Page 3 Advertisements Column 3

Waikato Argus, Volume XI, Issue 1049, 16 September 1901, Page 3

-C>l i.i V.i CO-OPERATIVE DAIRYING COMPANY. PROSPECTUS THE K p, « Incorporated under ‘The Companies Act, 1882,’ and its Amendment. 1 CAPITAL: £IOO,OOO. I Divided into 40,000 Shares of £> 10,s each, of which 20,000 are now offered fc subscription, the balance being Mil in Reserve, pyalilc as follows -—2 a Or on application, and the balance in calls of 2s lid each at intervals of not ics: than six months. IProvisional Directors : Messrs WESLEY SPMAGtL H K pAGEY & a 5 HANNA ' Manahino Director : MR WESLEY SPKAGG I Bankihs: THE BANK OF NEW ZEALAND \ Solicitor: MR A. HANNA Skcrei-aiiy : MR H. Office: WELLESLEY STREET, AUCKLAND. PAOTYI kpHE Association lias been formed—To acquire and take over, asfronJ |JL the first of the present month, the business, property, plant, trade! marks, goodwill, contracts and engagements of the New Zealand ’Dairy! Association, which ison<-of the oldest and most prosperous Dairy con-* kcents in New Zealand, embracing the * Butler Department ’ of The New! JZeelaud Frozen Meat and Storage Co,, Ltd., the business of the old Newt “Zealand Dairy Association and the business of Reynolds & Co., LtdJ which have been amalgamated and greatly extended, and comprising atl present : | (a) Forty (40) separate skimming station!* and factories, including two new® creameries now in course of erection at Aka Aka and Maungatauraril respectively, which will be completed at the cost of the Vendors andl the Pukekohe Central Factory, which is now being enlarged and im-l proved at a eo.-t of about £I,OOO, which the Vendors will bear. I (b) The extensive freehold city business premises, cottages, and stablesu situated in Wellesley and Albert Streets, Auckland. 1 (c) Various land and properties. [< j (</) The trade marks and goodwill of markets, including the present citvl | business. r J T ij AND to convert the same into a milk suppliers’ co operative com-! fpany, with limited liability, thus enabling milk suppliers to secure all pro-! slits and advantages which arc derivable from the business. AND gene-* Wally to extend and develop the business in such direction as may be folded by the Directors in accordance with the Memorandum of 'AssociaJ |tion of the Company. 1 | | Although the issue of half the capital of the Association will be! fair pie to acquire the existing business and carry it on efficiently, it has! |been thought expedient to make provision for the expansion of the! \ Association’s business. There arc profitable openings for creameries ini (districts not now occupied, and the directors will be in a position to issue! 11 o local milk suppliers, From time to time, sufficient shares (o cover the! Lost of buildings and plant, so that all new creameries will be initiated! jon the co-operative plan. I [ The business has been in existence sixteen years and has thus! [passed beyond the experimental stage, and is now an assured and! prosperous concern. The city trade and the order trade of the Islands! and Australia have exceeded four hundred (400) tons of butter during the! ipast year; while the London business for the same period has been nearly! 'eight hundred (800) tons. * | 1 Writin S under date of 29th of May of this year, the Association’s! (Australian Agent says ; i ‘ There is no doubt but that people will give very much better prices! ; {or y° ur l)Utter than for any other in New Zealand, and it must be satis-i factory for you to know this.’ | I The London agent’s report on last season’s operations says ' market l1 ’ 6 PdCeS realise(l f ° r y ° Ur I)Uttet ‘ ai ' e tlle very highest in the! The quality of the butter has elicited commendation in whatever! foreign market it has been placed. Thu following are extracts from at letter addressed to the Under-Secretary for Agriculture and Mines I -Sydney, and published in the Agricultural Gazette of New South! Wales for June, 1899. This letter is from the pen of Mr J. AI Bulkeley, the holder of the Hawkesbury Agricultural Scholarship. ’ Mr| Bulkeley says:— ‘ I ‘ The United Stales Government purchased in London in January! 1899, , four samples of Australian and one of New Zealand batter fori exhibition in America. These packages were landed in New York in f “ same month and were critically examined ly experts from New Yor Boston, and Chicago, with the following results 1. Australia, trade mark Bangalow ... 2. „ uiuiu ... 3 Wa!eS ’ B ° ny Creamery ’ Shoalh ave’n, 4. Victoria, Anderson’s Merrimu Butter Faotruy 5. New Zealand, Nkw Zealand Dairy Association, Auckland Mr Bulkeley continues: SO 83 S3 844 914 points Professor Smith, Director of the Experiment Station at Michigan Codec who saw the packages at Grand Rapids, assured me that notwithstanding the a verse conditions to which they had been exposed, they ranked equal if not suneri to the best fresh American butter exhibited.’ r The control which the Association’s brands of butter have of tl Auckland markets, and the prices they command, are coo well-known need comment. Valuation of the properties, plant and business has been made 1 Robert Fenwick, Esq , Managing Director of T. &S. Morriii, Ltd. H report is as follows: ‘ Auckland, August 13th, I9C ‘ Wesley Spracg, Esq., ‘ Manager New Zealand Dairy Association, 1 Auckland. ‘ Sir,— Following your instructions I have, with the assistance of Mr Willia Cole, a competent Ironmonger, and Mr Alexr, G. Harvey, Manufacturer of, a. Agent for, Dairy Machinery, utensils, and general Dairy supplies, made a earef and independent examination of, and enquiry into the condition and value of tl property, plant, and business of your Association. ‘ I fin' l that generally the machinery and plant have been kept no-to-date ai that they are m good going and working order and condition. ‘ ’ • I have had prepared a detailed schedule of freehold "and leasehold land buildings, property, machinery, plant, etc., including the two central factories ai the freehold city premises. 1 have also considered the alterations now being effect! kit Pukekohe at your cost, and the new erections now in course at Aka Aka ai Maungatautari, and I estimate the present value of all property to be at lea £40,806 (forty thousand eight hundred aud six pounds.) ‘ I have also carefully examined your business records and accounts and I est mate the value of your trade marks, markets aud the goodwill of the Tamp’ m 1 fat least £6,000 (six thousand pounds). e t0 1 j ‘Making in all a total of £46,806 (forty-six thousand eight hundred and s (pounds. I ‘(Signed) i ‘Robert Fenwick.’ | The business, properties and assets above mentioned, including tl jjAssociation’s manufacturing, trading and delivery organisations i present Auckland city and other local markets, and its & markets in tl ijlslands, Australasia and Britain, are being acquired on exceptional! (favourable terms. The price is £40,000 (exclusive of stock and boo Idebts), and the same is to be paid and provided for as follows ; - I £I,OOO in 400 fully paid-up shares ; I £39,000 by the issue of 390 debentures of £IOO each, redeemable I animal payments ot £4OOO, and hearing interest at the rate of i cent, per annum, payable half-yearly. The stock-in-trade will be taken at valuation, and will be paid for i leash. The book debts arc guaranteed by the Vendors as good for boo values, and will be taken over accordingly and paid for in cadi, The services of Mr Wesley Spragg, who has befn General Man tun Jof the business since its inception, have been secured as Mana<mi | Director of the Company for a period of seven years at his present safan Shut without commission or share of profits. | The Association is also arranging to secure the services of Messi iLovell and Christmas, Ltd., for a like period of seven years upon favou |ablo terms. Messrs Lovell and Christmas, Ltd., have for many yeai laoted as solo Agents for the Association in London, and under the Icaro what is practically an order demand for the Association’s brands t Shutter has been created at prices much in excess of current quotations I The registered trading title, ‘ New Zealand Dairy Association,’ hi [acquired very considerable commercial value. It is therefore beiim r Stained unaltered, excepting by the addition of the word ‘ Limited'’ i with the Act. ' | As it is desirable that the whole of the shares be subscribed for b jmilk suppliers and employees only, so that the Company may be pure! in its constitution, the terms upon which the business wi |be transferred have been specially arranged so as bo enable every m fplier to take up bis full number of shares. J I The usual joint and several bond, which has hitherto been i jsenously objected to, will not be required./ Shareholders’ liabilities wi |tlms be limited to their own shares, antH% will not carry responsibilit Ijon account of others. | The purchase money has been obtained by arrangement as above, c |easy terms, at a low rate or interest. I The immediate cost to shareholders will be 2s (id per share . only; nothing further on allotment. l n the case of ini! fsuppliors this payment may bo made by order upon the Associatio; calls will be at long intervals, and it is expected that il /profits will fully meet the calls from year to year, and in that maim. |tlm wholo property be paid fur without any burden being felt. I