Page 16 Advertisements Column 1

New Zealand Tablet, Volume XIX, Issue 26, 27 March 1891, Page 16

PROSPECTUS OF rpHE OTAGO INDUSTRIAL CO-OPERATIVE X ASSOCIATION (LIMITED). Capital, £10,000, in 10,000 Shares of £1 each (with power to increase) ; payable 2s 6d on application, 2s 6d on allotment, and the balance by calls not exceeding 2s 6d at intervals of not less than one month. PBOVISIONAL DIRECTOBB : Mkssbs. W. M. BOLT Messrs. THOMAS ARTHUR J. FORBYTH R. E. N. TWOPENY T. K. FARTY W. DONALD J. GORE D. M'PHERSON J. WATKINS W. F. KITCHEN F. MAOL. C. WILLIAMS T. G. BRICK BLL J. MITCHELL D. PINKEUTON,M.H.R. W.EARNSUAW,M.H.R. J. A. MILLAR H. MAXWELL T. MANN R. SLATER With power to *dd to thpir number. Bayers: BAKK OF AUSTRALASIA. Solicitors : Messrs. BATHGATE AND WOODHOUSE. Trustee (on behalf of tbe public) : W. M. BOLT. Interim Secretary and Treasurer : S. De LEON. In all parts of the English-speaking world consumers during the 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. The remarkabls success which has attended some of these institutions in England, America, and Australasia has aroused a wide-spread feeling throughout Otago that come such Association would be beneficial to a very large section of the community here. The Otago Industrial Co-operative Association (Limited) is the outcome of this feeling. As an instance of the results of the Co-opera-tive Societies in Great 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 Mills ... ... 1,300,000 22 Productive (manufacturing) ... 220,000 1,226 £25,520,000 2. Of the advantages of such an Association there can be no doubt ; they must be apparent to all. This Association will enable its members to obtain tbe best class of gooda at the lowest possible prices, as the cost of distribution will be reduced to a minimum, and as the extensive traie done will enable the 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 adv liable, manufacturing such goods as tbe shareholders may determine. 4. Special attention will be paid to the distribution of New Zealand Pioducts and Manufactures whenever their quality is sho^n to merit it. 5. The Association is expressly barred from dealing in intoxicating liquors. 6. Ihe operation of the Associa'ion will be limited, at the outset, to articles of domes' ie consumption. This limitation has been decided upon because it ia thought desirable to commence in a comparatively small way, having otner lines to be taken up as the Aesociatn n grows and 7. The Association, the establishment of which was dr3t mooted amongst tbe Railway Employes of Otago, will not be limited to any class, though it i? principally intended to benefit tbe wage-earning section of the community. 8. The number of shares necessary to constitute membership of the Association is One. 9. No shareholder shall be allowed to hold more than Two Hundred (200) Shared, and the number of shares 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, legardless of the number of the shares he may hold, will only be eutitltd to One Vote. 11. To enable thu business of the Compauy 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 inconvenience of paying cash for all email purchases, deposits will be received and purchases debited against them. 12. In cases of urgent ntcesdiiy, discretional power is given to the Managej, with the approval ot the Directors, to give credit to the extent of one-half tbe amount paid on any member's shares, such member to leave his share scrip as 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 bonus fo purchasers being shareholders on the amount of their purchases. 14. It is 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 Bucb an extension of business. 15. The Company will be registered upon 5,000 Shares being applied for. I<>. No arrangements have been made or negotiated with any individual or firm as tj the futuro conduct of the business of the Association, it being deembd advisable to allow the permanent Directors, when appointed, to enter into such negotiations as they think best.