Page 16 Advertisements Column 1

New Zealand Tablet, Volume XIX, Issue 23, 6 March 1891, Page 16

PROSPECTUS OF THE OTAGO INDUSTRIAL CO-OPERATIVE ASSOCIATION (LIMITED). Capital, £10,000, in 10,000 Shares of £1 each (with power to increase) ; payable 2s 6d on application, 2a 6d on allotment, and the balance by calls not exceeding 2s 6d at intervals of not less than one month. Provisional Directors : Messrs. W. M. BOLT Messrs. THOMAS ARTHUR J. FORSYTH B. E. N. TWOPENY T. K. HARTY W. DONALD J. GORB D. M'PHERSON J. WATKINS W. F. KITCHEN F. MACK C. WILLIAMS T. G. BRICKBLL J. MITCHELL D. PINKERTON.M.H.B. W.EARNBHAW,M.H.B. J. A. MILLAR H. MAXWELL T. MANN R. SLATER With ptwer to add to their number. Bankers: BANK OF AUSTRALASIA. Solicitors : Messss. BATHGATE AND WOODHOUSE. Trustee (od behalf of tbe public) : W. M. BOLT. Interim Secretary and Treasures : S. De LEON. In all parts of the English-speaking world consumers, during tbe last few years, have become awakened to the advantages of reducing the cost of living as much as possible by combining into Co-operative Association for the purpose of becoming their own purveyors. Tbe remarkabls success which has attended some of theße institutions in England, America, and Australasia has aroused a wide-spread feeling throughout Otago that some such Association would be beneficial to a very large section of the community here. The Otago Industrial Co-optrative Association (Limited) is the outcome of this feeling. As an instance of the results of the Co-opera-tive Societies in Gr«at Britain in the year 1884, the following table is appended :—: — Societies. Annual Sales. 1,197 Retail Societies ... ... £18,000,000 2 Wholesale Societies ... ... 6,000,000 5 Federal Corn Mill* ... ... 1,300,000 22 Productive (manufacturing) ... 223,000 1,226 £25,520,000 2. Of the advantages of such an Association there can be no doubt ; they must be apparent to all. Tbis Association will enable its membeis to obtaio tbe best class of goods at the lowest possible prices, as the cost of distribution will be reduced to a minimum, and as the extensive trade done will enable tbe management to purchase to the best advantage. 3. The object of the Association will be the cheap and effective distribution ot provisions and other commodities, and later on, If thought advisable, manufacturing such goods as the shareholders may determine. 4. Special attention will be paid to the distribution of New Zealand Products and Manufactures whenever their quality is shown to merit it. 5. Tbe Association is expressly barred from dealing in intoxicating liquors. 6. The operation of the Associa'ion will be limited, at the outset, to articles of domes' ic consumption. This limitation has been decided upon because it is thought desirable to commence in a comparatively small way, leaving otner lines to be taken up as the Association grows and stiengtbens. 7. Tbe Association, the establishment of which was first mooted amongst the Railway Em ploy C 9 of Otago, will not be limited to any class, though it it? principally intended to benefit tbe wage-earning section of the community. 8. The cumber of shares necessary to constitute membership of the Association is One. 9. No shareholder shall be allowed to hold more thaa Two Hundred (2l)0) Shares, and the number of snares necessary to quality any shareholder to become a Director shall be Five, and the number of Directors shall be Nine, three of whom shall retire annually in rotation, and not be eligible for re-election for 12 months. 10. In order to prevent any section of shareholders obtaining a controlling power, each shareholder, regardless of the number of the shares be may bold, will only be entitled to One Vote. 11. To tnable the business of the Company to be conducted to the best possible advantage to purchasers, all sales will be strictly for Cash ; but to secure tbe advantages of dealing with the Association without the inconvenienca of paying cash for all small purchases, deposits will be received and purcnases debited against them. 12. In cases of urgent mcessiy, discretional power is given to the Manager, with the approval or the Directors, to give credit to the extent of one-balf tbe amount paid on any member's shares, such mtmber to leave his share scrip at security. 13. The profits of the Association will be devoted to establishing a Reserve Fund, paying a dividend to shareholders not exceeding 7£ per cent., and a bones to purchasers being shareholders on the amount of their puichaiei. 14. It in proposed to open a Central Store in Dunedin, with branches throughout Otago and Southland, where the local number of shareholders in tbe opinion of the Directors warrants such an extension of business. 15. The Company will be registered upon 5,000 Shares being applied fur. 16 No arrangement! have been made or negotiated with any md vidual or firm as to tbe future conduct ot the business of the Aflwcitticn, it being deemed advisable to allow the permanent Directors, when appointed, to enter into such negotiations as they ihjnk best.