Page 9 Advertisements Column 1

Otago Daily Times, Issue 23221, 19 June 1937, Page 9

A copy of this Prospectus' has been filed for registration with the Registrar-General in New South Wales, A copy of this Prospectus has been filed with the Registrar of Companies in South Australia. A copy of this Prospectus has been delivered for registration to the Registrar of Companies in Queensland. A copy of this Prospectus was delivered for registration with the Registrar of Companies at Perth, Western Australia, on the second day of June, 1937. A copy of this Prospectus has been delivered for registration to the Registrar of Companies in New Zealand. . " co V , y this Prospectus has been filed for registration with the Registrar of Companies in Tasmania. The Registrar-General or Registrars of Companies or Registrars (as the case may be) take no responsibility as to the contents of this Prospectus. PROSPECTUS OF rf/L&h&uieA. Lid CHAIN CREDIT Jf S STORES OF AUSTRALIA (A Company incorporated in Canberra in Federal Territory on the 25th day of March, 1937, under Companies Ordinances, 1931.) (A Company called “HIGHGATES LIMITED” was incorporated by the Founder last year in New South Wales and registered in the Commonwealth States and New Zealand to protect the name of “HIGHGATES.” HIGHGATES LIMITED (the new Company) will absorb that Company, the founder of which has been for the past four years making necessary arrangements and doing all the preliminary work to ensure the commencement of the trading operations of the new Company.) NOMINAL CAPITAL £500,000 in 2,000,000 Ordinary Shares of 5/- each. Two hundred thousand shares of this issue have been underwritten by contract hereinafter mentioned. B. 600.000 5/- Shares are being offered for public subscription at par, ' TERMS PER SHARE: 1/- on application. 1/- on allotment. Balance of 3/- in calls of 1/- per share at intervals of not less than two calendar months. (No interest will be allowed on calls paid in advance). 60.000 5/- Shares are to be allotted as fully paid to the Founder, Directors and others, in accordance with Contract hereinafter mentioned. 1.340.000 5/- Shares are held in reserve for future issue as the business expands (of which 50,000 shares are intended for application by employees to give them a financial interest in the Company). Interim Secretary: EDWIN LESLIE MEDLYN, Esq., Accountant, A.P.A. Chambers, Martin Place. Box 14a, G.P.0., Sydney, N.S.W. Joint Brokers: PATRICK R. LEVY and ALLEN, 26 O’Connell Street, Sydney, N.S.W. Members Sydney Stock Exchange. W. J. COWELL, Esq., 35 Grenfell Street, Adelaide, South Australia. Member Adelaide Stock Exchange. In conjunction with: Chas. Diamond, Esq., Member Perth Stock Exchange, A.N.A. House, St. George’s Terrace, Perth, W.A. Provisional Directors: R. C. BRUCE MIDLANE, Esq., Managing Director. Chairman of Directors of Selfridges (A/sia) Ltd. LIGHT, Esq., Governing-Director of M. Light and Son. Ltd., Complete House Furnishers, Newcastle, N.S.W. E. T. M. EDDY, Esq., Chairman of Directors of Eddys Ltd., Short-Term-Credit Retailers, Rundie St., Adelaide, S.A. F. W. HARPER, Esq., Co-Managing Director of Selfridges (A/sia) Ltd. R. PAXTON, Esq., Principal of R. Paxton and Co., Real Estate Agents and Managers, Martin Place, Sydney, N. A. W. LAMBELL, Esq., Co-Managing Director of Selfridges (A/sia) Ltd. H. PHILLIPS, Esq., General Manager of Selfridges (A/sia) Ltd. Alternate-Director: L. G. T. PLOWMAN, Esq. Allen, Allen & Hemsley, Solicitors, Sydney, N.S.W. Solicitors: ALLEN, ALLEN & HEMSLEY, A.P.A. Chambers, Martin Place, Sydney, N.S.W., Australia. MENTEATH, WARD & EVANS-SCOTT, Ballance Street, Wellington, New Zealand. Auditors: YARWOOD, VANE & CO. with G. MASON ALLARD, 28 O’Connell Street, Sydney, N.S.W; CLARKE, MENZIES, GRIFFIN & CO., 102 Featherston St., Wellington, N.Z. Bankers: COMMERCIAL BANK OF AUSTRALIA LTD., Sydney, N.S.W. London Office: EMPIRE HOUSE, ST. MARTIN LE GRAND, LONDON, E.C.I. Representative in New Zealand: W. H. NANKERVIS, Esq., F.P.A.N.Z., Union Bank Chambers, Featherston St., Wellington* C.l, New Zealand. Pounder: E. C. BRUCE MIDLANE, Esq., Sydney, N.S.W, Box 14a, G.P.O. OBJECTS The Company is being formed amongst other things with the objective of establishing a large scale retail chain credit merchandising organisation throughout Australia, and for the objects set out in the Memorandum of Association of the Company. The Company, in its proposed modern stores, will provide similar facilities and display methods as at present in evidence in the leading retail credit merchandising businesses in Great Britain, the Continent and America, PROSPECTS The facts in favour of chain stores and credit trading would fill volumes. HIGHGATES LTD. intend to combine and elaborate these systems of trading, at the same time incorporating the most modern methods and many new features. The success of chain stores needs little comment, as the results of such concerns as Woolworths, Coles, Selfridges and others are well known to the investing public. There are also numerous examples in Australia of the success of credit trading, but in most cases the retail credit businesses specialise in only a limited variety of articles, e.g., motor cars, house furnishings, etc., or the business is done by the co-operation of the retail store and a separate Cash Order Company. The large majority of the prosperous businesses to-day use some form of credit, but the combination of the general merchandise store and the short term controlled credit chain store offers enormous possibilities. One highly prosperous Company of this kind in Australia controls no less than 35 credit stores, and in the last three years has aggregated over £167,000 gross profit and £112,000 net profit on a capital of £372,000. Apart from that there is little competition, and the prospects of a Company such as this should be enormous. This business will differ from the usual chain store business in that the chain stores such as those mentioned above deal for cash only, and in small variety goods. HIGHGATES LTD. will be dealing in all classes of general merchandise, including general apparel for men and women, girls and boys, house furnishings, etc., and almost exclusively on credit. It will differ from most of the credit retail concerns now operating in Australia because they deal mostly in the more expensive type of goods such as furniture, wireless, etc., on long term credit. Though HIGHGATES LTD. will sell this type of merchandise they will more particularly specialise in the sale of the smaller variety of general merchandise on short term credit, the aim of the Directors being to have a large number of small accounts repayable in about 20 weeks, instead of a few large accounts repayable in two years or more. Lastly, it will differ from the majority of Cash Order Companies in that they do not sell the goods which their orders purchase, and therefore they have no security over the articles bought. HIGHGATES LTD. will operate their own credit system for the purchase by the public of their own goods in any of their chain of stores, and they will retain the right to repossess the goods purchased. Outside Australia there are numerous examples of the success of this form of trading. One is in New Zealand where a Retail Credit Merchandising Organisation established only 20 years and operating mainly in the North Island (with a population of approximately one million people) had an aggregate turnover for their last three years of trading of £4,500,000, and pays regular dividends. Consider this turnover in relation to the possibilities of a similar organisation operating in Australia with a population of seven million people. Intending investors will also be interested to know that the leading large retail credit-Merchandising and mail-order companies of the world offer the whole of their enormous stocks of merchandise on the Payment - out -of - Income System. This method is so much in evidence, as the most up-to-date system that in U.S.A. it is now offered by the large mail order companies to 120,000,000 people spread throughout that enormous continent (no matter how inaccessible they are), proving conclusively that the system is a definite success. ■ The turnover of two only of these enormous mail-order short-term credit businesses (Montgomery-Ward of Baltimore, U.S.A., and Sears Roebuck & Co., Philadelphia, U.S.A.), using this most up-to-date system, aggregated over $890,000,000 (£225,000,000) during the twelve months ending December, 1936. Yet another example is Messrs. John Blundell Ltd., of London, whoso balancesheet for 1936 has just been received. This retail credit firm has branches in London, Birmingham, Rochester, Southampton, Southsea, Plymouth and Bristol, and last year made a net profit of £80,042 on an issued capital of £475,300. CREDIT TRADE To show the extent of the expansion of credit trade, the Cunard Steamship Company now advertise Overseas passages on deferred payment. In fact, the system of deferred payment is now so popular throughout the world that it has been applied to almost all kinds of business, and is now being introduced • into several professions, THE “HIGHGATE” SHORT-TERM CONTROLLED-CREDIT SYSTEM (a) The system is simple and attractive to the Public. Each purchase is payable over a short term (approximately twenty weeks). (b) As accounts are partially paid off, other goods can be purchased. (c) The trading will be progressive, continuous and on a sound basis. (d) The Company will benefit by a large number of small secured accounts as contrasted with a small number of large open accounts. The risk to the Company will be spread, limited and controlled. The greater the number of customers the greater will be the recommendation, with consequent increased turnover, buying power, cheaper selling prices, and larger net profits. (e) The customers of the Company will sign short-term payment agreements and deliveries will be made to only APPROVED CREDIT ACCOUNTS. (f) The Company will also sell for cash. (g) The increasing turnover and the opening of new stores will augment the buying power and keep the merchandise fresh and up-to-date. (h) The Company may engage in other remunerative payment-out-o£-incomc business. (i) The business will cater for that groat majority of the population which prefers credit facilities. The Company will also conduct the “Highgatc” Credit system, which will be advertised extensively when the Company commences to trade, but will not be prematurely disclosed. This system is the very latest method in credit merchandising used overseas, and is not yet in operation in Australia. It will prove a boon to the public and a safe method of ensuring profitable and perpetual trade for the Company. The “Highgate” form of short-term credit, by its simple operation, ensures a continuous clientele and progressive sales for the Company on a minimum cost. cH] This Company will he in a different ftp IJfS category from those trading in Long■R term hire-purchase of high-priced gill Wtj luxury articles, or those who do not cm stock general merchandise. Iff THE COMPANY’S TRADING POLICY AND OPPORTUNITY (a) There is undoubtedly a splendid and growing opportunity throughout Australia for the specialising in short-term-credit business of the Company. Forty towns in Australia have sufficient population to carry a Highgate Credit Store. There has been an enormous increase in all forhis of credit business all over the world within the last ten years, and it is increasing every year. Today it is a demand on the part of the purchasing public for what is regarded as a necessary convenience. (b) The'Company will trade in all general merchandise including every-day-wanted personal goods and fashionable and standardised apparel from the leading manufacturers in Australia and Overseas, for men and women, girls and boys, also modern furniture by leading Australian craftsmen and the smartest interior furnishings and household requirements. (c) The Company will conform its trading policy to the opportunities arising from the declared progressive home building policies of the Governments in Australia. (d) Any honest person in permanent employment, arid any member of a household with good recommendation, will be able to open a short term Highgate credit account and pay in convenient weekly amounts as income is earned. (e) The convenience of the Highgate credit plan cannot be exaggerated. The public can better afford to pay as they already do for their homes and life assurance, as income is earned, (f) The Company will NOT particularly specialise in highly priced luxury articles that are sold with small profit ratios, heavy liability on the purchasers, and little repetition of business. (g) The credit system to be employed by this Company is in its infancy in Australia, but is strongly established and very successful in the large cities of the world. The limited operations in Australia have, however, proved most profitable and given very lucrative returns to the shareholders. “CREDIT ... to whom credit is due" (COMPANY’S SLOGAN) This Company is in no 9 way connected with any other chain store or other company in Australia. The business is distinct from, and will not compete with, the usual variety cash chain stores, as its trading will be mainly the sale of general merchandise on short-term-controlled-credit. FAVOURABLE TRADING COMPARISONS (a) Under the Highgatc selling system the customers shop in one Emporium and need not make various tiresome journeys for their requirements. As their weekly payments are made, fresh opportunities are at once presented for further purchases from the up-to-date stocks of the Company. (b) Under the lay-by system the customer makes continuous payments but receives no interest. This system is also disadvantageous to the in that he or she has to wait for periods of varying duration before obtaining possession of the goods purchased. The Highgate system of Paymcnt-out-of-Income permits the customers to take delivery of new goods as soon as the credit account is established. (c) Compare the element of risk in longterm hire purchase with the short-term-credit policy of HIGHGATES LTD.! One £IOO order on long terms with twenty £5 orders on short-term-credit, where the credit is spread twenty times. IMPORTANT BUYING FACILITIES Wjth its uniform Payment-out-of-Income principle and Administrative Policy and large-stale buying facilities, HIGHGATES LTD. will be in a position to offer the public excellent merchandise at prices comparing favourably with its competitors. SUPPORT OF SECONDARY INDUSTRIES IN AUSTRALIA AND EMPIRE-MADE GOODS The Company will conform its merchandise policy to co-operate with manufacturers in the distribution of distinctive quality merchandise manufactured by the secondary industries in Australia, and will particularly specialise in goods made within the British Empire. MAIL ORDER BUSINESS The Directors have made exhaustive inquiry into successful Mail Order business in various Overseas countries, with a view to conducting an intensive Mail Order business from the Headquarters Store of the Company. ESTABLISHMENT OF STORES It is proposed to open the Headquarters Store of the Company in the heart of the shopping centre of Sydney. When this is established the capital will be increased as required for the development of a chain of capital city credit merchandising stores throughout Australia extending in due course to other important centres. Negotiations are under way for an excellent site in Sydney, and the Directors will proceed with the establishment of the Headquarters Store as soon as the Company goes to allotment. PROFITS, DIVIDENDS AND VALUE OF SHARES The facilities HIGHGATES LIMITED will offer should quickly establish the Company, and the Directors are confident that the business will rapidly obtain a very substantial turnover. The profits anticipated should result in good dividends being available, which, of course, in turn, will favourably reflect in the value of the Company’s shares. APPROPRIATION OF CAPITAL The Directors have gone very fully into the Capital requirements of the Company, and are satisfied that the sum of £150,000 is ample to establish the parent store of the Company in Sydney and to provide working capital for its credit operations. It is impossible -to give detail expenditure until the negotiations regarding the site of the parent store of the Company are completed. MANAGEMENT The Company will have the benefit of the services of Mr. E. C. Bruce Midlane, who will be appointed Managing Director of the Company. Mr. Midlane holds a prominent position in trade in Australia and New Zealand, and has resigned his association with wholesale trade to control the business of HIGHGATES LTD. He will bring to the Company a vast business experience, with a personal knowledge of the world markets, gained from thirty years’ trade connections and four extensive buying trips abroad. He has been a managing director for over twenty years in Australia, and has a personal connection with several of the largest manufacturers in the world. He enjoys the confidence of everyone who knows him, and will bring to the Company a progressive personality for the building of a large and successful business. The other proposed Directors are all wellknown men with extensive business experience, particularly in the type of business to be carried on by this Company. The Directorate has been formed having regard to the present duties of the Directors and to the local and oversea interests of the Company. It is anticipated that a quorum will always be available in Sydney and Directors on other duties or absent in world markets will be represented by the alternate Director, The British and Continental shipping for the Company will be conducted by a resident in London with 25 years’ experience of the Australian Market. DIRECTORS’ FEES The Directors will limit their fees to one hundred pounds per annum each, unless increased by shareholders at Annual Meetings. NEW ZEALAND The question of extending the Company’s operations to New Zealand will be at the discretion of the Directors. LISTING ON STOCK EXCHANGES The Directors will apply to the Stock Exchanges of Australia to have the shares of the Company listed, and the Memorandum and Articles of Association have been compiled to comply with the usual Stock Exchange requirements. PRELIMINARY EXPENSES The Company shall, out of its funds, pay all expenses in connection with the incorporation and establishment of the Company and negotiations for and preparation and execution of all contracts and all other matters in relation or incidental to the Company. BROKERAGE The Company will pay commission of 3d. per share to the Company’s joint Brokers on all shares allotted, out of which they will pay brokerage of 2d. per share to any member of a recognised Stock Exchange or to any recognised agent of the Company on all shares applied for and allotted on applications identified as coming through them. DENOMINATION OF SHARES The shares are of 5/- denomination to give the general public of Australia the opportunity of acquiring a holding in the Company at par, and of becoming share-holder-customers of the business. Largo investors are given equal opportunity for securing their requirements in the Company. Under present day company share capital finance, there is a growing tendency to issue shares with a par denomination of 5/-, and for the reasons outlined HIGHGATES LIMITED is following this procedure. APPLICATION FOR SHARES Application for shares should be made on the enclosed form and forwarded as directed thereon, together with a cheque for the amount of the application money. Distant applications should be made by letergram, telegram, wireless or cable addressed to “Highgates,” Sydney, or to either of the Company’s Brokers, and such applications should be confirmed by very first mail. The subscription list will be closed as soon as the Issued Capital is subscribed, or at the discretion of the Directors, at any time after the minimum capital is subscribed. ALLOTMENT The minimum subscription upon which the Company may proceed to allotment is 400,000 shares, which, in the opinion of the Directors, will suffice to proceed with the main store of the Company in Sydney. In the event of the Company going to allotment with less than 600,000, shares subscribed, the number of shares to be issued to the Founder Directors and others shall be reduced to 40,000 in accordance with the terms of the Contract set out herein. In the event of over-subscription the shares may be allotted pro rata or at the discretion of the Directors. Should the shares applied for exceed the number allotted, the surplus application moneys will be credited to the applicant in reduction of the amount payable on allotment. If no allotment be made to an applicant the application moneys or deposits will be returned without deduction. The Directors reserve the right to refuse any application or applications for shares. GENERAL The foundation is being laid for a big business. The' Headquarters Stores of the Company in Sydney, N.S.W., will be opened as quickly as possible. All the world’s markets are being further investigated to amplify existing oversea arrangements for a continuous supply of the very latest and best selling merchandise, and whenever possible, exclusive selling arrangements will he Nil. £2,50* £s,o*# Nil. £22,509 Nil. completed, in all classes of merchandise, for HIGHGATES LTD. With the proposed Directorate and expert management of all departments of the business, shareholders should be able to look forward to a highly remunerative investment. ADDITIONAL MATTERS REQUIRED TO UK STATED BY THE COMPANY LAW OF TUB COUNTRIES IN WHICH THIS PROSPECTUS 18 ISSUED. 1. The contents of the Memorandum are herein set forth. 2. The number of Founder’s shares Is hereinafter mentioned. 3. (a) The number of shares to be fined by th* Articles of Association of the Company as th* qualification of a Director is 2,000 shares of 6/each on which there D no payment in arrear. (b) The Articles will contain the following provisions for remuneration of Directors: — 78. Subject as hereinafter provided the • Directors and the alternate Director horelnbefor* mentioned shall be paid out of the fund* of the Company by way of remuneration for their services such sum as the Company in General Meeting may from time to time determine and such remuneration shall not be increased except at a General Meeting. Tho Directors as a Board shall not be paid os part or tho whole of (heir remuneration a commission on or a percentage of the profits. Provided always that until otherwise determined by the Company In General Meeting tho remuneration of the Directors (other than a Managing Director) and tho said alternate Director shall be such sum as the Directors may determine but not exceeding £IOO per annum. 79. The Directors shall be paid all their travelling, and other expenses properly and necessailly expended by them in and about the business i? the. Company and If any Director should be :c----quired to perform extra services or go or reside abroad or shall otherwise ho specially occupied about tho Company's business he shall be entitled to receive a remuneration of a fixed sum of money to be fixed by the Board or at the option of such Director by the bompany in General Meeting in addition to the remuneration provided in the last preceding Article. For the purpose of this and the preceding Article the alternate Director hereinbefore mentioned shall be deemed to bo a Director. 4. The names, descriptions and addressee of Directors are hereinbefore set forth. 6. The names, descriptions and addresses of the Secretary and Solicitors are hereinbefore set forth. 6. (a) Tho minimum amount which in the opinion of the Directors must be raised by the issue of shares offered to the public for subscription in order to provide the sums required to be provided in respect of each of the succeeding matters is as follows; (1) For the purchase of any property purchased or to be purchased which Is to be defrayed in whole or in part out of the proceeds of such issue .. .. (li) Preliminary expenses payable by the Company, including legal expenses, stamp duty. registration and printing, estimated at .. (ill) Brokerage or commission payable to any person In consideration of his agreeing to subscribe for or of his procuring or agreeing to procure subscriptions for any shares in the Company 1 .. /. (Iv) Repayment of any moneys borrowed by the Company in respect of any of the foregoing matters (v) Working capital (b) The amount to be provided In respect of the foregoing .matters other than out of the proceeds of lhe issue is .. ~ 7. The amount payable on application and allotment is hereinbefore' stated. This .is the first offer of shares. 8. No shares bb debentures have been Issued or agreed to be issued within the two preceding years, except Founder’s and other shares as hereinafter stated. ~ 5. There is no contract with any vendor or intending vendor of any property purchased or acquired or proposed to be purchatcd or acquired by the Company. 10. No amount is payable as purchase, money on such contracts in cash or debentures, • uml nothing Is payable for good-will. 11. No amount has been paid or is payable within the two preceding years ns commission fur subscribing or agreeing to subscribe or procuring or agreeing to procure subscriptions for any shares In or debentures of the Company except brokerage and commission on this issue as hereinbefore stated. 12. The {otal estimated maximum amount of preliminary expenses, including brokerage commlsslon and underwriting fees, advertising, printing, etc., is £IO.OOO. • , ■ 13. No amount ha* been paid within the two preceding years or is Intended to be paid to any promoter except as set out in clause 14 hereof. 14. Material particulars of ail contracts are set out hereunder. No Contracts have been entered into more than two years before the date of issue of this Prospectus. Agreement dated 11th March, 1937, the Founder, Ernest Christopher Bruce Midlane with Edward John Culey as Trustee for the Company concerning the issue to the Founder of 45,760 (subject to reduction as hereinafter mentioned) 6/- shares for the consideration of the name of “Highgates Limited”' and ■ the trading rights attached thereto and the benefit of preliminary arrangements, negotiations, business sites, and other matters and things entered Into or dealt with by the Founder In connection with tho proposed business of the! Company before incorporation. Agreement dated 11th March, 1937, Ernest Christopher Bruce Midlane (on behalf of the persons undermentioned) with Edward John Culey as Trustee for the Company concerning the issue of 14,260 (subject to reduction ,a» hereinafter mentioned) 6/- shares in consideration of the business experience offered to this Company and of services rendered for the benefit of the Company before incorporation, of which shares the said Edmund Thojiias Mills Eddy, Francis William Harper. Bertram Light, Arthur William Lambell and Herbert Philips, or their nominees, are each to receive 2,250 shares and the said Robert Paxton 3,000 shares. Letter of Modification of the above (two Agreements dated the 17th May, 1937, signed by the said Ernest Christopher Bruce Midlane. The share consideration in tho above-men-tioned Agreements as modified by the said letter is subject to reduction to an aggregate of 40,000 shares until tho subscribed, capita) f reaches 600,000 shares, and to an Increase at the rate of 10% of additional subscribed capital after the subscribed capita! exceeds 600,000 shares, but not exceeding an aggregate of 80,000 shares. NOTE: No special rights or privileges in the property of tho Company are to be attached to any of the above-mentioned shares. No monetary consideration is being paid by the Company except refund of preliminary expenses. Agreement dated 28th April, 1937—W. J. Cowell, Esq., and Messrs. Patrick R. Levy and Allen with the Company underwriting: 200,000 ■shares. A copy of the above-mentioned Contracts and Letter of Modification may be Inspected at the office of— . Messrs. Alien, Allen & Hemsley, Solicitors, Martin Place, Sydney. New South Wales. Messrs. Feez, Ruthning * Co., Solicitors, Queen Bt,, Brisbane, Queensland. Messrs. Fisher, Jeffries, Brebner & Taylor, Solicitors, Plrle St., Adelaide, South Australia. Messrs. Maleson, Stewart, Staweil & Nankivell. Solicitors, 349 Collins St., Melbourne. Victoria. Messrs. Packer & Parker, Solicitors, 21 Howard St., Perth, Western Australia, Messrs. Simmons, Wolfhagen, Simmons & Welch, Solicitors, 86 Collins St., Hobart. Tasmania. Messrs. Menteath, Ward & Bvans-Scott, Solicitors, Ballance St„ Wellington, New Zealand. 16. The names and addresses of tho Auditors are hereinbefore stated. 16. The Directors are interested In the promotion of tho Company to the extent that they conceived the idea of the Company and/or have carried out preliminary work to satisfy themselves that the business la available to the Company, and have sold the scheme to the Company for the share consideration disclosed by the said Contracts. 17. There is only one class of shares. Nevertheless tho Company has power to divide th» capital Into different classes of shares. 18. The Company has not yet carried on business. nor has it contracted to acquire any existing business. 19. The Company has not established a 'place nt business In any of the States of the Commonwealth of Australia or in New Zealand. This Prospectus Is dated tho third day of June, 1937. APPLICATION FOR SHARES The Directors, HIGHGATES LIMITED. 6a 1/We 'hereby apply for shares of 5/- each in the capital of the abovenamed Company upon the terms of the Company’s Prospectus dated 3rd June, 1937, which is the sole basis of my/our application for shares. I/We hereby agree to accept the same or such smaller number of shares as may be allotted to me/us, arid I/we authorise you to register me/us as the holder of such shares. . I/We enclose herewith £ ( ), being 1/per share on application and I/we agree to pay 1/- per share on allotment, and to pay the balance in calls of 1/- per share at intervals of not less than two calendar months from the date of allotment, and to be bound by the Memorandum and Articles of Association of the Company. NAME (in full) vADDRESS (in full) PROFESSION or OCCUPATION Ordinary signature ... DATE N.B. AH cheques to be marked “NOT NEGOTIABLE” and to be made payable to the order of HIGHGATES LTD. and forwarded to the Interim Secretary of the J Company or to, either of the Company’s Brokers. j Please add exchange to Country and Interstate cheques.