Page 2 Advertisements Column 4

Gisborne Times, Volume XXVI, Issue 2296, 15 September 1908, Page 2

PROSPECTUS OF THE GISBORNE CO-OPERATIVE BAKERY COMPANY, LIMITED A COMPANY INTENDED TO BE INCORPORATED COMPANIES ACT, 1903.” UNDER 'THE PROPOSED DIRECTORS: A. P. HAILEY, Baker, Gisborne. HERBERT W. WILLIAMS t Clerk in Holy Orders Gisborne. H. E 111 LL, Land Agent, Gisborne. J HAROLD KANE, Chemist, Gisborne. G. PALAIRET, Settlor, Gisborne. L. RED WARD, Clork, Gisborne. J. A. AICKIN, Acoountnnt, Gisborne. BANKERS: THE BANK OF AUSTRALASIA, at Gisborne. SOLICITORS: REES BROTHERS & BRIGHT, of Gisborno. AUDITOR: ANDREW GRAHAM, of Gisborno, Accountant. SECRETARY AND BROKER: CHRISTOPHER GISBORNE PIESSE. of Gisborne, Accountant. OBJECTS. The objects and powers of the Company arc set out in tho Memorandum of Association, a copy of which is printed at tho end hereof and forms part of the Prospectus. The Company adopts Tablo A of tho “Companies Act, 1003,” except as added to and modified by the Genoral Articles of Association, a copy oi which is also printed at tho end hereof'and forms part of this prospectus. CAPITAL. The capital of the Company is £SOOO, divided into 5000 Shares of £1 Of the abovo-montioned shares 250 are to be issued and oredited as paid Up in full in part consideration of tbq salo to the Company, particulars _ of which are horoinaitor moro particular!" sot out, 2000 shares are reserved for subsequent issue for extension of business, and the remainder, 2750 shares, ’are offered to tho publio lor subscription payable as follows: Two shillings per share on application. Three shillings per share oil allotment And the remaining fifteen shillings per share shall bo payable in'calls of not more than fivo shillings per share at intervals of not loss than one month. PURPOSES. The Company is being formed for die primary purpose of acquiring tho Bakery Business now carried on by the vendor, Arthur Percy Hailey, in Gladstone Road, Gisborno, and of carrying on, consolidating, and extending the trade or business, and of carrying out the objects mentioned in the Memorandum of Association. The Trustee for and on behalf of the 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. The 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 in the ordinary wav of the buildings, stock-in-trade, plant, fittings, machinery, furniture, goods, chattels, and effects of the said business in, upon, or about the premises or used by the Vendor in the said trade or business. The Vendor will accept payment of the purchase money aforesaid as follows : (a) £250 or 250 fullv 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 he paid in cash, or the Company may take over the liabilities of the 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 ego 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 bakehouso. 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 tho remainder of tho 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 tho balance has a very real value, and tho 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 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 sain© 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 the shareholders as to the accuracy of the statement. When it is remembered that tho greater part of the time tho 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, the 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 be formed of the excellent connection which ho 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 has by a subsidiary agreement obtained from the Lessor an undertaking to pay the value less tho sum 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 those benefits shall be extended to the Company. PROSPECTS. stituted by tho bakers of Gisborne, and this method will bo adhered to by the Directors so long as tho local bakers take a like stand. Mr. Hailoy has undertaken, should the Company require his services, to act as manager for tho Company for 12 montlis, and has also entorod into a covenant with the Company not to onter into competition with the Company either on hie own bohalf or as servant or agent or otherwise within a radius of 50' miles from Gisborno. With a capable manager, an up-to-date plant, and no fear of bad debts, the Directors are confident that tho business can be made a highly successful one. It will bo their aim to extend tho bonofits of co-operation to all brandies of the cominunitv, and if tho public assist by subscribing for shares and supporting tho 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 “Tho Companies Act, 1903,” tho following matters are set out:— (a) A copy of tho Memorandum of Association with the names, addresses, and descriptions of the signatories and tho number of sharo6 subscribed for by them respectively is printed at the end hereof, and forms part of the prospectus. (b) Tho number of shares fixed by tho Articles of Association as the qualification of a Director is ten. The Directors may appoint a Managing Director, and fix his remuneration (c) The names, addresses, and descriptions of the proposed Directors are set out at the beginning of this Prospectus. . (d) The minimum subscription on which tho Directors may proceed to allotment is fixed at 1000 shares. Tho-amount payable on application and allotment are hereinbefore sot out. (c) It lias been agreed to issue 50 fully-paid up shares and 750 debentures, which are tho shares and debentures hereinbefore referred to and agreed to be taken by the Vendor in part consideration of the purchase moneys. (f) Tho Company proposes to purchases tho lease and business a*, a going concern of Arthur Percy Hailey, and to pay for the same partly out of the prooeeds 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 6uch property as aforesaid, including goodwill, has been hereinbefore set out. (h) The Company has agreed to pay a commission at the rate of £o per cent to the broker on all shares subscribed for. (i) The preliminary expenses of and incidental to the formation and establishment of the Company and until the Company shall be entitled to commence business are estimated to amount to £75, and will bo borne by the Company. (j) The Vendor will pay Mr O. G. Piesse for his services in the promotion of the Company the sum of 50 guineas. (k) The contract for sale to the Company of the property of the said Arthur Percy Hailey and the stock-in-trade, plant, mar ckinery and other assets (excepting book debts) bofore enumerated is dated tho 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 bohalf of the Company of the other part. Such contract and copies of the Memorandum and Articles of Association of the Company and of the Lease, Sub-Lease, and Agreement referred to in this Prospectus oan be inspected at the offices of the Company’s Solicitors, Messrs Rees Brothens and Bright, Lowe Street, Gisborne, during business hours (J) The names and addresses of the auditors are set out at tho commencement of this Prospectus. (m) Mr. Arthur Percy Hailey, Director, is interested in the promotion. of and in the property proposed 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 drectors 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. It has been filed with the Registrar of Joint Stock Companies. Application for shares should be made ujion the form accompanying this Prospectus, and sent to the Secretary of the Company, together with tho amount payable on application. If no allotment is made, the deposit will be returned in full, and if tho number of shares allotted on any application is less than tho number applied for the balance of the application monoy will be applied in reduction of the allottee’s future liability on the shares allotted. Dated the 13th day of August,l9oß- - OF PROPOSED DIRECTORS. The time seems opportune for the formation of this Company The coupon and cash system has been inA. P. Hailey, Baker, Gisborne. Herbert W. Williams, Clork of Holy Orders, Gisborne. H. E. Hill, Land Agent, Gisborne J. Harold Kane, Chemist, Gisborne. G. Balairet, Settler, Gisborne. L. Redward, Clerk, Gisborne. Jas. C. Aic'kin, Accountant, Gisborne. Witness to all above signatures— J. Todrig Witty, Clerk, Gisborne. BRITISH FRUIT DEPOT. (Three doors’ past Royal Hotel.) M R S . E> M ANN, PROPRIETRESS. REGULAR Supplies of Fresh FRUIT AND VEGETABLES Always on hand. Large Stock of WELL-ASSORTED CONFECTIONERY. rjTHE JpiACTORY TIME AND WAGES BOOK. NOW ON SALE. PRICE, Is 6d. Beet House in Gisborne for TEMPERANCE DRINKS of all ■ T "ind«.