Page 3 Advertisements Column 4

Waikato Argus, Volume XI, Issue 1073, 15 October 1901, Page 3

M dice,-CO-OPKKA'I'IVE DAI R 1 COMPANY. PROSPECTUS 3E NEW ZEALAND DAIRY ASSOCIATION, r.u UUB HMIU ■ Incoki’okatkd undkk ‘The Companies Act, 1882,’ and ns Amendments. CAPITAL: £IOO,OOO. Divided into -10,000 .Shares of £2 10s each, if which 20,000 are now offered for' ; ul.Mir piior., '■ he 1 aluicc hefing held .11 Rest rvc, payable as follows 2s (id on application, and Hie balance in calls of 2s (id each at intervals of not less than six months. Pro vi ionai. 1 Mr.i:c,Tons : Messrs WESLEY BPRAGG, If. E. BACEY &A. HANK A Manaoino PinKCroH : MR WESLEY SI’RAGG Bank us: T V J*I BANK OF NE W ZEALAND Somoito ■ : MR A. MANNA ; ; Seckeiaky : MR H. IS. PACRY Omens WELLESLEY STREET, AUCKLAND. r0 ' Uid Association has hem formed—To acquire and lake over, as from 1 i lie lirst of lho present month, the business, propm fy. plant, trade marks, goodwill, contracts and engagements of the New Zealand Dairy Association, which is one of the oldest and most prosperous Dairy concerns in New Zealand, embracing the ‘ Duller Department ’ of The New Zealand Frozen Meal and Storage Co,, Lid., the Business of the old New Zealand Dairy Association and the Business of Reynolds & Co., Ltd. which have Been amalgamated and greatly extended, and comprising at present : [a] Forty (-UP separate ukinimir.t? stations and factories, including two new creameries now in course of crcciion at Aka Aka ami Maumiataururi rrspciilivily, which will lie complc'cd at the cost of the Vendors, and the Pnkckoiic Central Factory, which is now being enlarged and iniprove d at a co L of about £I,OOO, which the Vendors will hear. [h] Tim extensive freehold city business premises, collages, and stables, -hua'cd in W ellesley and Albert Streets, Auckland, (e) Various land and properties. {/() Tim trade marks and goodwill of markets, ineki ling the present city bmiicsF. AN 1) to convert the snmn into a milk suppliers’ cooperative company, with limited liability, thus enabling milk suppliers to secure all profits ami advantages which are derivable from (lie business. AND generally lo extend and develop the business in such direction as may be decided by the Directors in accordance with the Memorandum of Association of the Company. Although the issue of half the capital of the Association will be ample 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 are profitable openings for creameries in districts not now occupied, and the directors will be in a position to issue to local milk suppliers, from time to time, sufficient shares lo cover the cost of buildings and plant, so that all new creameries will be initialed on the co operative plan. 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 (-100) tons of butter during the past year; while the London business for the same period has been nearly eight hundred (800) tons. Writing under date of 29th of May of this year, the Association’s Australian Agent says : ‘ There is no doubt but that people will give very much better priors for your butter than for any other in New Zealand, and it must be satisfactory for you to know this.’ The London agent’s report on last season’s operations says : ‘The prices realised for your butter are (lie v ry highest in the market.’ The quality of the butter has elicited commendation in whatever foreign market it has been placed. The following are extracts from a letter addressed to the Undersecretary for Agriculture and Mines, Sydney, and published in the Agricultural Gazatte of New South Wales for June, 1899. This letter is from the pen of Mr J. A. Bulkeley, the holder of the Hawkesbury Agricultural Scholarship. Mr Bulkeley says : ‘ The Uui'ed States Government purchased in London in January, ISDD, four samples of Australian and oue of New Zealand butter for exhibition in America. These packages were lauded in New York in the same month and were critically examined l y experts from Now Yoik, Boston, and Chicago, with the following results : 1, Australia, trade mark Bjiilmlow ... SO points 2 ~ Uiulu S.'L ~ 3. New South Wales, Berry Crean.eiy, Shoalhaven, N.S.W 88 -! Victoria, Anderson’s Mcniiiiti Butter Factory ... Bi.t ~ 5. New Zealand, New Zealand Dairy Association, Auckland ... ... ... ... ~ 9U ~ Mr Bulkeley continues ‘ Professor Smith, Director of the Experiment Station at Michigan College, who saw the packages at Grand Rapi Is, assured me that notwithstanding the adveise conditions to which they hud been exposed, they ranked equal if uol superior to the best fresh American butter ext,ihitcd.’ The control which the Association’s brands of butter have of the Auckland markets, and the prices they command, are too well-known lo need comment. Valuation of the properties, plant and business has been made by Robert Fenwick, Esq , Managing Director of T. &8, Morrin, Ltd. His report is as follows : ‘ Alckeand, August 13ih, IDOL To • Wesley Bi*uao«, I*<£, • Manager New Z aland Dairy Association, ‘ Atuk'imd.

‘ Hill,— Following year insli actions I have, will) I lie usdslanOc of Mr William Cole, n compel, ul Ironmonger, anil Mr ADxr. Q. Harvey, Mannfactuior of, and Agent for,!!'airy Muchiuoiy, iiUnsiL, and i;i;m;iiil Daily supplies, made a careful uiid independent examination of, and i nrpiiiy into the eoiulit on and value of the properly, plant, and business of your A-a.oc alien. 1 T find that generally the machinery and pinnb have been kept un-lo date, and that they arc in good going and working order and condition. • I have had prepared a detailed schedule of freehold and leasehold lauds, buildincs. properly. innehia ry, plant, etc., includin'; the twoceu'ial facto) ies and the frecditd I city premises. 1 have al-o cc nsidered (lie alterations now lining effec'ed at I’ukek" hu at your cost, an 1 the new rn c ions now in com sc at Aka Aka and Maiiimiilantari, and I estimate !he p us nt value of all properly to he at least jj l() SU6 (forty tkoimand light hundred and six pounds,) ‘ I have, also carefully ex ■ mined your husine-s records and acc.'.tints'. and 1 talimate the valife of J our trade marks, markets and the go -(twill of the same to be at least bid 000 pi* thousand pounds). 1 Making in all a total of £l(i,h()(j (forty-six thousand eight hundred and six pounds ‘ (.'signed) ‘ Knr.iiiiT Fenwick.’ The business, propertii-s and assets above mentioned, including flic Association’s intuiutiieturii.g, trading and delivery organisations, its present Auckland city and other local markets, and its markcls in the Islands, Australasia and Britain, arc being acquired on exceptionally favouralilc terms. The price is £IO,OOO (exclusive of stock and book debts), and the same is to bo paid and provided for as follows : -- £I,OOO iu ICO fully paid-up sharps; i'd'J.OOO by the issue uf dSIU debentures of £IOO cich, redeemable hy annual piiynienls ef £IOOO. and hearing interest at the rate of £5 emit, per annum, payable half-yearly. The stock-in-trade will bo taken at valuation, and will be paid for in cash. The book debts arc guaranteed by the Vendors as good for book value?, and will be Itiken over accordingly and paid for in cash. The servees of Mr Wesley Sprtigg, who has been General Manager of tbe business since its inception, have been secured as Managing Director of the Company for a period of seven years at Ida present salary, but without commission or share of profits. The Association is also arranging to secure the services of Messrs Lovell and Christinas, Ltd., fora like period of seven years upon favourable terms. Messrs Lovell and Christmas, Ltd., have for many years acted as solo Agents for the Association in London, and under their care what is practically an order demand for the Association’s brands of butter has been created tit prices much in excess of current quotations. The registered trading title, ‘Now Zealand Dairy Association,’ has acquired very considerable commercial value. It is therefore being retained unaltered, excepting by the addition of the word 1 Limited,’in compliance with the Act, As it is desirable that the whole of the shares be subscribed for by milk suppliers and employers only, so that (lie Company may be purely co-operative in its constitution, the terms upon which the business will be transferred have been specially arranged so as to enable every supplier to take up his full number of shares. The usual joint and several bond, which has hitherto been so seriously objected to, will not be requited. Shareholders’ liabilities will thus he limited lo their own shares, and they will not carry responsibility on account of others. The purchase money has been obtained by arrangement as above, on easy terms, at a low rate of interest. The immediate cost to shareholders will be As (id per share on application only; nothing further on allo'inent. In the case of milk suppliers this payment may he made by order upon the Association. Subsequent calls will he at long intervals, and it is expected that the profits will fully meet the calls from year to year, and in that manner the whole property be paid lor without any burdtn being felt.