£25, £50, & £l00 BONDS.

Taranaki Daily News, 2 May 1921, Page 8

£ 2 5, £50, & £l00 BONDS.

WHAT “THE FARMERS’’ OFFER AS SECURITY. I

Judging by several enquiries that have been received, it would appear as if there is some misapprehension on the of investors in regard to the security for the Bond Issue of The New Zealand Farmers’ Co-operative Association of Canterbury, Ltd. As far as security is concerned, the bonds rank in priority to either preferred or ordinary capital. The security supporting the issue is made up as follows: £ Capital paid up 877,512 Capital uncalled 424,783 Reserve Fund and Undivided Profits used in the business 209,423 £1,511,718

This statement is certified to by Messrs. Newburgh, Best and Co., the well-known Public-Accountants of Christchurch. It is obvious from the -foregoing that in the event of the Company going into liquidation—a very remote possibility—there would have to be lost at least one-and-a-half million pounds before the Bond Holders, or other Creditors, could lose one penny. The Association also guarantees the interest as well as the capital sum. The Directors have decided that the Redemption Clause in connection with the Bond Issue will only operate, if at all, after three years from date of issue. This condition Will be incorporated in the Bonds that are issued.

Applications are being freely received •for the Bonds from all parts of the Dominion, and judging by present indications the Issue will be subscribed for at an early date. .Those who are interested would wisely subscribe straightway, otherwise they may be disappointed. Copies of the Prospectus can be obtained from The New Zealand Farmers’ Cooperative Association of Canterbury, Ltd., Christchurch, or any Branch of the Bank of New Zealahd, or any member of the Stock Exchange.