Page 11 Advertisements Column 3

Taranaki Daily News, 9 July 1921, Page 11

Report by concerning' ths issue &f £300,000 71 per cent. Mortgage Debentures fcj The Gisborne Sheepfarmers’ Frozen Meat and Mercantile Co., Ltd. AMBIST" has already taken notice of this NfttUTC of Company. | debenture issue in another place. To those persons who may have missed his article. To make a short summation of the business side he now addresses himself, and in doing of the company offering the 7i per cenL debentures,, so, finds that what he has already put on record it may be said that that business is divided into can be further emphasised by taking a wider range two branches, one of which is concerned with of the subject, and by delving deeply into numerous refrigeration, and the other with mercantile affairs small but important details, which were missed in connected with distribution, selling, and shipping, his first essay. These branches cover the full range of production It is only within the last few months that the name abd consumption necessary for the benefit of the of the present company was extended to include individual, also the general stability and progress the words "and Mercantile’’ in its title. Develop- °i Dominion as a whole. g, ments on the East Coast had rushed ahead so fast. authorised capital of the Company IB that it is safe to say, that during the last ten £1,000,000 in £1 shares. The present position is years the fixed wealth of the district, and its sur- that the subscribed capital Is now £637,130, and plus earnings, have increased many fold in volume. the pa id- U p capiral is £395,754 10s. The uncalled It is a misnomer to call this wealth-producing capital Is £241,382. Viewed as a local joint stock district. Poverty Bay, for every record made of it, undertaking solely, this capitalisation entitles the proves that it is a natural storehouse of every concern to a high position on its own merits. The form of pastoral, agricultural, and dairying pro- uncalled capital, spread over its 1,600 shareholders, duce. The evolutionary movements connected works out at £l5O per head, while the subscribed with these matters, have made it necessary to capital on the same method of computation gives bring about a huge merger of interests relating to jjgg per head. This line of argument in a manner the fundamental productions of the district. The points to the fact, that the shareholders have so freezing works at Gisborne, Hick’s Bay, aud Toko- much at stake in the venture that they must sooner maru Bay, are now placed under one control, and or later put the quarter million pounds into the are sure to make good by this economical arrange- capital account that they are liable for. This is ment, which ensures the total vested interests proof that the corporation Is a virile association in these concerns being better looked after, and w jth plenty of financial blood running through it. more efficiently managed. The benefits to be The company question may be disposed of with derived from this branch of the business will prove these remarks. It has been shown that on every to be of first-class importance to the whole .district ground, co-operative and financial, its constitution served by the company, and also to the intimate j s excellent, and that it blds fair to grov and to benefaction of the shareholders iu this concern. exist for all time. Then, there is the other side of the company's operations to consider, namely, the mercantile PF Al Di»h*nfi<r«>a branch o£ the business. To reach this end. some. veneniures. private and corporate competing firms had to be Now comes the consideration of the class of brushed aside from the path of true progress. debenture this company is offering to investors. This company bought, them out, and the whole of 'The debentures are real debentures, for they are these valuable businesses are merged. secured by first mortgages to Trustees, tor the . -. . , . debenture-holders, of the freehold and leasehold A True Co-operative Undertaking. properties and plant of the company. The value To the mind of this writer, the manner of achieving of the security comes to £616,260 4s. 4d., and the the present company is as wonderful as it is dett „ s „ jhawabie against the , ledge only amounts classical in the records of New Zealand company , 1 " 00 ’ o ® o ’., T ?! e l i ua^ ee j ( or the d ®J ,en t'a r «- promoting. There has been no inflation of assets holders are the New Zealand Insurance Company for the purpose of making agreeable sales on be- Limited. half of disgruntled shareholders, who were to pass To make the security as complete and absolute as on their assets to the new concern. Still more human and legal cunning could devise, the Gisnoticeable is the fact that not one penny has been borne Sheepfarmers’ Frozen Meat and Mercantile paid for goodwill to any of the merged concerns. Company, Limited, have bound theirsvlveg “not to On the other hand, however, the large sum of create any mortgage or charge ranking In priority £123,352 has been distributed as share capital, to or pari passu with the debenture-holders’ and that transaction means that the above sum of security over the said freehold aud leasehold proaccumulated profits remains conseiTed in the perties and plant.” In a word, the investors in shareholding of the new company. This kind of these debentures are given an iron grip ver finance is peculiarly of a co-operative nature, a’ld £615,263 worth of conserve/ively-valued assets, it stamps at once the whole venture as a true co- the bulk of which will appn •’late with the nslni. operative undertaking. Any outsider, and parti- values that must grow during the next ten years—culaily a prudent investor, must see how important the time of the debentures’ currency. this is for the future success of the company. Under the co-ouerative impulses of such a pro- Better Investment, prletary, every branch of its co-operative undertakings is assured of permanency, growth of “Cambist" is satisfied that no better investment business, and tbe elimination of competitive evils. was ever offered in this country. Nothing could In tbe days of competition between the merged he safer, for the security is unimpeachable. He companies £123,352 of profits were accumulated: advises everyone with saved money to take up as how much better the position will be without that much of this offering as they can afford to. The competition “Cambist” is unable to say. One prospectus is worth reading, and what is more, it. remark he will with safety venture upon, and that. is believeable, every line of it. Seven and a half is, that the elimination of competition gives capital Per cent, for ten years, tree of worry, is better on a positive assurance of the fullest returns possible the whole, than speculating in shares currying a under the present system that we live in; it pre- high premium. No doubt, when there facts get dicates success frooi the very moment that com- widely known, the whole debenture issue ' ill be petition is stifled. absorbed in record time. GET PROSPECTUS TODAY DIRECTORS: from the Bank of New Zealand, any F-B- Barker c.A.deLautour , „ , _ , „ , A.J.Cameron H. D.ceLautour member of the Stock Exchange, or the John C]ark j w . Noiai Company’s Broker, Mr. W. Lissant F. Hall G. M. Reynolds Clayton, Gisborne. Enquire To-day! H - Kenway h. .Viiiiams The Gisborne Sheepfarmere" Frozen Meat & Mercantile Co., Ltd. GISBORNE.

Ockendon—The world seems full < ’ get-rieh-quick people. Parkinson—Anu they always seem to find sufficient get-poor-quick fools. “Father, I need a new riding habit.” “Can’t afford it,” he growled. “But, father, what am I to do without a riding habit?” “Get the walking habit.” Caddie—Which club will you try, sir? Golfer (whose ball has vanished down a rabbit me one shaped like a ferret