Page 2 Advertisements Column 2

Gisborne Times, Volume XXVI, Issue 2271, 17 August 1908, Page 2

PROSPECTUS OF THE CtSBORNE GO-OPERATIVE BAKERY COMPANY, LIMITED. \ COML’ANY INTENDED TO HE INCORPORATED UNDER “TJIJS COMPANIES ACT, 1903.” .I’HOPOSED DIRECTORS: A. P. IIAIEEY. Baker, Gisborne. HERBERT TV. WILLI AMS, Clerk in Holy Orders, Gisborne. 11. E. HILL, I jnivil Agent, Gisborne. ,1. HAROLD KANE, Chemist, Gisborne. G. PAHAIRET, Settler, Gisborne. [,. REDWARD, Clerk, Gisborne. J. A. ATC.KIN, Accountant, Gisborne. BANKERS: THE BANK OF AUSTRALASIA, at Gisborne. SOLICITORS: REES BROTHERS & BRIGHT, of Gisborne. AUDITOR: ANDREW GRAHAM, of Gisborne, Accountant. SECRETARY AND BROKER : CHRISTOPHER GISBORNE PIESSE, of Gisborne, Accountant.

OBJECTS. Tho objects and powers of tbo Company aro set out in tho Memorandum of Association, a copy of which is printed at tho end hereof and forms part of the Prospectus. Tho Company adopts Table A of the “Companies Act, 1903,” except as added to and .modified by the General. Articles of Association, ' a copy of which is also printed at the end hereof and forms part of this prospectus. CAPITAL. ■ The capital of the Company is £SOOO, divided into 5000 Shares ot Cl • each; '• pf the above-mentioned shares 250 i are to he issued and credited as paid up in full in part consideration of tho sale to the Company, particulars of which are liereinaitor more particular!" set out, 2000 shares are reserved lor subsequent issue for extension of business, and tho remainder, 2750 shares, aro offered to the public for subscription payable as follows: Two shillings per share on application. Three shillings per share on allotment And the remaining fifteen shillings per share shall be payable in calls of not more than five shillings per share at intervals of not less than one month. PURPOSES. The Company is being formed for the primary purpose of acquiring the Bakery Business now carried oil by the vendor, Arthur Percy Hailey, in Gladstone Hoad, Gisborne, and oi carrying on, consolidating, and extending the trade or business, and of carrying out the objects mentioned in tho Memorandum ot Association. The Trustee for and on behalf of tho Company has contracted with the said Arthur Percy Hailey (hereinafter sometimes called “The Vendor”) to purchase the, business as a going concern. but not including book or other debts. Tho prices fixed for such purchase are as follows: (a) The sum of £350 for the goodwill of the said business and leaso of the premises. (b) The value determinable by valu- . at ion in tho,.ordinar.y wav of - “"t h c~~ u iTi 1 clings, stock-in-trade, plant, fittings, machinery, furniture, goods, chattels, and effects of tho said business in, upon, or about the premises or used by the Vendor in tho said trade or business. The Vendor will accept payment of the purchase money aforesaid as follows : (a) £250 or 250 fully paid-up shares in the capital of the Comnany. (It) £750 by debentures repayable in three years, ail’d carrying interest at the rate of £5 percent per 'annum. (c) The balance may at the option of the Company be paid in cash, or the Company may take over the liabilities of the Vendor, and the balance after allowing for liabilities as aforev- said, shall be paid to the Ven■i dor in cash. , v . BUSINESS. It will no doubt interest intending Shareholders to ascertain as nearly as possible tile present position of tho business proposed to be acquired. Four and a half years ago Mr. Hailey, with little or no capital of his own, commenced business in this town. He commenced in a small way, and for the first year had no shop in connection with his bakehouse. Three ■and a half years ago lie acquired from Mrs. Byrne a lease of a quarter-acre section in GlatTstoue Road at a rental of £52 per annum. He lias sublet for the remainder of the term a portion ot tho section with buildings on such portion at a rental of £SB 10s per annum. It will therefore be seen that t-lie lease of the balance has a very real value, and the price fixed for the goodwill cannot be considered excessive. Since entering into possession, Mr. Hailey lias erected on a portion of the land retained by him a substantial brick building of the approximate value of £SOO. Ho lias installed up-to-date bread and cake-making machinery, and generally has acquired a thoroughly efficient plant. The- Directors would call special attention to tho machinery which has been installed by Mr. Hailey. This is of the latest pattern, and gives the business proposed to be acquired advantages not enjoyed by any other businesses in Gisborne. A balance recently taken out by a competent accountant shows that after drawing a good income tho Vendor’s assets exceed his liabilities by approximately £I7OO. This balancesheet the Directors believe to be correct, -and will submit same to shareholders with fullest confidence, hut owing to tho fact that Mr. Hailey has not kept liis books on approved lines they can give no guarantee to the shareholders as to the accuracy of'the statement. When it is- remembered that tho greater part of the- time tho Vendor was running bis business on a credit basis, and that £3OO or thereabouts has been allowed or written off for bad and-doubtful debts, tho position must lie considered a highly satisfactory one. Mr. Hailey’s cash takings average from £2OO to £3OO a month, so that some idea can bo formed of the excellent connection which he has worked up. The lease of the Vendor’s promises runs out in September, 1911. but this fact should cause no concern, as the Vendor has by a subsidiary agreement obtained from tho Lessor an undertaking to pay the value less the sunt of £lO of the brick building erected by the Vendor, and also has obtained by. such agreement a first refusal should tho Lessor be desirous of reletting the premises, and the Vendor undertakes that these benefits uhall bo extended to the Company. PROSPECTS. The time seems opportune for the formation, of this Company. The coupon and cash system- has' been; in-

THE JpiEDERAL JpiSH GLADSTONE ROAD. F RESH FISH Daily. tho Trawler. Direct from Ring up Telephone 158, and our Cart will nromptly deliver your orders. J. RUSHER, ’Rropriel-or.