DEBENTURES

Greymouth Evening Star, 29 June 1921, Page 2

DEBENTURES

GISBORNE SHEEPFARMERS’ CO.

The public have already shown their faith in the farmers and in farmers’ trading ftmeerns, and it has been proved that there is plenty of money in the country ready to be lent where it will do most good. Therefore considerable interest is attached to the announcement in this issue, of the issue of Tg per cent. Ten-year Mortgage Debentures by the Gisborne Sheepfarmers’ Frozen Meat and Mercantile Co., Ltd. This concern is the pioneer farmers’ company in Poverty Bay, Having been established nineteen years, ago. The additional capital is required to finance its present and future expansion the company having acquired the Tokomaru Sheepfarmers’ Freezing Company, Ltd., and the Gisborne Farmers’ Co-operative Company, Ltd. The striking feature of the prospectus is the fact that the £300,000 Debenture Issue is secured by first mortgage of properties and plant valued at°£615,263. The company is not at liberty to create any mortgage 01 charge ranking in priority to or parr passu with the debenture-holders security over the said properties. It will therefore be seen that the security amounts to over £2 for every invited from investors. The debentures are in deno P^ - tions of £5O, £lOO, £5OO, and £lOOO the currency being for ten years fron 31st August, 1921. Interest at the rate of 71 per cent, per annum will be paid half-yearly free of Debentine Tax. Both the debentures and the interest coupons are to bearer, and are readily transferable. Applicants may pay for the debentures in full or in instalments. . „ The Comp’any was formed in 19U2, and although its chief aim has been to safeguard producers inter rather than make profits, its avc ™£° rate of dividend has been 6g per cent It has distributed £174.795 among shareholders, rebates »monnt,„g to £100,527. and the sum of £l2O, 01 reserves is now to be distributed a. main business is concerned with the killing amil free/-; ing of meat, and it operates on cheats account only. From the pom.of vi*w of killing and storage 1 s plant is one of the largest 111 New Zealand The Haiti (Gisborne) works will ’store 422.000 freight carcases, the T knXu Bay Works 135.000 and the Hick’s Bay Works 60.000. The kHings at the Haiti works revea the consistent growth of the company the carcases put through being as 0 10 1904-5, 191.791 carcases; 1909-10, 344,039 carcases. icHQ 90 1914-16, 381,820 carcases; 1919 2U 474,978 carcases. The company has 1600 shareholders and it employ 7 »? seven or eight months of the je.r. It is welt known that the K<_ Coast districts which are served by this company are of tremendous pot tn • i i+i. Tlwv have a great iutur tral wealth, liny , in 1 t .... them The number of sheep in before t • r pj exports that region is 2,88 b ine 1 lowing quinquennial peiiods s 10

Altogether, the soundness ot rm™ district and positmn «f Gisborne scheme Company, make hl \^'^ ti Stion. wort h.v of J3f The interest is tho securl Ty. years is assuicu, is solid. ATessrs F. B. The directors arc. M * ss A lark y. Barker. A. J. Uameion, J. Cl a^ t ’ our> Hall, H V m i a ;;?r T DY Nolan, G. It. lUnoWs. and H. W>ltamj. oM „i„od locally horn the k ; Zealand or ""U"X Exchange I . C 1 O,scLpany's office, G«h° rne -

'-V A 1916-1920 1911-191’ 1906-1910 1901-1905 £2,144.566 ‘ ’ £1.375.145 £992.554 '' ‘. £512,749 > . c +11