PRELIMINARY PROSPECTUS.
A proposal was made in the early part of May last to establish in Yokohama aBrewery on a well appointed and complete yet not extravagant scale.

The proposal,

with the grounds upon which it was based, was submitted to a few gentlemen for
examination, with the result that subscriptions to the capital to extent of about twothirds have been promised, and it is now considered advisable to communicate thesubstance of the scheme to all likely to be interested in its promotion.
The promoters have acquired sufficient insight into the affairs of the late SpringValley Brewery to enable them to form a trustworthy opinion as to its success during thefirst years of its establishment, the profit made, and the causes which led to its decline,
failure, and eventual sale under a decree of the United States Consular-General Court;
and they have come to the conclusion that the circumstances, instead of being
discouraging, warrant the belief that even the Spring Valley Brewery, if it were inexistence, under a new management, could be worked at considerable profit now; and at
greater advantage in the future for the reasons shortly stated as follows:1.-The approaching revision of treaties (likely to be completed within a measurabletime), will probably confer these benefits:(a) Mixed residence in and out of settlements.
(b) Permission to foreigners to travel and trade in the interior of Japan underpassports.
(c) The augmentation of the tariff which will impose on imported beer a duty of 25
to 30 per cent. ad ralorem.
The first concession will remove the difficulty heretofore experienced of realizing
property situate in any of the foreign settlements.

The second will permit this or any

other firm to establish agencies in all large cities and towns of Japan; and to keepcommercial travellers in the country canvassing for orders. The third will place
imported beer at a considerable disadvantage with beer of reasonably good quality
produced in Japan; and must tend to reduce on a large scale the importation of beer now
valued at an average sum of $100,000 yearly on which the present duty is less than 5per cent.
(d) The removal of restrictions upon partnerships between Japanese and foreigners,
by which, should it be advisable, Japanese may be induced to take an interest in
this company to the material extension of its operations.
2.-The tendency in Japan to a radical change in diet; to the consumption of animal
food and bread ; and to the almost certain large increase in the use of beer if it can beprocured sound and even in quality at prices within the reach of the majority ofprobable consumers.
These considerations all point to the future as full of promise for the success of anundertaking of this character ; but the promoters prefer to confine their attention towhat they believe to be practicable by competent management of a respectable brewery.
(a) They will engage a respectable practical brewer either from England, Germanyor United States as may be decided upon; at a salary sufficient to enable him tomaintain a suitable position.
(b) The acquisition of the land formerly used by the Spring Valley Brewery, whichfrom its area and formation presents many advantages, the most important of
which is a spring of pure water of great, almost indispensable, value to abrewery.
(c) The preparation of designs for buildings, suitable for the plant required, by anarchitect of special knowledge in London or elsewhere; and the purchase of thelatest and most improved plant and steam advisable.
(d) The disposal of the product of the brewery will be facilitated by the nominationof active agents wherever advisable.
To carry out these plans an expenditure will be incurred for land, buildings, plant,packages, carts and horses, &c., allowing a wide margin, of $25,000. The building will
be constructed here upon the home made plans, under architectural supervision, withthe view of securing a moderate premium for fire insurance.
The capacity of a very ordinary plant is capable of producing in eight working
months (operations suspended during June to September), 2,160 hogsheads, or 116,640
gallons net.
The cost of production of this quality of beer, based upon carefully detailed
estimates, is:Establishment expenses, inclusive of 10% and 7 1/2% allowance for depreciation onbuildings and plant respectively･･･････････････････････････････････････$11,150
Material for brewing･････････････････････････････････････････････････

17,49628,646

Or $0.2456 per gallon.
The selling prices for inferior beer in Japanese breweries may be taken at 50 sen
per gallon; the Sakurada Brewery’s price being 20 yen per barrel of 36 gallons, or a little
over 55 sen per gallon.
Upon the assumption that sales can be effected of the whole quantity produced at
40 cents per gallon, the proceeds will be････････････････････････････････････$46,656

Leaving a net profit of 51 per cent. on a paid-up capital of $35,000.
There are sufficient reasons for believing this result to be within the real outturn;and there is evidence that a larger proportionate profit was made by the Spring ValleyBrewery.
Upon the foregoing grounds a Company has been proposed and supported.

CAPITAL.
350 shares at $100 each･･････････････････････････････････$35,000(WITH POWER TO INCREASE TO 500 SHARES OR $50,000.)

On application ･･････････････････････････････････････････$10 per share
On allotment ････････････････････････････････････････････$10 〃〃Balance as required in monthly calls not exceeding ･････････$20 〃〃Capital already subscribed･････････････････････････････$25,000〃 open for subscription ･････････････････････････････$10,000
This prospectus is communicated privately for the time being; and those gentlemen
willing to accord support to the movement are invited to advise the undersigned on or
before the 6th July next in order that notice may be given of the first meeting for thediscussion in detail of the matter now presented.
Gentlemen unable to be present at the meeting may appoint proxies.
W. H. TALBOT,Secretary pro tem.
Yokohama, June 26th , 1885