Page 4 Advertisements Column 1

Hawera & Normanby Star, Volume LVI, Issue LVI, 24 September 1909, Page 4

Dated thid Thirteenth day of September, One thousand nine huaadred and nine (1909) and filed with the Registrar of Joint Stock Companies at Wellingtons on that date. PROSPECTUS OF THE.PATE A FARMERS' CO - OPERATIVE FREEZING COMPANY, LIMITED. [To be incorporated under "The Companies' Act, 1908," a Company Limited by ~i\v: es.] SHARE CAPITAL £40,000. Divided into 1135 fully paid up Preference Shares of £5 «ach. 1135 fully paid up Ordinary Shares of £5 each. 5730 Ordinary Shares of <£5 each. 8000 OF these the 1185 fully paid up Preference Shares and 1185 fully paid up Ordinary Shares are to be allotted to Robert Howard Nolan, Arthur Sidney Tonks and Thomas Thompson in pursuance of the terms and as set out in the Agreement of Sale and Purchase bearing date the 19th day of August, 1909, and made between the Patea Freezing Company, Limited, of the first part, the said Robert Howard Nolan, Arthur Sidney Tonks and Thomas Thompson of the second part and George Vater Pearce as Trustee for the proposed Company of the third part, which Agreement or copy thereof can be inspected at the office in Patea of the Patea Freezing Company Limited, during business hours. Such 1185 fully paid up Preference Shares to be only preferential as regards the assets of the Company in case of winding up but not as regards dividends. The 5730 Ordinary Shares are now open for subscription payable as follows: — 20s. per share on application. 20s. per share on allotment and the balance in calls of 20s. at intervals not less than two months as the same may be called up by the Directors in accordance with the Articles of Association. * ' The Company is being formed for the purpose of taking over the well-known Patea Freezing and Preserving \f orks aa a. going concern at the fixed price of sixteen thousand eight hundred aud fifty pounds (£16,850) which includes freehold and leashold lands and all waterways, rights and privileges, buildings, machinery, plant, tramway, tools, fittings, furniture, tanks, waggons and conveyances, etc., as valued by — .- t wo independent and competent valuers, Messrs. Grainger and Aitcheson, and certified by them at a value of sixteen thousand and twenty seven pounds six shillings and threepence (£16027 6s. 3d.) plus value of freehold and leasehold lands eight hundred pounds £800/ making a total of sixteen thousand and eight hundred and twenty seven pounds six shillings and threepence £16827 6s. 3d). There are mortgages over the works amounting to £5500 leaving a balance of eleven thousand three hundred and fifty pounds. (£llßso\ The vendors are so satisfied that they are prepared to accept half of this amount £11,850 in fully paid up Preference Shares and the other half in fully paid up Ordinary Shares as they have every confidence in the permanent stability and profitable nature of the industry. The stock and stores are to be taken over at valuation one half in cash and the other half in six months bearing interest at six pounds (£6. per centum per annum. The objects and powers of the proposed Company are set out in the Memorandum of Association a copy "of which is attached hereto and forms part of' this Prospectus. The minimum subscription on which the Directors may proceed to allotment is two thousand (2000) shares. The preliminary expenses of and incidental to the formation and estab'ishment of the Company and until the Company shall be entitled to commence business are estimated to amount to one hundred and fifty pounds ,(£150) and will be borne by the Company. The amount payabte by the Company as commission for underwriting the shares offered to the public by this" Prospectus is at the rate of two and one half (2£) per centum on amount subscribed. The- Company's Bank and Solicitor and also the Manager of the Company are to be appointed "~^" ~hy the Board of Directors. The following are the clauses in the Articles of Association fixing the number of Shares required for a Director's qualification and as to the remuneration of Directors and as to increase or reduction in number, of Directors. -No person shall be eligible for the office of Director unless he shall hold at least twenty i2O; shares or stock in the Company to paid up value of such shares. ' , The remuneration of the Directors shall be determined by the Company in general meeting, ***i—*mu^: ' bm^ shall "not be less than 10s. per day for each Director for attendance at each meeting since the incorporation of the Company. r The Company may at any annuai general meeting increase or reduce the number of \ Directors and may also determine in what rotation such increased or reduced number is r, to go out of office. The number of Directors shall be ten until the f statutory meeting when unless otherwise determined at such meeting the number of Directors shalf be reduced to seven. The first Directors of the Company shall be: Messrs. George Vator Pearce, William Brewer, Robert Howard Nolan, John Williamson, Arthur Turner Wills, Robert Bremer, Walter Dutton Powdrell, Daniel John Willi3, Manley Horton Wybourne, and Walter Owen Williams, and they shall hold office' until the statutory meeting of the Shareholders. The promoters of the Company are the said Rjbart Howard Nolan, Arthur Sidney Tonks aud Thomas Thompson and they will decide among themselves as to the proportion in which the fully paid up shares are to be allotted to them under the said Agreement of Sale on account of the purchase money and no other person ba3 any interest in the promotion of the Company. The provisional Directors may reject any application for shares and return application fee without assigning any reason for so doing." In the -event of the minimum subscription of two thousand shares not being allotted within ninety (90 days from the issue of this Prospectus all application moneys will be returned without any deduction whatever. , x • ' The Directors shall not allot to any applicant less than five shares. A dividend at the rate of six pounds £6- per centum per annum is guaranteed by the said Robert Howard Nolan, Arthur Sidney Tonks and Thomas Thompson under the said Agreement of Sale and Purchase for the first year commencing from the date of the statutory meeting on the amount paid up on all shares subscribed prior to such statutory meeting to the holders thereof respectively. The Directors shall give preference for freezing space to all shareholders holding twenty (20) shares or upwards and may give such concessions in freezing charges to all or any shareholders as the Directors may think proper. But the powers hereby conferred shall be exercised with a due regard to the- best interests of the Company. The first meeting of shareholders will be held within one month after the allotment of shares at which meeting seven Directors will be appointed by the Shareholders. The Articles of Association will provide for the annual retirement of at least one Director who may be eligible for re-election. The object in forming the Company is to cope with the extended business the Vendors finding it impossible without additional capital to meet the constant and ever increasing demand for freezing space and to take advantage of supplies offering for sale. The present freezing chamber capacity is 300/350 sheep, (or its equivalent) per day but the machinery is capable of doing 625 sheep per day and it is proposed as a first and paramount essential to double the freezing capacity and to endeavour to arrange means for rapid constant and uninterrupted transit to the Home steamers. To accomplish this it is necessary to secure either a steamship owned by the Company or at least a controlling share in one. In this connection besides commanding the L means of removal of frozen produce, coal and other stores can be got cheaper and the steamer can always be profitably engaged. The saving in fuel alone would be considerable.^ The Vendors had to pay for special trains this last season much more for extra freight than it would have cost per boat. It was imperative to get the goods away and the boats provided could not cope with the traffic; those who had any wool would be only too well aware of this. It is estimated that the additional freezing space, cost of share in steamer with first call and some few enlargements necessary to the increased output will require about six thousand pounds (£6000). It is hoped that the farmers will so appreciate the advantages of having a freezing company in their midst that they will subscribe for all the shares and place the Company in. a commanding position with ample capital for any alteration that may be necessary. It is not contemplated that there will be any likelihood of calling up the whole of the capital. The works are in good working order and complete in all details with the latest machinery and appliances able to cope with a large business. The utilisation of the by-products being a special feature especially the manure. # _. k All the Freezing Works in the Dominion are in a flourishing position, the trade is thoroughly _k established, new markets are being opened and with such a district as Taranaki with its rich fattening lands stretching for miles with good rail and water facilities there is no reason why the Company not be equal in importance to any in New Zealand. A better sits there is not, and it only the united backing of the farmers to support a strong Company of their own controlled and by themselves. Apart altogether from its paying, as a commercial venture the effect v ijn the .stock markets in sustaining prices in the district, and providing an outlet in times of pressure are enormously to the farmers' advantage. With a large output and its own steamer 'or controlling interest in a steamer) it is expected that arrangements can be made to load' the Home steamers off the port and this also would be a considerable advantage. Further particulars and information from W. A. THOMPSON, Secretary (pro tern), Patea.