Page 7 Advertisements Column 1

Poverty Bay Herald, Volume XXXV, Issue 11371, 2 September 1908, Page 7

« STRAND PRIVATE HOTEL • T)UNCTUALITY and ABSOLUTE JL CLEANLINESS Our Motto. For Meals Only— lss per week FIRST-CLASS LUNCH from 12 till 2. FISH AND OYSTERS EVERY DAY. ! A Special Feature of Our Business. DONTi WASTE! MONEY DOUGLAS BROS. On a long-time payment and a long price, PROPRTJETORS. but buy the Light-running Tha aboye £ o tel ia centrally situated "rVRW TTOMTP, SEWING m d within three minutes' walk of Rail-. UJTJ VW JLTA^mJCJ MACHINE way Station, Wharf and Post Office. In Hand and Treadle. "• Branches at Auckland, Napier, and Tho World's Greatest Sewing Machine. Hastings. *. 673 REASONABLE IN PRICE. — ' . , ' . „ 01 . ' _, . , . A N old and tried friend !— feharlaud s Terms by arrangement. .. .^ Moa Brand Egg Preservative. It Send for Catalogue. ha^ tood the test o{ At all stores. Sole Agency '.. ..."..J. H. GITTOS, g ee that the full name is oil tlielabel. ' London Piano and Music House. _ PROSPECTUS , OF THE GISBORNE co-operative BAKERY COMPANY LIMITED. A COMPANY' TNTJSNDED TO BE INCORPORATED UNDER. "THE COMv:--: ( v PAJSIIES* ACT. 1903." ;^V\; V PROPOSED DmECTORS : ,r - A. P. HAJLEY, Baker, Gisborne. v IL- "..".•■ ■ X HERBERT W. WiLLLIAMS, Clerk m Holy Orders, Gisborne. T- H. E. HILL, Land Agent, Gisborne. '' j. HAROLD KANE, Chemist, Gisborne. . . ■.■>- : '.-;;; G. PALATRET, Settler, Gisborne. }. HEDWARD, Clerk. Gdsborne. . - . ' - *- ■ 'r': ?■-, ■■-,# i -* J. C: AICKIN, Accountant, Gisborne. . . BANKERS: THE BANK OF AUSTRALASIA, at Gisborne. -.*.-.. SOLICITORS: REES BROTHERS ;& BRIGHT, of Gisborne. ■'•'*:■' ."■ AUDITOR: V ;' ANDREW GRAHAM; of Gisborne, Awxwantant. SECRETARY AND BROKER : CHRISTOPHER GISBORNE PIESSE, of Gisborne, Accountant.

OBJECTS. '.'..'■ The objects and powers of the Company are set but m, the Memorandum of Association, a- copy of which is printed at the end hereof and forms part of the Prospectus. . The-" Company ."adopts Table A of the. "Companies Act, 1903," except as added to and; modified by. the General Articles of Association, a copy of which is alsb printed at the end hereof and . forms part of this prospectus. CAPITAL. *; The capital of the Company is £5000, divided into 5000 Shares of £1 each.. Of the above-mentioned Shares 250 are to be issued and credited aa paid up m full m part consideration of the sale to the Company, particulars of whifch are ; hereinafter more •particularly . set out, 2000 Shares aTe reserved for subsequent issue for extensions of business, and the remainder, 2750 Shares, are offered to the public for subscription payable as follows: — ■".'.". Two shillings per share on application. Three shillings per share on allotment. And the remaining fifteen shillings per share shall be payable m calls of not . than .five shillings per share at :. intervals of not less than one month. S " 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, m Gladstone Road, Gisborne, and ol carrying on, consolidating, and. extending the trade or businesSj and of i carrying out tl*e 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 some- i times called "the Vendor") to purchase < the business as a going concern, but not including book and other debts. Tlie prices fixed for such purchase are as follows : — (a) The sum of £350 for the goodwill of the said business and lease of the premises. s\b) The value determinable by valuation m the ordinary way of the buildings, stock-in-trade, plant, fittings, machinery, furniture, goods; chattels, and effects of the said business m, upon, or about " the premises or used' by the Vendor m 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 m ■ the capital of the Company. (b) £750 by debentures repayable/ m: three years, and carrying interest at the" rate of £5 peT cent per annum. (c) The balance may at the option of of the Company be paid 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 m cash, v BUSINESS, It will no doubt interest intendingShareholders to ascertain as nearly as possible the present 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 m this town. He commenced m a small way, and forTthe first year had no shop m connection with his bakehouse. Three and a half years ago he acquired from Mrs Byrne a lease of a quarter-acre . section m Gladstone Road at a rental of £52 per, annum. He lias sublet for the reinaindeir of the. term' a: portion of the "section ■with, .Tauiluings on such portion at a.ferital.of; £58 10s per ¥ annutn. It >vill therefore bee seen that the 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 building of the approximate value of £500. He has installed up-to-date bread and cake making machinery, and generally has acquired a thoroughly • efficient plant. The Directors wp'ulpl.. call special attention £o the machinery which has been installed by Mr Hailey. This is of the latest pattern, arid "gives the business proposed to be acquired advantages not enjoyed by other businesses m Gisborne. A balance recently taken out by a coin- *• petent 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 M r Hailey. -has not kept his. books on approved linos they can give no guarantee to ttie Shareholder as to accuracy ,'of ' tho Statement. . When it is rem&nbcrodthat the greater part of the' iinie the Vendor was running 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 Hailcv's cash takings average from £200 to £300 a month, so that some idea can be formed of the excellent connection which' he has worked upTlie Lease of the Vendor's premises run* out m September, 1911. but this fact should cause no concern, as the Vendor lias by a subsidiary agreement obtain* d from the Lessor an undertaking to VayHhe value less tlie sum of £10 of the brick building erected by the Vendor, and also has obtained by such agreement a first refusal should the Lessor be desirous of reletting the premises, and the Vendor undertakes that these benefits shall be extended to the Company. PROSPECTS. The time seems opportune for the formation of this Company. The coupon and cash Fvstrm has been instituted by the bakers "of Unborn.', and this method will be adhered to by the Director* so