JAPAN BREWERY COMPANY.
(For the Registration of which under the Company’s Acts, limiting the Liability of theShareholders to the amount of their Shares, application has been made to Hongkong,failing which recourse will be had to London.)

CAPITAL・CAPITAL・・・・・・$50,000
IN 500 SHARES OF 100 DOLLARS EACH.
PAYABLE IN THE FOLLOWING CALLS:On Application････････････$ 5 per Share. December 1st･･････････････$10 per Share.
〃 Allotment･････････････$ 5〃

January 1st, 1886･････････$10〃

October 1 , 1885･･････････$10 〃February 1 , 〃 ････････$10〃November 1st, 〃･･････････$10 〃March 1st,〃stst〃･･･････$10

The remaining 30 per cent. will not be called up unless, in the opinion of theDirectors, it is absolutely necessary for the conduct of business; when one month’s
notice will be given of any further call or calls.
Provisional Board of Directors.
MR. JAMES DODDS (Messrs. Butterfield & Swire), Chairman.
MR. CARL ROHDE (Messrs. Carl Rohde & Co.)
MR. F. GROSSER (Messrs. Grosser & Co.)
MR. EDGAR ABBOTT.
MR. W. H. TALBOTBankers
THE NEW ORIENTAL BANK CORPORATION, LIMITED, YOKOHAMA AND KOBE,AND MESSRS. HOLME, RINGER & Co., AGENTS OF THE BANK IN NAGASAKI.

Secretary
MR. W. H. TALBOT, ACTING PROVISIONALLY.

Offices
TEMPORARILY AT No. 70, MAIN STREET, YOKOHAMACERTAIN PROPOSITIONS for the establishment of a brewery in Yokohama having
been made and considered, a meeting of the supporters was held on the 8th July 1885, atwhich it was resolved that the project offered sufficient inducement to proceed with it,and a provisional committee was appointed to draw up this prospectus, and hold office
as directors until the first general meeting.
The provisional committee have acquired sufficient insight into the affairs of thelate Spring Valley Brewery to enable them to form a trustworthy opinion as to its
success during the first 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, ifin existence under better management, could be worked at a highly satisfactory profit at
the present time: while it is believed that the revision of the treaties, supposed to benear completion, will extend the privileges of foreign residents, tend to facilitatesounder business relations with the Japanese people, and offer wider scope for allindustries. The revised tariff will, it is expected, increase the duty on beer, which atpresent is less than 5 per cent., to from 10 to 30 per cent. The provisional committee donot, however, desire to lay stress upon the possibilities of treaty revision, except for thepurpose of showing that there is nothing known to be in contemplation likely to operate
adversely to the interests of this undertaking. They rely upon facts well within common
knowledge, namely the result of earlier brewing operations in Yokohama, and thetendency in Japan to a radical change in diet; to the consumption of animal food andbread; and to the almost certain large increase in the use of beer, a favourite beverage ofthe people, if it can be produced sound and even in quality at prices within the reach of
the majority of probable consumers.
Believing the preference to be for beer of German brewing, the provisional
committee have decided to obtain the services of a skilled German brewer of the highest
qualifications.
Land measuring upwards of 2,117 tsubo, or 1 3/4 English statute acres, suppliedwith a spring of pure water believed to be eminently suitable for brewing purposes, andthe site of the late Spring Valley Brewery, is under offer to the committee in return for
paid up shares.
The land, when purchased, will be planned, and buildings required for the brewery
will be designed, and the plant specified and ordered under the personal supervision of
the brewer before his departure from home. The plant and buildings will be designed toenable them to be extended at any time.
The cost of land, buildings, plant, including casks and bottles, has been assessed indetail at $25,000; but in order to have a margin for contingencies the provisional
committee assess this item at, inclusive ot necessary expenses, $30,000 to the time

when the works are complete and in a position to commence active operations. The
plant, &c., will be of the best quality.
The capacity of the brewery will be on a larger scale than will be at first requires foruse, and it may consequently be worked to its full capacity on more economical terms.
The estimates at present made are for the production of 2,160 hogsheads, or 116,640
gallons net, per annum.
The cost of producing this quantity of beer will be establishment expenses, inclusiveof depreciation, directors’ fees, allowance by way of per centage to employes, ,repairs to buildings and plant, advertising, commission to travellers, discounts,&c.････････････････････････････････････････････････････････････････$15,000
Material or brewing･･････････････････････････････････････････････････

17,000$32,000

Upon the assumption that this quantity of beer can be disposed of at 40 cent per
gallon, 10 cents under the prices charged by Japanese breweries for inferior beer,
the return is・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・$46,656
showing a gross profit of $14,656, from which a substantial dividend might be paid anda large reserve fund be formed.
While admitting that these figures may be subject to material alteration theprovisional committee believe they have made sufficient allowance on all sides towarrant the assertion that upon the moderate consumption sef out, the net profit should
not be less than $12,500.
Of the proposed capital 300 shares, representing $30,000, are taken up; and 200
shares, or $20,000, are offered for subscription.
Applications for shares made to the acting secretary on the accompanying form, will
be received until August 15th for Yokohama and Tokyo, and until August 31st for theoutports.

This form to be sent to the Secretary with deposit receipt, which latter will be returned to the applicant.

JAPAN BREWERY COMPANY.
(APPLICATION FOR THE REGISTRATION OF WHICH HAS BEEN MADE)

CAPITAL・CAPITAL・・・・・・ $ 50,000.
DIVIDED INTO 500 SHARES OF $100 EACH.
Form of Application for Shares.
To theJAPAN BREWERY COMPANY.
Gentlemen:
Having paid to your bankers the sum of $deposit onsharesin your Company, I request you to allot me that number of shares, for which, or any lessnumber you may allot to me, I hereby agree to become a member of the Company
subject to the memorandum and articles of association, and I authorize you to enter myname in the register of members accordingly.

NameAddress
Signature
Occupation
Date

BANKER’S RECEIPT
No.
Receibed ofsum of $of
deposit on application forthesharesof $ 100 each in the Japan Brewery Company.
For the New Oriental Bank Corporation, Limited.

N.B.-This receipt will be returned to the Applicant and subsequently
exchanged for certificate for shares.