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In addition, the profits of the Gisborne Farmers' Co-operative Company (limited) have been respectively: — £ s. d. Twelve months ending 28th February, 1918 .. .. .. 1,393 8 2 Sixteen months ending 30th June, 1919 .. .. .. .. 3,521 7 2 Fourteen months ending 31st August, 1920 .. .. .. 2,349 6 10 Certain storekeeping businesses at Hick's Bay and Te Araroa, acquired from Mr. George Kirk in August, 1920, were profitable concerns, and it is anticipated that the recently completed Hick's Bay Freezing-works will also develop into a profitable business. Not a Speculative Business. It should be explained that (so far as the business of the freezing department of the company is concerned) the company operates on clients' account only. It has not during the nineteen years of its operations purchased on its own behalf, and does not purchase now. From the point of view of storage and killing-capacity the company has one of the largest plants in New Zealand, as shown by the following figures : — ' Factory. Killings per day. Storage. Kaiti ... . . Sheep 4,000 Cattle 150 Freight carcases 422,000 Tokomaru Bay .. Sheep 3,000 Cattle 50 Freight carcases 135,000 Hick's Bay .. .. Sheep 1,200 Cattle 50 Freight carcases 60,000 8,200 240 617,000 How to A-pply for Debentures. Applications for the debentures will be received free of exchange at any branch of the company's bankers, the Bank of New Zealand, or by any member of the affiliated Stock Exchanges of New Zealand, by the company's Broker, W. Lissant Clayton, Gisborne, or at the company's office, Gisborne. Applications will be dealt with in order of receipt, and in the case of being oversubscribed the directors reserve the right to make pro rata allotments. In view of the attractive nature of the investment and of the undoubted value of the security the directors anticipate that the whole of the issue will be quickly taken up. Investors should send in their applications early. Pertinent Facts concerning the Gisborne Sheep-earmers' Frozen Meat and Mercantile Company (Limited). 1. As a co-operative company its future is closely linked with the prosperity of the farmers of Poverty Bay, which is admittedly one of the wealthiest districts of the Dominion. 2. 1,600 shareholders. 3. Security offered for mortgage debenture issue of £300,000 amounts to £615,263 4s. 4d. 4. Consistent growth and progress of the company as shown by following figures : — Killings at Gisborne (Kaiti) Works. —Equivalent in Sheep and Lambs. —Showing Total Actual Carcases for each Season. Equivalent in Season. Sheep. Lambs. Cattle. Calves. Pigs. Actual Carcases Sheep and Lambs. 1904-5 .. 132,841 32,202 2,229 .. .. 191,791 1909-10 .. 186,521 61.162 8,020 29 .. 344,039 1914-15 .. 214,711 88,337 6,423 424 .. 381,820 1919-20 .. 255,636 74,102 11,743 752 1,034 474,978 With the additional works at Tokomaru Bay and Hick's Bay the above figures should be considerably augmented in future years. 5. The Kaiti works provide the largest storage capacity of any single factory in New Zealand — 422,000 carcases. 6. Established nineteen years —the pioneer Farmers' Company in Poverty Bay. The works have been kept up to date and rank among the best equipped and most efficient in the Dominion 7. Employs over seven hundred men at height of season, which lasts from seven to eight months. As showing the growth of the districts tapped by the company's works the following figures showing the exports from Gisborne are of interest : — Exports from Gisborne. —Yearly Average of Quinquennial Period. 1896-1900. 1901-5. 1906-10. 1911-15. 1916-20. £347,603 £512,749 £992,554 " £1,373,145 £2,144,566 Growth of Mercantile Branch. Bales of Wool. Hides. Skins. 1918-19 company handled .. .. .. 9,923 205 9,566 1919-20 company handled .. .. .. 13,085 5,081 14,462 Increase .. .. 3,162 4,876 4,896 First year's turnover —£325,631.