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The Pamphlet Collection of Sir Robert Stout: Volume 14

As to the Mortgage Debentures

As to the Mortgage Debentures.

These will be a first charge upon the uncalled capital of the Company. They will also be charged upon all the property of the Company for the time being subject to any claim of vendors for unpaid purchase money.

The Debentures will be issued in sums of £50, £100, £500, and £1,000, payable in three, five, or seven years, as the applicants may desire, with interest in the meantime respectively at the rate of £5, £5.10s. and £6 per cent, per annum, payable half-yearly, either in London or Dunedin, at the applicant's option. The Debentures now to be issued will be received by the Company at any time in payment for land purchased of them or for rent of lands held under them, and in such cases a bonus of 10 per cent, will be allowed.

The Company is restricted from issuing Debentures in excess of two-thirds of the amount of the consideration given or paid for property for the time being, after deducting monies received from sales of land or premiums on granting Leases, except Debentures issued to raise monies to pay for Properties or Debentures arriving at maturity, which monies are forthwith to be so applied, and in the meantime to be carried to a separate account or invested in the names of Trustees. Ten per cent, on the amount applied for will be payable on application, and the balance within one month after allotment. The Interest will accrue from the days of payment respectively.

The Debentures will be payable "to bearer," or to the registered holder, as applicants may desire.

page 3

Directors.

  • William Clark, Esq., C.E., 9, Victoria Chambers, West-minster.
  • W. J. Mudie Larnach, Esq., Late Colonial Treasurer and Minister of Railways, New Zealand; 118, Holland Road, Kensington, W.
  • Major-General Patrick Maxwell, Westmont, Ryde, I.W.
  • Captain R. C. Mayne, R.N., C.B., 101, Queen's Gate, South Kensington.
  • T. Selby Tancred, Esq., Sheep Farmer, New Zealand; 6, Inverness Terrace, Hyde Park.
  • Sir Julius Vogel, K.C.M.G., late Premier of New Zealand, 127, Cromwell Road, South Kensington.

Bankers.

  • Bank of England.

Solicitors.

  • Messrs. John Mackrell & Co.

Auditors.

  • Messrs. Deloitte, Dever, Griffiths & Co.

Secretary.

  • John Scott Gavell, Esq.

Registered Office.

  • No. 110, Cannon Street.