Page 3 Advertisements Column 7

Manawatu Times, Volume XXVI, Issue 7275, 27 August 1901, Page 3

PROSPECTU OF Abraham and Williams, LIMITED. A COMPANY TO BE INCORPORATED U_;_,__B "THE JOINT STOCK COMPANIES ACT, 1882." SHARE CAPITAL (with power to increase) £60,000 DIVIDED into 12,000 Shares of £5 each, of which the Vendors retain 6000 fully paid-up.' Of the balance 2000, to.be called the " A " issue, shall be payable by £2 10s on application and £2 10s on allotment, and 4000, to be called tho " B " issue, shall bo payable by os on application, 5s on allotment, and the balance by calls not exceeding 5s each at intervals of not less than six months, as required, The full amount ot t1 - "A" issue available has been fully ; . .scribed since issue of Interim Prospectus. Promoters: ALLAN STRANG, Palmerston North. A. ACHESON>GRAY, Pohangina. JOHN COTTER, Wairarapa. D. MONRAD, Karere. CHAS. E. BEET HAM, Pahiatua. A. L. D. SHEKELTON, Pahiatua, ROBT. STEVENS Palmerston North. J.I. N. MACKIE, Kumeroa. E. J. "WILDE, Marton, F. S. McRAE, Palmerston North. J. R. McDONALD, Levin. HODGINS BROS., Tane. E. L. ANDERSON, Malum. B. THOMPSON, Nikau. D. H. JENKINS, Ohau. R. E. YOUNG, Colyton. L. A. ABRAHAM, Palmerston North. R- S. ABRAHAM, Palmerston North. O. H. PORRITT, Palmerston North. O. C. COOPER, Pahiatua, Bankers: THE BANK OF NEW ZEALAND. I Secretary, pro tern.P. L. SIM. Brokers: JOHNSTON & SIM, Palmerston North, Application Forms for Shares can be obtained from the following:—. BARRAUD & ABRAHAM, Feilding. BAKE AUD & ABRAHAM, Danevirke. BRAMWELL & WILSON, Colyton. K. McLENNAN, Woodville. C. K. WILSON, Levin. G. H. HARPER, Otaki. Solicitors : HANKINS & LOUGHNAN. The Company is being promoted for tbe purpose of purchasing, taking over, and carrying on as a going concern and upon co-operative principles, the business of Stock, Station and General Commission and Financial Agents now being carried on at Palmerston North, Colyton, Pohangina, Shannon, Levin, Otaki, Manakau, Johnsonville, Wood~ ville, Danevirke and Pahiatua by Messrs R. S. Abraham, O. H. Porritt and O. C. Cooper, under the style or firm of "Abraham & Williams." The Vendors agree to sell aud transfer to the Company the goodwill and all the assets belonging and appertaining to their business, and to accept in full payment therefor 6000 fully paid-up Shares of Five Pounds each in the pronosed Company, the Company taking over all the trade liabilities, contingent or otherwise, of the Vendors. The Vendors further agree to manage the business of the Company for five years at low fixed salarips, and during that period they personally guarantee a dividend of Six Pounds per centum per annum, payable half-yearly, upon the paid-up capital of the Company contributed by the shareholders other,than themselves. They undertake during the same period not to sell without the consent of the Directors any of the shares allotted to them in the Company. The Vendors also guarantee the due payment of all current bills taken over by the Company from them and all book debts which the Company may consider bad or doubtful. It is not the intention of the promoters to place all the shares upon the market at one time. They propose to reserve a proportion of the shares until the anticipated increase and development of the business renders it desirable to introduce fresh capital. The A issue of fully paid-up shares is provided to suit tbe convenience of shareholders who may wish to liquidate the [entire liability on their shares at once. It is anticipated that not more than Twenty* five Shillings will be required to be called up on the B issue of shares, nit eluding the specified payments on application and allotment. Careful independent valuations have beGn prepared of all the landed properties of the nrm ; consisting of yards at their various centres, and other freehold and leasehold properties, which, in the aggregate, amount to over Sixteen Thousand Pounds, Sterling ; full particulars of which can be obtained at the firm's offices, or from the Brokers, Johnston & Sim, Palmerston North. Any reference regarding the standing of the Firm can be obtained from any branch of the Bank of New Zealand. In presenting this Prospectus the Promoters feel coniident that the following considerations go far towards insuring the success of the Company : — FlßSTLY—Co>operation being the main feature of the Company, it is anticipated and greatly to be desired that tho bulk of tho Shares will be taken up by farmers, pastoralists and stock owners. Apart from the direct benefit which these Shareholders will derive from the payment of dividends, provision will be mude in the Articles of Association for the distribution of a proportion of the profits of the Company amongst Shareholders pro rata upon the amount of business actually contributed by them to the Company. Such inducement to a large body of stock owners to deal with the Company must result in a great increase of business. SECONDLY—The Vendors are offering exceptionally liberal terms, as they are taking no cash payment, are relying entirely upon the success of the Company for the return of their capital, and are guaranteeing a Six per cent. Dividend upon paid-up capital for five years. They are doubtless doing this upon the returns of the business in the past. THIRDLY —In securing the services as General Manager of Mr R. S. Abraham, who has been the head of the present firm from the inauguration of the said business to the present time, and the services as Managers of Messrs Porritt and Cooper, who have been associated with Mr Abraham during the last three years, the Company obtains a guarantee that the business will be conducted on souud and successful business lines. FOURTHLY—The present business, which it is well known, started from a small beginning, has gradually increased until it now practically monopolises the whole stock business of the immediate district. It may be safely expected that the result of employing the fresh capital in developing this business under the same management and upon the broader and more solid foundation of a large reserve capital aud upon co-oporation principles, will be to greatly increase the profits, FIFTHLY—The amount of the nominal capital has been mad sufficiently large to enable the absorption if thought desirable at any future time, of other businesses of a similar description to the present one in other parts of the district and in other districts, aud otherwise to supply the wants and conserve the interests of farmers and pastoralists upon truly co-operative linesSIXTHLY—The success of similar Companies, such as Williams and Kettle, in Hawke's Bay, whose shares are unobtainable, and the Canterbury Farmers' Co-operative Association, who haye just placed a new issue of .hares upon the market at a premium of five shillings, shows that business of the kind contemplated can be successfully carried on upon purely co-operative principles, U.F.C.A. ANNUAL BALANCE, 1901. Q HAREHOLDERS are requested | JO to return all coupons received l with cash purohasos to any of tbe Branches of the Association on or before the 31sfc August, 1.01. CHARLES E. DEMPSEY, Secretary. MANAWATU DAILY TIMES. ! QUBSGRIBERS will oblige by kJ notifying the publishing office of any irregularity in the delivery of the paper, when prompt steps will be taken to remove any cause for pomplaini