Page 7 Advertisements Column 2

Poverty Bay Herald, Volume XXXV, Issue 11369, 31 August 1908, Page 7

PROSPECTUS OF THE . . . , . GISBORNE CO-OPERATIVE BAKERY COMPANY LiMITEIJ. A COMPANY INTENDED TO BE INCORPORATED UNDER "THE COMPANIES' ACT. 1903." PROPOSED DIRECTORS: ' A. PJ HAILEY, Baker, Gisborne. HERBERT \^. -WILLIAMS, 'CIerk in Holy Orders, Gisbnrne. H. K. HILL, Land Agent, Gisborne. J. HAROLD KANE, Chemist; Gisborne. G, PALAIRET, Settler, Gisborne; L. REDWARD, Clerk. Gisborne. . J. C. ATCKIN, Accountant, Gisborne. BANKERS: THE BANK OF AUSTRALASIA, at Gisborne. SOLICITORS : REES BROTHERS & BRIGHT, of Gisbome. AUDITOR: ANDREW GRAHAM, of | Gisborne, Accoiwitiint. SECRETARY ;■ AND BROKER: CHRISTOPHER GISBORNE PIESSE, of Gisborne, Accountant. '

■ OBJECTS. ; Tlx©' objects' an<l powers- of the Company are set out in tlie Memorandum of Association, a copy of vrhieh is printed at the end hereof andl forms part of tlie Prospectus. The Company adopts Table A of the "Companies Act, 1903, ■' > exe'ept as adcieU to and modified by "the' Qelieifal' Articles of Association, a. copy . of which is also' printed at trie end' hereof and ■'• forms part of this prospectus. . CAPITAL.- ,; ! V r v The capital of the Compaiiy is £5000, divided into 5000/ Shares of ;£l each. Of the above-mentioned Shares 250 are to be issued and credited as paid up in full in part consideration of the sale to the Company, particulars of which are hereinafter more particularly suet out, 2000 Shares are reserved for subsequent issue for extensions of business, 1 and the remainder, Shares, are offered to the public for subscription payable as follows: — . ' Two shillings per share on application. Three shilMngs per share .on .allotment. And tlie remaining fifteen shillings per share 1 shall be payable in. calls of not more than five "Shillings per share at intervals of not less than one month.' , PURPOSES. The, Company' is being formed for the primary purpose of acquiring as a going concern the Bakery Business now carried on by the vendor, Arthur Percy Hailey, in. Gladstone Road, Gisborne, and of carrying on, consolidating, and extending ; the trade or business j 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 goiiig concern, but not including book and other debts. The prices fixed for such purchase are as follows: — ■■'■■■ ■ ' (a) The sum of £350 for the goodwill of tlie said' business and lease of ; the premises. (b) The value determinable by valu- • ation in the ordinary way of the buildings, stock-in-trade, plant, fittihgs,'" " !; 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 by 250 fully 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 ; of the Company be paid 1 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. It will no doubt interest intending Shareholders to ascertain as , nearly as possible the pTeseht position of the business proposed to be .acquired. , Four and a half years ago Mr Hailey, with little or no capital of his. own commenced business in this town. He commenced in\ a, small /way, arid for. the first year had no shop in connection with his bakehouse. Three and a half years ago he acquired from Mrs Byrne a lease of a quarter-acre section iri Gladstone Road at a rental of £52 per annum. He has sublet for the' reinainder of the term a portion of the section with buildings on such portion at a rental of £58 10s per annum. It will therefore bee seen " xai tine lease of the balance has a very real value, and the, price fixed for the- goodwill cannot be considered excessive. Since entering into possession Mr Hailey has erected on the portion of. the land retained by him a 'substantial brick budlddne^of the approximate valu6 of £500. ile has installed up-to-date bread and cake niaking 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 other businesses in Gisborne. ,v A balance recentlv taken out by a competent accountant shows that after drawing a good income the Vendor's assets exceed his liabilities by approximately £1700. This balance sheet the Directors believe to be correct, and will submit same to Shareholders with fullest confidence, but owing to the fact that Mr Hailey has not kept his books . on . approved lines they can give no guarantee to the Shareholders as to accuracy of the Statement. When it is remembered that the greater part of the time the Vendor was r mining his busines on a credit basis, and that £300, or thereabouts, has been allowed or written- off for bad and. doubtful debts, the position must be considered a highly satisfactory one. Mr Hailey's cash takings average from £200 to £300 a month, &o th.it some idea oan. be formed of the excellent connection which he has worked up. . Tlie 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 aa undertaking to pay the value less the sum of £10 of the 'brick building erected by the Vendor, and also has obtained, by such agreement a first refusal should tlie Lessor be desirous of reletting the premises, and the Vendor undertakes that these benefits shall be extended to the Company. PROSPECTS. Tlie time seems opportune for the formation of this Company. The coupon and cash system lias beon instituted by the bakers of Gisborne, and this method will be adhered to by the Directors so

M. F. BOTJRKE Telephone-No. 69 jyj-ATAWHKRO j^El LMONGERY STRAND PRIVATE HOTEL and AND CAFE WO° L gCOURING GLADSTONE ROAD. , Under New Management. ■PUNCTUALITY and ABSOLUTE ' pASH "OUYKR X CLEANLINESS Our Motto. • Day Boarders — 4s 6d per day. ' ' q]7 Weekly Boarders — £1 per week. For Meals Only — 15s per -week, lA7AAT x ea^ s * or " s - VV UU JJ FIRST-CLASS LUNCH from 12 tin 2. -^ T ,^ ri ,. Ijnir , —„m FISH AND OYSTERS EVERY DAY. gKINS, JJTDES, T ALLOW & F AT. A Special Feature- of Our Business. BRANCHES: DOUGLAjf BROS. WAIROA, X API ETC & WELLINGTON. PROPRIETORS. The above Hotel is centrally situated —. — and within three minutes' walk of Railway Station, Wharf and Post Office. r\ A RNOLD, "VTAS-'WTiR Branches at Auckland, Napier, and <JT. il IVi Hastings. ' 673