Page 2 Advertisements Column 3

Gisborne Times, Volume XXVI, Issue 2281, 28 August 1908, Page 2

o.l*' THE E A COMPANY INTENDED TO HE INCORPORATED UNDER “THE COMPANIES ACT, 1003.” PROPOSED DIRECTORS: A. P. HAILEY, Baker, Gisborne. HERBERT \V. \YILLIA.MS, Cleric in Holy Orders, Ciisborno. 11. E. llllifi, Land Agent, Gisborne. J HAROLD KANE, Chemist, Gisborne. " G. PALAIRET, Settler, Gisborne. L. RED’WARD, Clerk, Gisborne. J. A. AICKIN, Accountant, Gisborno. BANKERS: THE BANK OP AUSTRALASIA, nt Gisborne. SOLICITORS: * REES BROTHERS & BRIGHT, of Gisborne. AUDITOR: ANDREW GRAHAM, of Gisborne, Accountant. SECRETARY AND BROKER: CHRISTOPHER GISBORNE PIESSE. of Gisborne, Accountant.

OBJECTS. The objects and powers of tlio Company aro sot out in tiro Memorandum of Association, a copy ol which is printed at the end hereof and forms part of tho Prospectus. , The Company adopts lablo A of tlio “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 heroof and forms part of this prospectus. CAPITAL. The capital of tlio Company is £SOOO, divided into 5000 Shares of £1 ' ()f the above-mentioned shares 250 are to bo issued and credited as paid up in full in part consideration of the walo to tlio Company, particulars _ ol which are hereinafter more ■particularl- set out, 2000 shares are reserved lor subsequent issue for extension of business, and the remainder 2700 shares, are 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 bo payable in calls of not moro than fivo shillings per share at intervals of not less than ono niot\th. PURPOSES. . " The Company is being formed lor .lie primary purpose of acquiring tlio Bakery Business now carried on by the vendor, Arthur Percy Hailey, m Gladstone Hoad, Gisborne, and of carrying on, consolidating, and extending the trade or business, and of carrying out tlio objects mentioned in tlio Memorandum of Association. Tlio Trustee for and on beliall of tlio Company has contracted with the said Arthur Percy Hailey (heremaiter sometimes called “The Vendor ) to purchaso the business as a going concern. but not including book or other debts. Tlio prices fixed for such purchase are as follows: (a) The sum of £350 for the goodwill of tlio said business/and lease of the premises. (b) The value determinable by valuation in tho ordinary way of the buildings, stock-in-trade, plant, fittings, machinery, furniture, goods, chattels, and effects of""tlio said business in, upon, or about the premises or used by 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 three years, and 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 tlio liabilities of the Vendor. and tho 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 bo 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 he 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 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 bo 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. Ho lias installed up-to-date bread and oake-ma'king machinery, and generally has acquired a thoroughly efficient plant. The Directors would call special attention to the machinery which lias been installed by Mr. Hailey. This is of tlio latest pattern, and gives the business proposed to Jio 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 the 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, but owing to the fact that Mr. Hailey has not kept his books on approved lines they can give no guarantee to the shareholders as to the accuracy of tho statement. ‘When it is remembered that the greater part of the time the Vendor was running his business on a credit basis, and that £3OO or thereabouts has been allowed or written off for bad and doubtful debts, tho position must bo 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 tho Vendor has by a. subsidiary agreement obtained from the Lessor an undertaking to pay tho value less tho sum of £lO of tho brick building erected by the Vendor, and also has obtained by such agreement a first refusal should tho Lessor bo desirous of reletting the premises, and tho Vendor undertakes that these benefits shall bo extonded to the Company. . PROSPECTS.

Tho time seems opportune tor the formation of this Company. The coupon and cash system has been in-

jyj'iss JgEATTIE, UNION BANK BUILDINGS. Upstairs. HAIR SPECIALIST & MASSEUR. VIBRATORY Head and Face Massage. Shampooing and Bathing, and Hairwork of every description undertaken. Toilet Recr?»*ite» in itooli.