Page 3 Advertisements Column 2

Manawatu Herald, 3 September 1892, Page 3

PROSPECTUS OP The Manawatu Farmers' Co-operative Association, Limited. Incorporated under "The Companies Act, 1882." Capital £100,000. Divided into 20,000 Shares of £5 each, with power to increase as required. Payable as follows : 5s on application, 5s on allotment, and the balance by calls. It is not anticipated that it will be necessary to call up any further capital beyond £1 per Share, but in no case will further calls be made exceeding 2s 6d per month. PROVISIONAL DIRECTORS: J. D. B Hewitt, Capt, E.N. W. S. Gakdnkb, Esq. J. E. Nathan, Fsq. F. P. Snow, Esq. L. Wallis, Esq. (Wallis & Smith) James Stdbbs, Esq. M. Cohen, Esq. • With power to add to their number. BANKERS: ' The Bank of Australasia. SECRETARY : To be appointed. SOLICITORS: (To be appointed at Palmerston.) PROSPECTUS. THE Association has been formed for the purpose of acquiring tbe old established and successful General Business of Messrs Joseph Nathas & Co. at Palmerston North, in the Manawau District, and thereafter to carry on a general business upon the co-operative principle, under which shareholders and customers of the Association will share in the profits, according to methods to be determined from time to time by the Directors, and for the other purpose mentioned in the Memorandum ot Association, a copy of which is endorsed on this prospectus. An association of this nature requires, in the chief cpntres, commodious business premises replete with facilities for economically and expedi tiously carrying on the distributing trade. Experienced managers, with a thorough knowledge ot local requirements, are indespensible for the efficient conduct of the business, and for keeping good saleable clean stocks. It is necessary to know in what markets, at what seasons, and in what quantities to buy their requirements. It is of even greater importance t> know how. where an i when to export or otherwise dispose -of the produce to the best advantage. But the real 'difficulties of all such institutions is the beginning; for they must have capital at command, and have such finair cial arrangements, not only in tbe Colony, but in the various markets of the world, as willinsoire the ut' most confidenoo, to enable it to build up a first class credit and good name, and thus transact business on rock bottom limits. The profits of the Association after payment of expenses will belong to and be distributed amongst the shareholders It is at present pro* posed after payment to shareholders of a dividend of 7 per cent upon amount of paid up capital to divide part of the balance of the profits amongst the shareholders, according to the amount of business done by each, and a bonus to employees, and to carry part to a Reserve Fund for the equalisation of dividends, and for the distinct object of starting or investing in such local industries in the district as will prove conducive to the welfare of the shareholders, employ labour, and promote the wealth and population of the district. The Association will, wherever sufficient inducement is offered by settlers and others, tmd subject to the consent of the shareholders, en* deavoi' v to ally itself or amalgamate with similar institutions, and thus, by sharing the cost of management and conduot of business, reduce expenses and enlarge its sphere of usefulness. This is far from being a speculative concern. The business of the vendors has been carried ion sucbessf ully for years, and the promoters have such confidence in the future of the Association that they are prepared, so Jong as they have fair representation on the Board oi Management under the control of Mr Cohen, to guarantee that the dividend for tbe next two years shall not be less than 6 per cent. It should be plainly understood that the promoters] do not desire'now, nor in the future, to take out their .capital; but to carry on the business !on the new lines with Mr Cohen at the head of affairs, assisted by all the present staff, many of whom have been known to you for years. / Disinterested experts will be employed to certify 1 that stocks have been taken at absolute cost, and all bad or old stook haß been reduced to tfee market value or takes aw&y &Uog<itber>