Page 2 Advertisements Column 2

Gisborne Times, Volume XXVI, Issue 2277, 24 August 1908, Page 2

OF TIIE LIiITED.

A COMPANY INTENDED TO BE INCORPORATED UNDER “THE COMPANIES ACT, 1903.” PROPOSED DIRECTORS: A. !\ HAILEY, Baker, Gisborne. HERBERT W. WIL L I AMS, Clei'k in Holy Orders, Gisborne. U. E. Hi EL, Land Agent, Gisborne. J. HAROLD KANE, Chemist, Gisborne. G. PALAIRET, Settler, Gisborne. L. RED WARD, Clerk, Gisborne. J. A. AICKIN, Accountant, Gisborne. BANKERS: THE BANK OF AUSTRALASIA, at Gisborne. SOLICITORS: REES BROTHERS & BRIGHT, of Gisborne. AUDITOR: ANDREW GRAHAM, of Gisborno, Accountant. SECRETARY AND BROKER: CHRISTOPHER GISBORNE PIESSE, of Gisbonio, Accountant.

OBJECTS. The objects and powers of tlio Company aro sot ont in tho Memorandum of Association, a copy of 'which is printed at the end hereof and forms part of the Prospectus. Tho Company adopts Table A of tho ‘■’Companies Act, 1U03,” oxcept as added to and modified by the General Articles of Association, a copy of which is also printed at tho end hereof and forms part of this prospectus. CAPITAL. The capital of tho Company is £SOOO, divided into 5000 Shares of £1 each. Of tho abovo-mentinned shares 200 aro to bo issued and credited as paid up in full in part consideration of the said to tlio Company, particulars of which are hereinafter more particularly set out, 2000 shares aro reserved for subsequent issue for extension of business, and the remainder, 2750 shares, are offered to the public for subscription payable as follows: Two shillings tier share on application. Three shillings per share on allotment And the remaining fifteen shillings per share shall bo payable in calls of not more than five shillings per share at intervals of not less than ono month. PURPOSES.

The Company is being formed for die primary purpose of acquiring tho Bakery' Business now carried oil by the vendor, Arthur Percy Hailey, in Gladstone Hoad, Gisborno, and of carrying on, consolidating, and extending the trade or business, and of carrying ont the objects mentioned in the Memorandum of Association. Tho Trustee for and on behalf of tile Company lias contracted with the said Arthur Percy Hailey (hereinafter sometimes called “Tho 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 lease of the premises. (b) The.value determinable by valuation ill tho ordinary way of the buildings, stock-in-trade, plant, fittings, machinery, furniture, goods, chattels, and effects of the said business in, upon, or about tho premises or used bj r tho 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 Company. (b) £750 by debentures repayable in tlireo years, arid carrying interest at the rate of £5 per cent 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 tho Vendor, and the balance after allowing for liabilities as aforesaid, shall be paid to the Vendor in cash. BUSINESS.

It will no doubt interest intending Shareholders to ascertain as nearly as possible the present position of the 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 liad no shop in connection with his bakehouse. Three and a half years ago ho acquired from Mrs. Byrne a lease of a quarter-acre section in Gladstone Road at a rental of £52 per annum. He has sublet for the remainder of the term a portion of the section with buildings on such portion at a rental of £SB 10s per annum. It will therefore be seen that the-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 has erected on a portion of the land retained by him a substantial brick building of the approximate value of £SOO. He lias installed up-to-date bread and oake-ma'king machinery, and gonorally lias acquired a thoroughly efficient plant. The Directors would call special attention to the machinery which has been installed by Mr. Hailey. This is of the latest pattern, and give® the business proposed to be acquired advantages pot enjoyed by any other businesses in Gisborne. -

A balance recently taken out by a competent accountant shows that after drawing a good income the Vendor’s assets exceed his liabilities by approximately £I7OO. This balancesheet the Directors believe to be correct, iand will submit same to shareholders with fullest confidence, but owing to tho fact that Mr. Hailey has not kept his books on approved lines they’ can give no guarantee to tho shareholders as to tho accuracy of tho statement. When it is remembered that the greater part of the time tho Vendor was funning’his business on a credit basis, and that £3OO or thereabouts lias been allowed or written off for bad and doubtful debts, the position must bo considered a highly satisfactory one. Mr. Ilailey’s cash takings average from £2OO to £3OO a month, so that some idea can be formed of the excellent connection which he has worked up. The lease of the Vendor’s premises runs out in September, 1911, but this fact should cause no concern, as the Vendor lias by a subsidiary agreement obtained from tho Lessor an undertaking to pay the value less the sum of £lO of the brick building erected by the Vendor, and also has obtained by such agreement a first refusal should the Lessor be desirous of reletting tho premises, and the Vendor undertakes that these benefits shall be extended to tho Company.

PROSPECTS. The time seems opportune for the formation of this Company. The coupon and cash system lias been inM ,ss jgEATTIE, UNION BANK BUILDINGS. Upstairs. HAIR SPECIALIST & MASSEUR. V mg. tion IBRATORY Head and Face Massage. Shampooing and Bathand II air work of every desciipundertaken. Toilet Reiawitei in itook.