Page 8 Advertisements Column 2

Poverty Bay Herald, Volume LV, Issue 17233, 12 April 1930, Page 8

PRELIMINARY EXPENSES The Preliminary Expenses of amt incidental t<> the formation and establishment of the Company until the Company shall bo entitled to commence business arc estimated to an amount of £l5O and will lie borne by the Company. No Promotion charges are payable by the Company. MATERIAL CONTRACTS An agreement bearing date of the twenty-seventh day of March, 1030, has been entered into by George Birch, of Gisborne,’Engineer, ns vendor of the one part and Charles Edward Ivess, of Gisborne, Agent, Edwin Charles Sutcliffe, of Gisborne, Motor Engineer, Walter John Loach, of Gisborne, Cabinetmaker, as trustees of the Company of the other part, whereby the vendor agrees to sell all his right, title and interest in all plant, patterns, tools, accessories, patent rights, completed and uncompleted experimental model motor cars for the sum of tw;o thousand (£2000) pounds. Under this agreement the- Company will acquire the whole of the plant ami equipment at present owned by George Birch. ,A's shown on the Memorandum of Association, George Birch has contracted to take two thousand shares in the. Company, by so doing proving his faith in the venture and not requiring to take his interest, in cash. The Company will be requested to ratify the abovementioned a'grcomon t. The, Company will be requested to ratify an agreement between Walter John Loach, of Gisborne. Cabinetmaker, Edwin Charles Sutcliffe, of Gisborne, Motor Engineer, -ait<! George Birch, of Gisborne, Engineer of ibo one part, and Charles Edyrard .Ivess, of Gisborne, Agent, of the other part, whereby in consideration of the said CliariOs Edward Ivess canvassing and offering the shares of the Company to any persons interested other titan the four original members .of the Syndicate as named above, the said .Charles Edward Ivess be paid a brokerage of seven (7) per centum on the nominal value of all shares applied for through liis canvassing efforts. ADVANTAGES OF COMPANY The advantages of the Company are apparent, if by its efforts a ear can be produced in New Zealand and siS save to a large extent the present adverse flow of money to foreign countries. The inauguration of this industry will provide New Zealand with a class of secondary industry that will prove its utility 1o the country. The scope of operations will be confined to producing a car superior to those foreign ears of same price level, .and from specifications drawn up the following particulars are of universal interest: —Sixcylinder engine, front wheel drive (Patent No. < >.‘»7 7l)>, four-wheel brakes, benzine consumption JO lii.p.g., live soater four doors, closed-in body, wheelbase 12M inches, height. 5 fe6t 5i inches, and road clearance and head room as on present standard ears. SOURCE OF REVENUE On an estimate of manufacturing twenty-live cars at a price to sell at from £2OO to £220 it is estimated that- the nett profit after allowing all selling commissions and writing off of all preliminary and dotation expenses will be £2O per car. It has been computed that should the large manufacturing Company be promoted, the factory could turn out at least .1250 cars annually. In accordance with the provisions of "The Companies Act, lObtf," the following information is incorporated in and forms part of this Prospectus: 1. A Copy of tin 1 Memorandum of Association with the names, addresses, and descriptions of the signatories and the number of shares subscribed for by them respectively is set out at the end hereof. 2. The names and full descriptions of all the Directors are set out on the title page of this Prospectus. Directors’ qualifications are one hundred shares. •!. (a.) The remuneration of Directors shall be. fixed by the Company in General Meeting. (b) 'five Company shall remunerate any Director if he shall bo called upon to perform extra services or to make any special exertions iri going or residing abroad or otherwise for apy purposes of the company. (c) The Directors may appoint; one or more of their number to be Managing Director or Directors at a remuneration to be fixed by the Board. 5. The minimum subscription on which the Directors may proceed to allotment, is three thousand shares, and the amount payable on application and allotment and calls is set out on the title page of this Prospectus. (5. No shares carry any preference or right in regard to dividends or capital as against one and other. 7. As sht. out, the brokerage on procuring subscriptions for shares' is seven per centum. k. The amount of Preliminary Expenses is £l5O. ft No promotion fee is payable to any person for services in (lie flotation of the Company, with ilie exception of brokerage to be pa,id on shares subscribed for through the efforts of Charles Edward Ivess. in. The dates of and parties to every material contract are as under: fa) The 27tli day of March, 11)50, George Birch and Charles Edward Ivess, Edwin Charles Sutcliffe, Waller John Loach as Trustees for the Company. (b) The 27tii day of March, 10.30, Walter John Loach, Edwin Charles Sutcliffe, George Birch and Charles Edward Ivess. All above contracts and copies of the Memorandum of Association and Articles of Association may be inspected at the offices of Die Company’s Solicitors. .Messrs. Brosnnlinit and ■Benufoy, Childers Road, Gisborne, during business hours. 11. The Auditor of the Company is C. Blackburn, Public Accountant 1 . Childers Road, Gisborne. 12. T.he full nature arid extent of interest of on eh Director in the promotion of the Company is purely that of interest to liont a secondary industry and in no instances no sums have been paid or agreed to be paid for services nbidered in connection with tile formation of Die Company. As witness Die Memorandum of Association the amount to be paid to George Birch for acquisition of all his assets will be applied by him in purchasing two thousand shores in the said Company.