to be found ill the fact that he desires to be relieved from a portion of the responsibility attcbeù to the manaement of so large a concern, and as proof of his entire confidence iu the umhn taking, he has agreed to taku as part of his purchase money Urdinary Shares to the amount of £ 25,0u0. Tac special and unusual feature connected,with this Company is the circumstance that 1\11' Bevan has arranged to cover with tùe bank for a period of five years dividends UpOll the Preference hales at the rate of 7 per cent. per annum, aud upon the Ordinary Shares at the rate oi 10 per ceut. per anuum, amI. the bank will guarantee such dividends ¡¡,ccordiniy. The amount of tho dividend so to ue guaranteed wiH be the very considerable sum of £ 29,500, though it b confi. dently expectell tl1at; a much larger dividend wilt ue paid. The Vaudor has agreed tv manage the business for five years during that period he will receive no reo muneration for his services until ten per cent. has been paid on the Ordiuary Shares. After the expira- tion of the five years he wiIi, in all probability, still continue to tal; e all activo part in the management of the business, but 111 the event of his being indisposed so to aet, no difficulty will be fouml. in providing an experienced succesor to the management. The books, &c., at the various IJmuches have been examined by Messrs W. C, Clarke and Dovey, Chartered 4ccountant:,¡, Cardiff, whose certificate IS appended, and who cenify that the profits for tbe year ending 31st Decemher last were sufficient, to pay a dividend 011 £ 20,000 preference shares at 7 per cent, per annum, and a dividend on £ 45,000 ordinary shares at 15 per cent. per annum, besiues leaving a IDargm sufficient to pay the expenses necessarily connecteÜ with tbe workAlIg of a Joint Stock Company. It is not deemed prudent to give the actual amount for obvious reasons, ;,ut intending applicants can inpct tbe figures at the Secretary's otlice. The only contract that, has oeCH entered into is one between the Vendor 0/1 tlIo ono part and tlw Company on tue other part, for the sale and purchase of the businesses. There are, however, numerous contracts, engagements, ami agreements affecting the businesses entered into by the Vendor, which may be contracts within the meaning of Sec. 38 of the Companies' Act, 18o7. It is not expedient to disclose these contracts, and applicants for shares must waive all mentirm oi the dates, names of parties, or other particulars thereof, and tlIis noticø shall be deemed, for aU purposes affecting applications for shares, to be ,1. sufficient c.nnpli:tnce wILlI such section. The Memorandum and Articles oi Asociation of the Company, together with copies of the above-named Contract, can be inspected at the Uffices of the Solicitor of the Company. Applications for Shares slIould be made 011 the form accompanyillg the pro>JpectuH, and should be forwuxdetl to the Uompany's Bankers, togethur with a r<>m;tt:u1CÙ for tb" amount of the deposit. If tbe whole amount applied for by any applicant be not allotted, the surpius amount paid on deposit will be appropriated towanls the 8ttlll due on the Shares allotted. Whero no allotment is made, the deposit wiH be returned in full. Prospectuses and Forms of Application can ba obtained at 1 he Offiees of the) (Júmp3.ny, or at the Qfiices of the no.1.¡,k"r:s and Solicitors. Copy OF MESSRS. CLARKE AND C£11TI FICA T E. J. E. GUNK, Esq., Cardilf. Dear ::iir,- Be JOHN BEVAN, House Furnisher, St. Mary-street atH, Duke-street. Cardilf, and at Pontypool. We have c lreiully inspected this Trader's Boos. Papers, and invoices, and certify tlIat tbe Nett Profits derived froUl his business for th" 12 mouths ending December 31st hst, were more them sufficient to pay a Dividend of 7 pcr cent. per annum Oil £ 20,000, and 15 per cent. on £ 45,000. Yours faithfully, 2793 W. C. CLARKE and DOVEY. QIno late for <1tlazsith:atÜrn. -r..¡¡¡-!Ü:iNERV:=- W antedan experienced Hand (óUt- 11.1. ùoors).-Apply, personally, Trecynon and Cwm- dare Co-opeiative Society. Lim., AUJniaœ. ROCERY.—Wanted immediately, a strong Young VX Man as Waiehouscman and Haulier.—Price, 'l'roedyrhi w. CjjpAILURS.—Wanted at once, a General IIanll.- JL George Morgans, 260 Odessa.-str"e, Dowlais. .DRAPEIly.-Wa.nted i,nmeIUa1:e]y, a good Junior hwll; Welsh.-eIHI fun particulars to E. Owen, Drapery Bazaar. Cardigan. 4J HAYING. EVERYONE WHO SHAVES SHOULD USE THE 81-1 A VING. A L B I ° ILK AND gHAVING. ;ULPHUU SOAP, Syy which yields a firm, creamy, and riA V liMVx. refreshing lather, softening the beard, preventing the irritation PT A VT'Xrr' so often caused to delicate skins nAVllxu, jn shaving, and rendering the passa.¡1;e of a razor rapId. and Sll "\7T"Wr^ easy. A a Toilet Soap, It IS A unequalled. Delicately perfumed. „ Salti by all dealers in PerHltUery HA VIN (jr. in Shaving Cakes and Toilet k3 Tablets. ^59 'jlEE'l'H.—Complete iSet Vne Uuinea JL Single Tooth, 2s bd. Five years' warranty. Ite. models, repairs. &c. Painless Dentistry, Gas, &c,- GOODMAN AND CO., 1, Uld Dock-street, Newport, and fi;, Otieen-s Cardillo 13041 1114 I I THIS SPACE IS RESERVED FOR WALL JpAPERS. See Advertisement. I 2462 Possessing all the properties ot the finest arrowroo JgROWN AND pOLSON'S £ JORN "JpLOUR HAS A WORLD.WID}; REPUTATION. 226 NOTE.-Purchasers of Corn Flour sbould insist ou oeing supplied with BKOWN AND It i" dlstinuisI.1d for vaiforicly superior G.ua.nty. 1017 FURNITURE ESTABLISHED OVER CARPETS FURNITURE THREE QUARTERS CEN- CAltPETS FURNITURE XURV. CARPETS FURNITURE CARPETS FURNITURE GOOD ARTISTIC CARPETS FURNITURE v CARPETS FURNITURE AND CARPETS FURNITURE INEXPENSIVE CARPETS FURNITURE a. CARPETS FURN1TUBE vflIT CARPETS FURNITURE BEFORE YOU BUY CARPETS FUUNITURE IT TT Tl N I T TI R E CARPETS FURNITURE CARPETS FURNITURE OR CARPETS FURNITURE CARPELS CARPETS FURNITURE CARPETS FURNITURE DO NOT FAIL TO CAltPETS FURNITUItW VISIT CAltPKl'8 FURNITURE ,T CARPETS FURNITURE T A V E R T O N CARPI TS FURNITURE XJ AND CARPETS FURNITURE FURNITURE i O CARPETS FURNITURE I CARPETS FURNITURE CARPETS FURNITURE CABINET MAKERS, CARPETS }<'UH.Nl'1'UH,, KRa CARPETS FURNITURE UPHOL::¡TERERS, CARPEIS FURNIVUR14 HOUSE FURNISHERS, UAB.PJn' FURNITURE r„„ CARPEls FURNITURE MARY -L E-PORT-ST CARPETS FURNITURE AND CARPETS FURNITURE CARPETS FURNITURE BRIDGE-STREET, CARPETS FURNITURE VTfT amnr CARPETS FURNITURE BKIbiUJj. CARPETS FURNITURE THEIR SHOWROOMS CARPETS OVi £ N ™N¥KE FURNITURE liN CARPETS FURNITURE CONTAIN CARPETS FURNITURE THE LARGEST. BEST, CARPETS FUltNITUl1.B AND CARPETS FURNITURE CHEAPEST STOCK CARPETS FURNITURE IN THE CARPETS FURNITURE WEST 01<' ENGLAND CARPETS 1903 E D~A7D WHAT PRICE INFLUENZA 100 TO 1 I DON'T GET l'r l I'M WEARING TYLER'S PURE WOOL SANITARY CLOTHING MAEI:5LLYN MILLS, 13607 1139 LLANDYSSIL, 3ousiness Abbresstz. ROGERS' AK JlLES AND jpORTERS (In 4 Gallon Casks and upwards). BREWERY, BRISTOL. CARDIFF STORES WORKING-STREET. NEWPORT STORES COMMERCIAL BUILDINGS CHEPSTOW STORES BEAUFORT-SQUARE. Applications for Purchasing Agencies in South Wales to be addressed to J. B. MADDOCKS, PENARTH. No extra charge fcr Ales and Porters supplied in 44 13955 Gallon Casks. 1^21 gPRING jgEASON, 1390. jg JgJVANS AND QOMPANY BEG TO CALL ATTENTION TO THEIR ENORMOUS DELIVERIES OF NEW SPRING GOODS, MBRACING THE CHOICEST PRODUCTIONS OF THE LEADING MARKETS OF THE WORLD. GREAT SHOW OF gy R E S S MATERIAJS AND ■^T ASHING JjlABRICS, SILKS, MOURNING DRESS GOODS, CLOTHS, GLOVES, LACES, TRIMMINGS, RIBBONS, SUNSHADES, FLOUNCINGS, &C. 5,000 PAIRS MUSLIN CURTAINS: Price Hid. to 140S. the Pair. GREAT STOCK OF CARPETS, CABINET FURNITURE, j BEDSTEADS, AND FURNISHING MATERIALS. TEMPLE-STREET, SWANSEA. 1C46 THE STANDARD LIFE OFFICE. ESTABLISHED 1825. FUNDS: £ 7.. 0 0 0, 0 0 0. BONUS YEAR, 1890. BONUSES DECLARED LAST VALUATION IN 1885, £ 9 3 0, 0 0 0. 1428 BRISTOL OFFICE 57, BROAD-STRERT. (JROSSLEY'S "'QTTO" Q.AS JgjNGINJS OvliK 38,000 I N U E. From 2 man to 100 h.p. REFERENCES for ALL TRADES and in ALLTOWNS Second-Hand Engines. Deferred Payment System. 0ROSSLEY T IMITED jD OPENSHAW. MANCHESTER.