Page 2 Advertisements Column 4

Gisborne Times, Volume XXVI, Issue 2290, 8 September 1908, Page 2

PROSPECTUS OF THE 7 GISBORNE CO-OPERATIVE BAKERY COMPANY, LIMITED. A COMPANY INTENDED TO BE INCORPORATED UNDER “THE COMPANIES ACT, 1903.” PROPOSED DIRECTORS: A. P. HAILEY, Bukor, Gisborne. HERBERT IV. WILLIAMS, Clerk in Holy Orders Gisborne. H E HILL, Lund A emit, Gisborne. J HAROLD KANE, Chemist, Gisborne. G. PALAIRET, Settlor, Gisborne. L. REDWARE, 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.

stituted by tho bakers of Gisborne, and this method will bo adhered to by. tho Directors so long ns tho local bakers take a li'ko stand. Mr." Hailey has undertaken, should tho Company require his rforvices, to act as manager for tho Company for lH months, and has also entered into a covenant with the Company not to enter into competition with tho Company either on his own bohalf or as servant 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, tho Directors aro confident that tho business can bo made a highly successful ono. It will bo their aim to extend tho bonofits of co-oporation to all branches of tho community, and if the public assist by subscribing for shares and supporting the Company, the Directors fool confident that they can by way of dividends and bonuses materially lessen to shareholders the cost of the “staff of life.” To comply with tho Provisions of “The Companies Act, 1903,” the following matt ere aro set out:— (a) A copy of tho 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 the prospoctus. (b) Tho number of shares fixed by the Articles of Association as the qualification of a Director is ten. The Directors may appoint a Managing Director, and fix his remuneration (c) The Mines, addresses, and descriptions of the proposed Directors aro sot out at tlio beginning of this Prospectus. . (d) The minimum subscription on which tho Directors may proceed to allotment is fixed at 1000 shares. The amount payable on application and allotment are hereinbefore set out. (c) It has been agreed to issuo 50 fully-paid up shares and 750 debentures, which aro the shares and debentures hereinbefore referred to and agreed to bo taken by the Vendor in part consideration of the purchase moneys. (f) Tho Company proposes to purchases the lease and business as, a going concern of Arthur Percy Hailey, and to pay for tho same partly out of tho proceeds of the issue offered for subscription by this Prospectus. The amounts payable in cash, shares and debentures to tho Vendor are hereinbefore set out. (g) The amount payable as purchase money in cash, shares, and debentures for such property as aforesaid, including goodwill, ' has been hereinbefore set out. (h) The Company lias agreed to pay a commission at the rate of £-3 per cont 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 be borne by the Company. (j) The Vendor will pay Mr O. 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 tho said Arthur Percy Hailey of the one part and Harold Ernest Bright as Trustee for and on behalf of the Company of the other part. Such contract and copies of the Memorandum and Articles of Association of the Company and of the Lease, Sub-Lease, and Agreement referred to in this Prospectus oan be inspected at the offices of the Company’s Solicitors, Messrs Bees Brothers and Bright, Lowe Street, Gisborne, during business hours (l) Tho names and addresses of the 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 bo acquired to the extent only of his interest as Vendor under the contract,particulars of which are hereinbefore given, and none of the other 'hectors have any interest therein. (n)) This Prospectus is dated the 13tlx 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- • panics. Application for shares should be made upon the form accompanying this Prospectus, and sent to the Secretary of the Company, together with the amount payablo 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 the application money will bo applied in reduction of the allottee’s future liability oil the shares allotted. Dated the 13tli day of August,l9oß. SIGNATURES OF PROPOSED DIRECTORS. A. P. Hailey, Baker, Gisborne. Herbert W. Williams, Clerk of Holy Orders, Gisborne. - H. E. Hill, Land Agent, Gisborne J. Harold Kane, Chemist, Gisborne. G. Palairot, Settler, Gisborne. L. Redward, Clerk, Gisborne. Jas. C. Aic'kin, Accountant, Gisborne. Witness to all above signatures— J. Todrig Witty, Clerk, Gisborno

OBJECTS. Tho objects and powers of tlio Company are sob out in tho Memorandum of Association, a copy of which is printed at tho end hereof and forms part of tho Prospectus. The Company adopts lable A ot tho “Companies Act, 1003,” except as added to and modified by tho General Articles of Association, a copy ot which is also printed at tho end hereof and forms part of this prospectus. CAPITAL. The capital of the Company is £SOOO, divided into 5000 Shares of £1 * Of the above-mentioned shares 250 aro to bo issued and credited as paid u n in full in part consideration of the sale to the Company, particulars ol which are hereinafter moro particular!'’ sot out, 2000 shares aro reserved for subsequent issue for extension of business, and the remainder, 2700 shares, ■are offered to the publio for subscription payablo as follows:—Two sliillings per share on application. Three shillings per share on allotment And tho remaining fifteen shillings por share shall do payable in calls of not moro than five shillings per share at intervals of not loss than - one month. PURPOSES. The Company is being formed for the primary purpose of acquiring the Bakery Business now carried on by tho vendor, Arthur Percy Hailey, in Gladstone Road, Gisborno, and of carrying on, consolidating, and extending the trade or business, and of carrying out tho objects mentioned in the Memorandum of Association. Tlio Trustee for and on belialf ot the Company has contracted with the said Arthur Percy Hailey (hereinafter sometimes called “The Vendor ) to purchase tho business as a going concern. but not including book or other debts. Tlio prices fixed for such purchase are as follows: (a) The sum of £350 for the goodwill of the said business and loaso of the promises. (b) The valuo determinable by valuation in tho ordinary way of the buildings, stock-in-trade, plant, fittings, machinery, furniture, goods, chattels, and effects of the said business in, upon, or about the premises or used by the Vendor in tlio said trade or business. Tlio Vendor will accept payment of the purchase money aforesaid as follows : (a) £250 or 250 fully paid-up shares in- the capital of tlio Company. (b) £750 by debentures repayable in tlireo years, and carrying interest at the rate of £5 per cent per annum. (c) Tho balance may at tlio option of tlio Company bo paid in cash, or the Company may take over tlie liabilities of tlie Vendor, and tlie balance after allowing for liabilities as aforesaid, shall be paid to the Vendor in cash. BUSINESS.

It will no doubt interest intending Shareholders to ascertain as nearly as possible tlio present position of the business proposed to be acquired. Four and a half years ago Mr. Hailey, 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 he acquired from Mrs. Byrne a lease of a quarter-acre section in Gladstone Road at a rental of ■ £52 per annum. He has sublet for the remainder of the .term a portion of the section with buildings on such portion at a rental of £SB 10s per annum. It will therefore be seen that the lease of tho balance has a very real value, and tho price fixed for the goodwill cannot be 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. Ho has installed up-to-date bread and cake-making machinery, and generally Iras acquired a thoroughly efficient plant. The Directors would call special attention to the machinery which has been installed by Mr. Hailey. This is of the latest pattern, and gives the business proposed to be 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 the Vendor’s assets exceed his liabilities by approximately £I7OO. This balancesheet the Directors believe to be correct, and will submit same to shareholders witli fullest confidence, but owing to the fact that Mr. Hailey has not kept his books on approved lines thoy can give no guarantee to tho shareholders as to the accuracy of tho statement. When it is remembered that t-lic greater part of tho time tho Vendor was running his business oil a credit basis, and that £3OO or thereabouts has been allowed or written off for bad and doubtful debts, the position must be 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 he has worked up. The lease of tlio Vendor’s promises runs out in September, 1911, but this fact should cause no concern, as the Vendor has by a subsidiary agreement obtained from tho Lessor an undertaking to pay the value less the sum of £lO of tho brick building erected by the Vendor, and also has obtained by such agreement a first refusal should the Lessor be desirous of reletting the premises, and the Vendor undertakes that these benefits shall ho extended to the Company. PROSPECTS. The time seems opportune for the formation of this Company. The coupon and cash system has been in-

DON’T WAIT TILL TO-MORROW. It’s the little colds that grow into big colds; the big colds that end in consumption and death. Don’t wait till to-morrow to cure the little colds, for one dose of Dr. Sheldon’s New Discovery for Coughs, Colds, and Consumption will break up a cold if taken at the beginning. Dr. Sheldon’s New Discovery is a safe and never-failing remedy. Price Is 6d and 3s. Obtainable at A. W. J. Mann’s, chemist, agent. ■Woods’ Great Peppermint Cure for Coughs and Colds never fails. Is 6d and 2s 6d.

Bella ttouse. ELLA V ISTA XJLoUSE. THE POINT, WHATAUFOKO. HIRST-CLASS ACCOMMODATION L FOR BOARDERS. Suites of Rooms for Families. Hot and Cold Water and Every Convenience. PROPRIETRESS, MRS. ATTWOOD. Telephone 198,.