Page 3 Advertisements Column 1

Gisborne Times, Volume VII, Issue 312, 13 January 1902, Page 3

a PROSPECTuS OF THE GISBORNE BHEEPFARMERS’ >t FROZEN MEAT COMPANY, LIMITED, 11 UiSBOIINE, NEW ZEALAND. CUPITAL £30,000, IS 30,000 SHABE3 / OF £1 EACH. ’ The Objects of the Company .are—1. To Purchase the Gisborne Freezing Works and Plant as a going concern. 2. To freeze meat at a minimum rate j 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. 6. Primarily to consider the interests of Shareholders. Principles upon which the Company is to be Floated—1. The first Subscribers to the Company aro to be Sbeepfarmers. 2. The subscriptions are 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. 3. Any subscriber can take up more shares than his proportional quota, and in such case such excess shares shall bo preference shares, and bear interost at 5 per cent., payable half-yearly. 4. Before purchase of the Gisborne 1 Freezing Works, and before incorporation | of the Company, £15,000 at least is to bo ; subscribed, » 5. The number of shares fixed as the qualification of directors is fifty. 1 6. Tho first directors are to be appointed £ at the first general meeting of shareholders ‘ after allotment. ‘r

7. The minimum subscription upon 1 which Directors may proceed to allot is 1 £7500. 8. The names and addresses of the vendors of any property now proposed to be purchased or acquired by the Company which is to bo paid for wholly or partly out of the proceeds of the issuo offered for subscription aro: The Gisborne Freezing Company, Limited, of Gisborno, New Zealand, and Frederick James Shelton, of the same place, merchant. 9. The amount payable not to exceed £25,000, and tho amount payable to the vendors subject to existing chargos (if any) to bo cash, tho actual amount payable to be fixed upon the making of the contract. 10. Tho amount payable to the Gisborne Freezing Company, Limited, is its share capital payable on the sale of the Works by Frederick James Shelton, the Lessee. 11. No specific proportion of the purchase money named by the vendors is specified as being payable for goodwill. Tbe property being leasehold, the amount payable for goodwill is estimated as being tho value of the fixed [improvements, the exact amount of which is not known. 12. The amount estimated for preliminary expenses is £IOO. 13. Tho Provisional Committee are interested in tho 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. Pntullo £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 tho 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 nhtnined ana is appended. The resolution carrried at a largely attended meeting of shareholders held at Gisborne is also appended. The calls per share to be 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 Registrar. 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 Darker, J. E. Foster, James Fitzgerald, F. Hall, E. M. Hutchinson, P. T. Kenway, o. A. DeLautour, W. D. Lysnat, 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 material and articles in use on or about and for the purposes of the Works at a price not being more than £25.000 ; (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 be not less than £20,000, 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 been modified) ;(g) that in addition to all ordinary powers reserved to breezing Companies, a special power shall be reserved to amalgamate with the Gisborne Freezing Company, Limited, upon such terms as may be mutually agieed upon between the two Com-

Dailies , , , nn,, Napier, N.Z., 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 awj.ro. First of all, X shall endeavour to answer the questions asked in your letter of the 31st ultimo. (1) Jo know that these Works are up to date as to efficiency and economy ? X 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 of a similar description, and e\ idence of attention to detail in every department is very apparent. The coal consumption for the whole plant wl,*-n iv 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 reI Quircd ” I consider that these Works could 'be started in all branches in, sav, 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 of the whole plant now existing on the premises I consVer to lie £2-1,081 los 9d, but I have arrived at this sum without any reference to ground value or tenure of lease, as I have no information on these points,. I have made my. valua-