Page 2 Advertisements Column 4

Gisborne Times, Volume XXVI, Issue 2293, 11 September 1908, Page 2

PROSPECTUS OF THE GISBORNE CO-OPERATIVE BAKERY COMPANY, LIMITED. a COMPANY INTENDED TO BE INCORPORATED UNDER “THE COMPANIES ACT, 1903.” PROPOSED DIRECTORS: A P. HAILEY, Baker, Gisborne. HERBERT W. WILLIAMS, Clerk in Holy Orders Gisborne. H E HILL, Land Agent, Gisborno. J 'HAROLD KANE, Chemist, Gisborne. G. PALAIRET, Settlor, Gisborne. L. REDWARD, Clork, Gisborno J. A. AIOKIN, Accountant, Gisborno. BANKERS: THE BANK OF AUSTRALASIA, at Gisborno. SOLICITORS: REES BROTHERS & BRIGHT, of Gisborno. AUDITOR: ANDREW GRAHAM, of Gisborno, Accountant. SECRETARY AND BROKER: CHRISTOPHER GISBORNE PIESSE. of Gisborne, Accountant.

stituted by tlio bakors or Gisborne, and this motliod will bo adhered to by tho Directors so long as tbo local bakers take a li'ko stand. Mr. Hailey has undertaken, should the Company require his services, to act as manager tor the Company for lit months, and has also entered into a covenant with the Company not to enter into competition with the Company either on his own behalf or as servant or agent or othonviso within a radius of 50 miles from Gisborne. With a capable manager, an up-to-date plant, and no fear of bad debts, the Directors aro confident that the business can be made a highly successful ono. It will bo their aim to extend the benefits of co-operation to all branches of the community, and if tho public assist by subscribing for shares and supporting the Company, tho Directors feel confident that they can by way of dividends and bonuses materially lessen to shareholders the cost of the “staff of life.” To comply with the Provisions of “The Companies Act, 1903,” the following matters aro set out:— (a) A copy of tho Memorandum of Association with the names, addresses, and descriptions of the signatories and the number of shares subscribed for by them respectively is printed at the end hereof, and forms part of tho prospectus. (b) The number of shares fixed by the Articles of Association as tho qualification of a Director is ten. Tho Directors may appoint a Managing Director, and fix his remuneration (c) The names, addresses, and descriptions of tho proposod Directors aro set out at the beginning of this Prospectus. . (d) The minimum subscription on which the Directors may proceed to allotment is fixed at 1000 sliaros. Tho amount payable on annlication and allotment are hereinbefore set out. (c) It has been agreed to issue 50 fully-paid up shares and 750 debentures, wliicli aro the shares and debentures hereinbefore referred to and agreed to be taken by the Vendor in part consideration of the purchase moneys. (f) The Company proposes to pur : chases the lease and business a*, a going concern of Arthur Percy Hailoy, and to pay for the same partly out of the proceeds of the issue offered for subscription by this Prospectus. The amounts payable in cash, shares and debentures to the Vendor are hereinbefore set out. (g) The amount payable as purchase money in cash, shares, and debentures for such property as aforesaid, including goodwill, has been hereinbefore set out. (h) Tho Company has agreed to pay a commission at the rate of To per cent to the broker on all shares subscribed for. (i) The preliminary expenses of and incidental to the formation and establishment of tho Company and until the Company shall be

OBJECTS. Tho objects and powers of tlio Company arc'sot out in tho Memorandum of Association, a copy of which is printed at tho oiul hereof and forms part of tho Prospectus. Tho Company adopts lablo A ol tho “Companies Act, 1903,” except as added to and modified by tho General Articles of Association, a copy ol 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 Share’s of £1 the above-mentioned shares 250 aro to bo issued and credited as paid nn in full in part consideration of the salo to tho Company, particulars ol which aro hereinafter more paiticularl- sot out, 2000 shares are reserved for subsequent issue for extension of business, and tho remainder 2<oo shares, are oifered to the public foi subscription payable as follows: Two shillings nor share on applicaThree'shillings per share on allotment , ..... And tho remaining fifteen shillings per share shall bo payable ill calls of not more than five shillings per share at intervals of not less than one month. PURPOSES. Tlio Company is being formed loi the primary purpose of acquiring the Bakery Business now carried on by the vendor, Arthur Percy liailoy, in Gladstone Road, Gisborne, and of ca.iryiug on, consolidating, and oxtondinir the trade or business, and of carrying out tho objects mentioned in the Memorandum of Association. Tho Trustee for and on behalf of tho Company has contracted With the said Arthur Percy Hailey (hereinafter sometimes called “Tho '\ endor ) to purchase the business as a going concern. but not including book or othei debts. Tlio prices fixed for such purchase are as 'follows: — (a) Tho sum of £350 for the goodwill of tho said business and lease of the premises. (b) The vralue determinable by valuation in tho ordinary wav of the buildings, stock-in-trade, plant, fittings; machinery, furnit lire!, goods, chattels t and erfoots :of the said business in, upon,i or about the premises or used liy tlie Vendor in the 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 tlio Company bo paid in cash, or the Company may take over tho liabilities of tho Vendor, and tho balance after allowing for liabilities as aforesaid, shall be paid to the Vendor in cash. BUSINESS.

entitled to commence business aro estimated to amount to £75, and will be borne by the Company. (,j) The Vendor will pay Mr C. G. Piesse for his services in the promotion of tho Company the sum of 50 guineas. (k) Tho contract for sale to the Company of tho property of the said Arthur Percy Hailey and the stock-iu-trado, plant, mar chinory and other assets (excepting book debts) beforo enumerated is dated the 13th day of August, 1908, and is made between the said Arthur Percy Hailey of the one part and Harold Ernest Bright as Trustee for and on bolialf of the Company of the other part. Such contract and copies of the Memorandum and Articles of Association of the Company and of tho Lease, Sub-Lease, and Agreement referred to in this Prospectus oan bo inspected at the offices of the Company’s Solicitors, Messrs lteos Brothers and Bright, Lowe Street, Gisborne, during business hours (l) The names* and addresses of the auditors are set out at the commencement of this Prospectus. (m) Mr. Arthur Percy Hailey, Director, is interested in the promotion of and in the propertyproposed to be acquired to the extent only of his interest as Vendor under the contract,particulars of which are hereinbefore given, and none of the other Directors have any interest therein. (n) This Prospectus is dated the 13th day of August, 1908, and is signed by the persons named therein as Provisional Directors. Itjias been filed with the Registrar of Joint Stock Companies. ' Application for shares should be made upon tho form accomxianying this Prospectus, and sent to the Secretary of the Company, together with tlio amount payable on application. If no allotment is made, the deposit will be returned in full, and if the number of shares allotted on any application is loss than tho number applied for the balance of the annlieation money will be annlied in reduction of the allottee’s future liability on the shares allotted. Dated the 13th day of August,l9oß. SIGNATURES OF PROPOSED DIRECTORS A. P. Hailey, Baker, Gisborne. Herbert W. Williams, Clerk of Holy Orders, Gisborne. H. E. Hill, Land Agent, Gisborne J. Harold Kane, Chemist, Gisborne. G. Palairet, Settler, Gisborne. L. Redward, Clerk, Gisborne. Jas. C. Aic'kin, Accountant, Gisborne. Witness to all above signatures— : J. Todrig Witty, Clerk, Gisborne.

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 had no shop in connection with his bakehouse. Three ■and a half years ago he acquired from Mrs. Byrue a lease of a quarter-acre soction ill Gladstone Road at a rental of £52 per annum. Ho lias 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 valuo of £SOO. He has installed up-to-date bread and cake-making machinery, and generally has 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 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 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. Plailey has not kept his books on approved lines they can give no guarantee to the shareholders as to the accuracy of the statement. When it is remembered that the greater part of the time the Vendor was running his business ou a credit basis, and that £3OO or thereabouts lias been allowed or written off for bad and doubtful debts, the position must be considered a highly satisfactory one. Mr. Hailey’s cash takings average from £2OO to £3OO a month, so that some idea can be formed of the excellent connection which he lias worked up. The lease of tho Vendor’s premises runs out in September, 1911, but this fact should cause no concern, as the 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 relotting the premises, and the Vendor undertakes that these benefits shall be extended to the Company. PROSPECTS. The time seems opportune for the formation of this Company. The

BRITISH FRUIT DEPOT (Three doors’ past Royal Hotel.) M RS - E. M ANN ' PROPRIETRESS. REGULAR Supplies of Fresh FRUIT AND VEGETABLES Always on hand. Large Stock of WELL-ASSORTED CONFECTIONERY. Beet House in Gisborne for TEMPERANCE DRINKS of *ll rands.

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