Page 4 Advertisements Column 5

Gisborne Times, Volume XXVI, Issue 2275, 21 August 1908, Page 4

PROSPECTUS OF THE GISBORNE CO-OPERATIVE BAKERY COMPANY, LIMITED. A COMPANY INTENDED TO BE INCORPCfeATED UNDER “THE COMPANIES ACT, 1903.” PROPOSED DIRECTORS: A. P. HAILEY, Baker, Gisborno. HERBERT AV. AVILLIAMS, Clerk in Holy Orders, Gisborne, H, E. HILL, Land Agont, Gisborne. J. HAROLD KANE, Chemist, Gisborne. G. PALAIRET, Settlor, Gisborne. L. REDAVARI), Cleric, Gisborne. J. A. AICKIN, Accountant, Gisborne. BANKERS: THE BANK OF AUSTRALASIA, at Gi.sborno. SOLICITORS: REES BROTHERS & BRIGHT, of Gisborne. AUDITOR: ANDREAV GRAHAM, of Gisborne, Accountant. SECRETARY AND BROKER: CHRISTOPHER GISBORNE PIESSE, of Gisborne, Accountant.

OBJECTS. The objects and powers ot the. Company are sot out in the Memorandum of 'Association, a copy of which is printed at tho end hereof and forms part of tho Prospectus. Tho Company adopts Table A of tho “Companies Act, PJO3,” except as added to and modified by tho General Articles of Association, a copy of which is also printed at the end hereof and forms part of this prospectus. CAPITAL. Tho capital of tho Company is £SOOO, divided into 5000 Shares of £1 each. _ Of tho above-mentioned shares 250 aro to bo issued and credited as paid Up in full in part consideration of the sale to tho Company, particulars of which aro hereinafter moro particularly sot out, 2000 shares aro reserved for subsequent issuo lor extension of business, and tho remainder, 2750 shares, 'aro offered to the public for subscription payablo as follows: Two shillings per share on application. Threo shillings per share on allotment And tho. remaining fifteen shillings per share shall ho payablo in calls of not moro than five.shillings per share at intervals of not less than one month. PURPOSES. Tho Company is being formed for tho primary purposo of acquiring tho Bakery Business now carried on by tho vendor, Arthur Percy Hailey,-in Gladstone Road, Gisborne, and of carrying on, consolidating, and extending the trade or business, and of carrying out tho objects mentioned in tho Memorandum of Association. Tile Trustee for and on behalf of tho Company lias contracted with the said Arthur Percy Hailey (hereinafter sometimes called “The Vendor”) to purchaso the business as a going concern. but not including book or other debts. Tile prices fixed for such purchase are as follows: (a) Tho sum of £350 for tho goodwill of tho said business and lease of the premises. (b) The value determinable by valuation in tlio ordinary way of . the buildings, stock-in-trade, plant, fittings, machinery, furniture, goods, chattels, and effects of tho said business in, upon, or about tlio premises or used by the Vendor in tho said trade or business. Tho Vendor will accept payment of the purchaso money aforesaid as follows : (a) £250 or 250 fully paid-up shares in the capital of tho Company. (b) £750 by debentures repayable in threo yoars, and carrying interest at tho rate of £5 per cent por annum. (c) Tlio balance may at tlio option of tho Company be paid in cash, or the Company may take over tho liabilities of the Vendor, and the balance after allowing for liabilities as aforesaid, shall be 7xl id to tho Vendor in cash. BUSINESS. t It will 110 doubt interest intending Shareholders to ascertain as nearly as possible tlio present position of the business proposed to bo acquired. Four and a half years ago Mr. Hailoy, with little or no capital of his own, commenced business in this town. He commenced in a small way, and for* tile first year had 110 shop in connection with his bakehouse. Throe and a half years ago lie acquired from Mrs. Byrne a lease of a quarter-acre section in Gladstone Road at a rental of £52 per annum. Ho has sublet for tho remainder of tlio torm a portion of tho section with buildings on such portion at a rental of £SB 10s per annum. It will therefore bo seen that the lease of the balance has a very real value, and tho prico fixed for the goodwill cannot be considered excessive. Since entering into possession, Mr. Hailoy lias erected on a portion of the land retained by him a substantial brick building of tho approximate value of £SOO. Ho lias installed up-to-date bread and oake-ma'king machinery, and generally lias acquired a thoroughly efficient plant. Tho Di- ' rectors would call special attention to tho machinery which lias been installed by Mr. Hailey. This is of tlio latest pattern, and gives the business proposed to be acquired advantages not onjoyed by any other businesses' in Gisborno. A balance recently taken out by a competent accountant shows that after drawing a good inconio tho Vendor’s assets exceed his liabilities by approximately £I7OO. This balancesheet tho Directors believe to be correct, and will submit samo to shareholders with fullest confidence, but owing to the fact that Mr. Hailey has not kept his books on approved lines tlioy can give no guarantee to tlio shareholders as to tlio accuracy of tho statement. When it is remembered that the greater part of tlio time tlio Vendor was running bis business 011 a credit basis, and that £3OO or thereabouts has been allowed or written off for bad and doubtful debts, the position must bo considered a highly satisfactory one. Mr. Hailey’s cash takings average from £2OO to £3OO a mouth, so that some idea can be formed of the excellent connection which lie has worked up. The lease of the Vendor’s premises runs out in September, 1911, but this fact should cause no concern, as tho Vendor lias by a subsidiary agreement obtained from tlio Lessor an undertaking to pay tile value less tlio sum of £lO of tho brick building erected by the Vendor, and also has obtained by such agreement a first refusal should the Lessor bo desirous of reletting the premises, and the Vendor undertakes that these benefits shall be extended to the Company. PROSPECTS. Tlio time seem s opportune for tho formation of this Company. The coupon and cash system has been in-

GISBORNE FISH SUPPLY. GLADSTONE ROAD. (Opposite J. Morrison, Painter.) FRESH FISH Daily. Direct from the Trawler. Ring up Telephone 15S, and our Cart will promptly deliver your orders. A. J. RTJSHER, .Proprietor.