Page 3 Advertisements Column 1

Gisborne Times, Volume VII, Issue 311, 11 January 1902, Page 3

PBOSFECTuS OF THE GISBORNE SHEEPFARMERS’i FROZEN MEAT COMPANY, LIMITED, GISBORNE, NEW ZEALAND. CAPITAL £30,000, IN 30,000 SHARES OF £1 EACH. The Objects ok the Company ark — 1. To Purchase the Gisborne Freezing Works and Plant as a going concern. 2. To freeze meat at a minimum rate to Shareholders and to manufacture byproducts. 3. To carry on business upon co-opera-tive principles. 4. To secure stability of market for the stock and farming products of the East Coast. 5. Primarily to consider the interests of Shareholders. Principles upon which the Company is to be Floated—1. The first Subscribers to the Company are to be Sheepfarmers. 2. The subscriptions arc to be proportional to the sheep owned by the subscriber. Each subscriber to take up shares to the value of sixpence per head of his sheep. There is No further liability whatever upon the Shares subscribed.

U. Any subscriber can take up more shares than his proportional quota, and in such case such excess shares shall be preference shares, and bear interest at 5 per cent., payable half-yearly. 4. Uefore purchase of the Gisborne Freezing Works, and before incorporation of the Company, .£15,000 at least is to be subscribed. 5. The number of shares fixed as the qualification of directors is fifty. 6. The first directors are to bo appointed at the first general meeting of shareholders after allotment. I

7. The minimum subscription upon which Directors may proceed to allot is .£7500. 8. The names and addresses of tho vendors of any property now proposed to be purchased or acquired by the Company which is to be paid for wholly or partly out of the proceeds of the issue offered for subscription are: Tho Gisborne Freezing Company, Limited, of Gisborne, New Zealand, and Frederick James Shelton, of the same place, merchant. 9. The amount payable not to exceed j£25,000, and the amount payable to the vendors subject to existing charges (if any) to be cash, the actual amount payable to be fixed upon the making of the contract.

10. The amount payable to the Gisborne Freezing Company, Limited, is its share capital payable on the sale of the Works by Frederick Jauies Shelton, the Lessee. 11. No specific proportion of the purchase money named by the vendors is specified as being payable for goodwill. The property being leasehold, the amount payable for goodwill is estimated as being the value of the fixed [improvements, the exact amount of which is not known.

12. The amount estimated tor prelimi nary expenses is £IOO.

13. The Provisional Committee are interested in the property proposed to be acquired to the extent of their interest as shareholders directly or indirectly in the Gisborne Freezing Company, Limited : C. A. DeLautour £lB, James -Fitzgerald £SO, W. Chambers £B7, W. D. Lysnar £2B, P. Barker £4l, E. M. Hutchinson £l6, P. Kenway £7l, F. Patullo £BB.

Particular attention is called to the fact that the Provisional Committee have varied their instructions by abandoning the uncalled capital of sixpence per sheep, at first proposed. This has been done to meet the very strong expression of opinion since expressed that the subscription should be limited to sixpence. It is also thought that this limitation of liability will ensure a fuller co-operation. The objects of the Company can now be attained to special advantage, as the Works which it is proposed to acquire are splendidly equipped, and are not surpassed in economical construction and up-to-date facilities for turning out the best brands.

An independent report has been obtained and is appended.

The resolution carrried at a largely attended meeting of shareholders held at Gisborne is also appended. The calls per share to bo 50 per cent, cash upon application. Fifty per cent, cash or approved bill at three months upon allotment. This prospectus has been filed with the Begistrar. Dated at Gisborne this Bth day of January, 1902. Resolved.—ln the opinion of this meeting, it is desirable, and those whose names are recorded as voting in favor of these resolutions agree 1. That the Sheepfarmers re-acquire the Works and Plant as a going concern of the Gisborne Freezing Works. 2. That Messrs W. Chambers, Percival Barker, J. E. Foster, James Fitzgerald, F. Hall, E. M. Hutchinson, P.

T. Kenway, w. A. DeLautour, W. D. Lysnar, and F. Pattullo be a Provisional Committee, with full power to act: (a) To obtain Subscriptions to the new Company; (b) to frame the Memorandum of Association and Articles; (c) upon a subscription sufficiently full and as limited by Clause (f) to the satisfaction of the Committee to arrange for the purchase of the Works and Plant as a going concern with all

manorial and articles in use on or about and for the purposes of the Works at a price not being more than £23.000 ; (d) to arrange for the immediate opening of the Works ; (e) to arrange with the present proprietor to open the Works at once upon a guarantee of all necessary expenses incidental to running and for his personal supervision until a permanent management can be arranged ; (f) the company to be formed upon the best models" of companies of the kind in New Zealand. Capital to he not less than £30,000, of which at least 20,000 shares shall be subscribed of £1 each,

of which at least Ten Shillings per share shall be paid up. If more than 20,000 shares subscribed the paid-up capital to be reduced pro rata. The basis of £25 per thousand sheep actually owned to be as far as possible followed. Each shareholder to be allotted twice the amount of his assessment upon his flock. (This has since bem modified) ;(g) that in addition to -ill ordinary powers reserved to Freezing Companies, a specialpporerw r er shall be reserved to amalgamate with the Gisborne Freezing Company, Limited, upon such terms as may be mutually agieed upon between the two Com-

oanies. „ „„„ Napier, N. 7., 2nd January, 1902. C A DeLautour, Esq., Gisborne. Dear Sir : Re the Gisborne Freezing Works. As instructed by you I have this day completed a thorough inspection and valuation of these Works, for which hereunder please find my award. First of all, 1 shall endeavour to answer the questions asked in your letter of the 31st ultimo. (11 “To know that these Works are up to date as to efficiency and economy ’ I consider these Works thoroughly up to date in every respect, in fact, I might go further than this, and say that m some respects they are ahead of Works of a like kind, this is specially applicable to the working of bye-products. Regarding economy in working, I consider them quite up to the average of Works oi a similar description, and evidence of attention to detail in every department is very apparent. The coal consumption for tire whole plant when ir. full work I would estimate at about four tons of good steaming coal per twenty-four hours. (2) “ That they are in working order so as to be set going in, say, 10 days’ time, if required.” I consider that these Works .could be started in all branches in, say, on 7 days’ notice. (3) “ The value of the Plant and Buildings which have been erected by the Freezing Company or the present owner and as distinguished from the buildings which were erected by the Harbor Board.” The value oi the whole plant now existing on the premises I cons der to lie £24,081 15s 9d, hut I have arrived at this sum without any reference to ground value or tenure of lease, as I have no information on t{ieso points. I have made my valua-