Page 4 Advertisements Column 4

Gisborne Times, Volume XXVI, Issue 2274, 20 August 1908, Page 4

PROSPECTUS OF THE GISBORNE GO-OPERATIVE BAKERY COMPANY, LIMIT A COMPANY INTENDED TO HR INCORPORATED UNDER “THE COMPANIES ACT, 1003." PROPOSED DIRECTORS: A. P. 11A1 LEYj Baker, Gisborne. HERBERT W. WILLIAMS, Cleric in Holy Orders, Lisbon: H. E. HILL, Land Agent, Gisborne. J. HAROLD KANE, Chemist, Gisborne. G. PALAIRET, Settler, Gisborne. L. REDWARD, Clerk, Gisborne. J. A. AICKIN, Accountant, Gisborne. BANKERS: THE BANK OF AUSTRALASIA, at Gisborne. SOLICITORS: REES BROTHERS & BRIGHT, of Gisborne. AUDITOR: ANDREW GRAHAM, of Gisborne, Accountant. SECRETARY AND BROKER: CHRISTOPHER GISBORNE PIESSE, of Gisborne, Accountant.

stitnted by tlio bilkers of Gisborne, and this method will bo adhered to by the Directors so long as the local bakers take « Ji'ke stand. Mr. Hailey has undertaken, should the Company renuiro his services, to act as manager for the Company for 12 months, and has also entered into a covenant with the Company not to enter into competition with the Company cither on his own behalf or as sorvant or agent or otherwise within a radius of 50 miles from Gisborne. With a capable manager, an up-to-date plant, and no fear of bad debts, the Directors are confident that the business can bo made a highly successful one. It will bo their aim to oxtend the benefi ts of co-operation to all branches of the community, and if the public assist by subscribing for shares and supporting the Company, the Directors feel confident that they can by way of dividends and bonuses materially lessen to shareholders the cost of the “staff of life.” To comply with the Provisions of “The Companies Act, 1903,” the following matters are set ont:— (a) A copy of tlio Memorandum of Association with the names, addresses, and descriptions of the signatories and tho number of shares subscribed for by them respectively is printed at tho end hereof, and forms part of tho prospectus. (b) The number of shares fixed by the Articles of Association as the qualification of a Director is ten. Tlio Directors may appoint a Managing Director, and fix his remuneration (c) Tho names, addresses,- and descriptions of tho proposed Directors aro set out at tho be-

OBJECTS. Tho objects and powers of tile Company aro sot out in tho .Memorandum of Association, a copy of which is printed at tho end lioreof and forms part of tho Prospectus. Tho Company adopts Table A of tho “Companies Act, .1903,” except as added to and modified by tho General Articles of Association, a copy of which is also printed at tho end hereof and forms part of this prospectus. CAPITAL. Tho capital of the Company is £SOOO, divided into 5000 Shares of £1 each. Of tho above-mentioned shares 250 aro to be issued and credited as paid Up in full in part consideration of tlio salo to tho Company, particulars of which are hereinafter more particularl" sot out, 2000 shares aro reserved for subsequent issue lor extension of business, and the remainder, 2750 shares, are offered to tho public lor subscription payable as follows: Two shillings per share on application. Three shillings per share on allotment And tho remaining fifteen shillings per share shall be payable in calls of not more than five shillings per share at intervals of not less than ono month. PURPOSES. The Company is being formed for the primary purpose of acquiring the Bakery Business now carried on by the vendor, Arthur Percy Hailey, in Gladstone Road, Gisborne, and of carrying on, consolidating, and extending tho trade or business, and of carrying out tho objects mentioned in tlio Memorandum of Association. Tlio Trustee for and on behalf of tlio Company has contracted with the said Arthur Percy Hailey (hereinafter sometimes called “Tho Vendor”) to purchase tho business as a going concern. but not including book or other debts. The prices fixed for such purchase aro as follows: (a) Tho sum ol' £350 for the goodwill of tho said business and lease of the premises. (b) The value determinable by valuation in tho ordinary wav of tlio buildings, stock-in-trade, plant, fittings, machinery, furniture, goods, chattels, and effects of the said business in, upon, or about tlio premises or used by the Vendor in the said trade or business.

ginning of this Prospectus. . (d) The minimum subscription on which the Directors may proceed to allotment is fixed at 1000 shares. The amount payable on annlication and allotment are hereinbefore sot out. -(c) It has been agreed to issue 50 fully-paid up shares and 750 debentures, which are the shares and debentures hereinbefore referred to and agreed to be taken by the Vendor in part consideration of the purchase moneys. (f) The Company proposes to purchases the lease and business as a going concern of Arthur Percy Hailey, and to pay for the same partly out of the proceeds of the issue offered for subscription by this Prospectus. The amounts payable in cash, shares and debentures to the Vendor are hereinbefore set out. (g) The amount payable as purchase money in cash, shares, and debentures for such property as aforesaid, including “goodwill, lias been hereinbefore set out. (h) The Company has agreed to pay a commission at the rate of £5 per cent to the broker on all shares subscribed for. (i) The preliminary expenses of and incidental to the formation and establishment of the Company and until the Company shall be entitled to commence business are estimated to amount to £75, and will bo borne by the Company. (j) Tlio Vendor will pay Mr 0. G. Piesse for his services in the promotion of the Company the sum of 50 guineas. (k) The contract for sale to the - Company of the property of the said Arthur Percy Hailey and the stock-in-trade, plant, machinery and other assets (excepting book debts) before enumerated is dated the 13th day of August, 1908, and is made between the said Arthur Percy Hailey of the one part and Harold Ernest Bright as Trusteo for and on behalf of the Company of tlio other part. Such contract and copies of the Memorandum and Articles of Association of the Company and of tlio Lease, Sub-Lease, and Agreement referred to in this Prospectus can be inspected at tlio offices of the Company’s Solicitors, Messrs Reos Brothers and Bright, Lowe Street, Gisborne, during business hours (.1) Tlio names and addresses of tlie auditors are set out at the commencement of this Prospectus. (m) Mr. Arthur Percy Hailey, Director, is interested in the promotion of and in the property proposed to be acquired to the extent only of his interest as Vendor under the contract,particulars of which arc hereinbefore given, and none of the other Directors have any interest therein. (li)) This Prospectus is dated tlio 13th day of August, 1908, and is signed by the persons named therein as Provisional Directors. It lias been filed with the Registrar of Joint Stock Com-

Tho Vendor will accept payment of tlio purchase money aforesaid as follows : (a) £250 or 250 fully paid-up shares ill! tho capital of tho Company. (b) £750 by debentures repayable in three years, and carrying interest at tho rate of £5 per cent per annum. (c) Tho balance may at the option of the Company be paid in cash, or the Company may take over tho 'liabilities of tho Vendor; and tho balance after allowing for liabilities as aforesaid, shall be paid to tho Vendor in cash. BUSINESS. It will no doubt interest intending Shareholders to ascertain as nearly as possible the present position of the business proposed to bo acquired. Pour and a half years ago Mr. Plailey, with little or no capital of his own, commenced business in this town. He commenced in a small way, and for the first year had no shop in connection with his bakehouse. Three and a half years ago ho acquired from Mrs. Byrne a lease of a quarter-acre section in Gladstone Hoad at a rental of £52 per annum. Ho has sublet for tho remainder of the term a portion of tho section with buildings on such portion at a rental of £SB 10s per annum. It will therefore bo seen that the lease of tho balance has a very real v.aluo, and the price fixed for tho goodwill cannot bo considered excessive. Since entering into possession, Mr. Hailey has erected on a portion of the land retained by him a substantial brick building of tho approximate value of £SOO. He has installed up-to-date bread and oake-ma'king machinery, and generally has acquired a thoroughly efficient plant. Tho Directors would call special attention to the machinery which lias been installed by Mr. Hailey. This is of the latest pattern, and gives tho business proposed to bo acquired advantages not enjoyed by any other businesses in Gisborne.

A balance recently taken out by a competent accountant shows that after drawing a good income tho Vendor’s assets exceed his liabilities by approximately £I7OO. This balancesheet tho Directors believe to be correct, and will submit same to shareholders with fullest confidence, but owing to the fact that Mr. Hailey has not kept his books on approved "lines they can givo no guarantee to tho shareholders as to tho accuracy of tho statement. When it is remembered that the greater part of the time tho Vendor was running his business on a credit basis, and that £3OO or thereabouts has been allowed or written off for bad and doubtful debts, the position must bo considered a highly satisfactory one. Mr. Hailey’s cash takings average from £2OO to £3OO a month, so that some idea can be formed of the excellent connection which lie has worked up. The lease of the Vendor’s premises runs out ill September, 1911, but this fact should cause no concern, as the Vendor has by a subsidiary agreement obtained from the Lessor an undertaking to pay the value less tho sum of £lO of the brick building erected by the Vendor, and also has obtained by such agreement a first refusal should the Lessor bo desirous of reletting the premises, and the Vendor undertakes that these benefits shall be extended to the Company.

James. Application for shares should bo made upon tho form accompanying this Prospectus, and sent to tho Secretary of tho Company, together with tho amount payable on application. If no allotment is made, the deposit will be returned in full, and if the number of shares allotted on any application is less than tho number applied for the balance of tho application money will bo apnlied in reduction of the allottee’s future liability on the shares allotted. Dated tho 13th day of August,l9oß. SIGNATURES OE PROPOSED DIRECTORS. A. P. Ilailcy, Baker, Gisborne. Herbert- W. Williams, Clerk of Holy Orders, Gisborne. H. E. Hill, Land Agent, Gisborne. J. Harold Kane, Chemist, Gisborne. G. Palairet-, Settler, Gisborne. L. Redward, Clerk, Gisborne. Jas. 0. Aickiii, Accountant, Gisborne. Witness to all above signatures— J. Todrig Witty, Clerk, Gisborne.

PROSPECTS. The time seems opportune for tlio formation of this Company. Tlio coupon, and cash system has been inGISBORNE FISH SUPPLY. GLADSTONE ROAD. (Opposite J. Morrison, Painter.) F RESH FISH Daily. Direct from the Trawler. Ring up Telephone 158, and our Cart will promptly deliver your orders. A. J. RUSHER, Proprietor.

M' 8S J^EATTIE, UNION BANK BUILDINGS. Upstairs. HAIR SPECIALIST & MASSEUR. VIBRATORY Head and Face Massage. Shampooing and Bathing, and Hairwork of every description undertaken. Toilet ReSnisites in stock.