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32X

,^' , ,*,-W.<MW»l»*»M

^^^

• k V iX.^V. V

l^ftQ)fi!^aCN(M?£

OF A WHOLESALE WBLY GOODS
IMPORTING COMPANY.

TO BE LOCATED NEAR THE HEAD OP LAKE ONTAUa

"M'W»,

MOST RESPECTFULLY SUBMITTED TO MSECHANTS AND CAPITAL*
I8TS IN THE WESTERN DIBTBICTS Oy

UPPER CANADA*

BY THEIR VERY OBEDIENT BBl^yANTSy

AMD

JOHNIiAie^:

N. B. — Tki$ Protpectu$ i$ not intended for Newspaper ew'
eulation.

HAMIJLTON:

PRINTED AT THE WESTERN MBftOURY OFFICE.

iS8a.

AM . :

.7 /xiii'4#*..iiJ /

« J

pRQisGpiecnnjJsi

FOR THE KSTABUfiHMBNT OJ!^ A VfBlOlifi^A^X JP^Tt'
OOODS-COMPANT IK UPPSR CANADA, WITH AN
SXTENSIVE CAPITAL, DIVIDED INTO SHADES.

With regard to the division of tbettoclt of thiw
such Merchantftin the Province as wish tohecq^pMtiH^ri^
in the first place, have a preference in obtaining ,i|^r«ii;,h;f
which means they will beconse their ownimpor^rp of^I^fy QfHf§^
and exporters of produce, in proportion to ihe eyt^Vtjiejr ^ay
secure.

In the establishment of any Company, those, who ftrp^nifa^
least degree conversant with mereaotile affairisf, arp we^a^ji^.^
that a free and sufficient capital i' absolutely n|9ces«uyiui| tiifrjif
ing on business with advantage ; but in tJpj^'Gwiwfi yi^v^^
capital is at present of so much value, and can be 9iQp)f;yf)d !to
so much advantage almost in any way, the esMif^ci^jnit pi an
extensive Wholesale Dry Goods Business, localeid QejBur the
Head of Lake Ontario, holds out a prospect of greater ^e^unef-
ation to the capitalist, but more particularly to themercbiaii^ tl^n
any other investment which he can make ; it being propo9ed,)ttfAt
such merchants, as may become share-holders, j^all be ,Qnt4tjlii94
to an extra amount of credit with the company. -

It has been universally observed that the Whole9aIe J}!fyr
Goods business in particular, wherever sufficient capital and j^od
management have been combined, has proved the iqo/9t ^ipprativp
investment in perhaps any country.

It may only thercvbre be nee wan* *a.avtnBoi^ ti»* fi»w faUowinfit
remarks, inl order to poittt out some of we advantagflfi ^{^
may be derived from the establishment of such a Company ifusip
now proposed.

And first, it may be remarked, that the Merchants in Upp^r
Canada are occasionally subjected to loJ^s, and fi;equenUy 4p
much inconvenience in obtaining their necessary supplies of g^^Q^s
as well as in the disposal of their produce*— 'this is aamj^jil opjj^l
hands. To effect a remedy in this respe^^ wil^ be.^e.i^^^^^
principal objects of this company at all <tf)^,f)!f(it inoire'[)jurt);piji-
larly at the close of the navigation, by having an^extensiy^,H^re,
comprising every variety Of l)ry Goods, in ora^r, , t^t p»,m-
merouB store-keepers in the mterior may have it m iheir pn,Y^er,
at difi^ent periods during the winter, to obtain their ijubip^fKNiry
supplies according to. their demand.

Altho' it is proposed that the Company «|hall he ,C9<^^ , to
the Dry-Goods: business, yet, it may afterwards be , g^^^«l%,.e^-
tended under mapaxfii^ management to the pi):^ m'iWBf^y 4^-
partments, shouhi such a step be considered adyisable. ^

The wlvaBtMes, however, which present themeelTei in the
IbnmtioB of a Dry Goods Coropanj alone, and for which there
is an ample field, will appear in a etill more striking point of
Tiew to eTeiy man of basiness when he considers that the imrft-
viilMl attention of all the active members of the Company will
be devoted to it, a)uf to t<a/0n«.

For, where a vaiicty of branches of business, Teach of which
it is well known requires many years of labour anu experience to
susquire a competent khowledse of,) are carried on under the same
management, and inteHnixed with one another, as is often the
«aae, it is evident, that some of these departments at least, if
not tiie whole, must be conducted under great disadvantages,
when compared with a House who devote their whole attention
sindexperience to one particular branch; and, who at the sarae
time possess every possible advantage, as regards capital^ and
an intimate knowledge of all the best markets in England, Scot-
land, &C., combined, also, with an extended and reciprocal in-
terest with merchants here, as well as with a thorough knowledge
of the general business of this country : all which advantages
this company shall endeavour to possess.

It may also be remarked, Uiat in the purchasing or receiving of
produce on account, independent of any other profit on such bus-
iness, a clear aaving of from ten to twelve per cent can generally
Im realized, Huch l^ing the usual rate of exchange on cash re-
^ttances to Enf^and, where this Company might consign such
prodnce, and thereby save at least the difference of exchange oh
Ithe payment of their imports, provided that it might not be found
lequaUy advantageous to dispose of it here, at home.

In Canada, there are few instances of individuals or companies
«onducting business upon the principle here proposed to be pur-
aued ; roany_o f those who areengaged in trade have not had the
adfilltBgeiifiinMdU^^t^vMimittnd of fundsy, particularly at the
commencement of their business, so as to render their exertions
flo successful as they otherwise would have been, when exten-
•ivdy employed they are necessitated therefore, to have recourse
to an artificial capital created, in most instances, by the credit of
inen similarly circumstanced & requiring reciprocal accommoda-
tinn : — thus, they are not only exposed to the vicissitudes of their
own business, but also to the hazards incident to that of their
ifrienda, mutually supported by each other and destitute of real
ioapital to any amount.

When, therefore, misfortune befalls one, it affects all, for, by
the fracture of one link of their credit, the wholo chain is often
timea dissolved.

To such casualties, the company who have a real capital are
not sulgected ; requiring no foreign assistance in money matters,
they are under no obligations of rendering any ; they enter the
linancet with a confidence, which the command of a reedy nloney
capitd alone can establidi ; & at an advantage which the most un-
I^Qubtfd merdiant buying on credit, however short, cannot equal.

I the
in
of

IwJII

lich

ime
the
if
^es,
tion

UDO

and

It ie evident, that, with a capital thus employed, and of the
aoiount contemplated, a buainesB •yatematically conducted, must
prove highly advantageous to (hoee concerned in it, and that it
IS quite possible to regulate its management, so as to remove
and obviate the chief of those hazardous features, which, more
orj less, must characterize every branch of trade; but in this
country at present these features are fewer than in almost any
other.

To insure to the operations of this Company a certainty of
9veee$Mf all that is neces«ary is to instil a confidence in the minds
of those who might otherwise decline to embark in it ; and when
a S3rstem can be carried into execution, a $y8tem deterving confi-
dence on account of its certainty, it is to be hoped that few capi-
talists would hesitate to avail themselves of its advantages.

It is evident, that the least stockholder in this company will
realize a profit on his stock in a ratio proportionate te his invest-
ment with that of the largest capitalist engaged in a similar bus-
iness ; and, that merchants in the country who may become share-
holders, and who may do their business in this line with the com-
pany will, on their retailing their own in^orted articles, realize
immediately a double profit on their capital advanced.

It is therefore hoped, that the following abstract of rules and
regulations for the government of the company, may be found
calculated to gvte permanency to the concern, and, at the same
time, every reasonable security to the stockholders.

In conclusion, it may not be presum jtuous to i:>). that the
rapid increase of population and rising prosperity of iiese Wes-
tern Districts, with the near prospect of their still more rapid
increase in a mercantile point of view, fully warrants the esta-
blishment of this company, on a scale at once liberal and ex-
tended.

While we respectfully submit this prospectus for your consid-
eratiop, we also beg leave to rnfpr yoii .to thet Jollqwing abstract
of rules and regulations, which may be ''adopted if approved of
by the Company, upon its organization, they are the result of
aome reflection and consideration, and are as follows, viz :

ABSTRACT OF BVIjES, A^c

1st That the Capital Stock of the Company shall bo £25,000
Currency, divided into 500 shares of £50 each.

2nd. That the Company be declared constituted, as soon as
two thirds of the stock shall have been subscribed for.

3rd. That £25 per share be paid at the time of signing the
contract, or within 14 days after the contract shall be approved
of by the Directors, and ready for signature, (which may be
done by proxy) and £5 por share in four months thereafter, the
balance to be paid up at such periods, and by such instalments as
the Directors to be elected according to the following ** Special
Articles and Conditions for the Institution of^c." shall appoint.

4th. That the sub-committee of said Director^ shttU me«t in
thd Com|)any's Store at least once a month, for the purpoM of
iBSpectinff the ofTairs and books of the Company.

5th. That they shall have the appointment of the principal
officers of the Cfompany.

6th. That these anall consist of a Manager, a Buyer, a Sales-
man, and a Cashier.

7th. That the Manager shall bo a person of experience, having
a general knowledge of business, particularly of the Wholesale
Dry Goods Business, book-keeping and accounts ; who shall be
required to draw np monthly a general report of the business of
the Company ; and uho thail ontjf be allowed a $malljixed ialarv
with a per eentage on the amount of profitg realized through^his
exertions, — thus giving him a special interest in the business.

8th. The Buyer shall also be required to have a thorough
knowledge and experience in his department, as shall every ser-
vant of tne Company be in theirs.

9th. The Cashier shall be required to find sufficient security
for hia intromissions.

10th. That Marine Insurance shall be effected upon all goods
imported and produce exported, as well as Insurance against
fire on the Company's stock.

11th. That an inventory of the Stock shall betaken, and the
books balanced yearly : which balance shall be signed and cer^
tified by the sub-committee.

12th. That, if at any balance struck, it appears that any part of
the Capital Stock shall have been lost, it may be in the power of
any one partner to insist that the Company be dissolved ; and
that in the event of /ea«, than? 1-2 per cent profit having been
realized in any one year, it shall be in the power of one third df
the partners in value, to dissolve the same.

I3th. That the shares of each partner shall be held in seoarity
for any deficiency which ji^^^ Aiiaa from his dealings with the
Company.

14th. Shares shall be transferable free of expense after the
Company shall have been in operation for six months, by letters
of transfer in the Company's books, — the said shares bavins
been first ofiered to the Company, for a period of at least 14
days.

15th. That the Directors shall have a contract prepared for
the signatures of the partners within six weeks after their elec-
tion.

»W meet ia

N |»ineipBi
^* • Sales-

I vi^noleaale
>o «haJI be
>usines8 of

nrough'hw
isinees.
thorough
«verjr 8er-

t securitjr

all goods
against

and the
I and oer-

>y part of
power of
red; and
■Bgbeeo
tthinldf

aeourity
i^ith the

Aer the
' letters
having
last l|

red for
relec-

lal Article! and Oonditloiu,

FOU THI INSTITUTION OF THE COMPANY FAOPOSBP IN THE
^fOMOOlNO PR0SPSCTU8.

1st. That the Company shall be called, The Upper Canada
Wholesale Dry Goods Importing Company.

' 3d. TbvlitshaHbe declared in existence^ as soon as two
thirds or more, of the proposed capital, is subscribed for.

3d. That when such shall be the case, a list of those subscri-
ber* shall be transmitted to each, find in three weeks thereafter,
a seQeral meeting of the partners shall be held, fpr the purpose,
ofDirectors being elected.

4(b. That one Dollar per share, shall be paid eJt, the time of
siibsoribiOff for shares, and as much at time of signing contract,
being for defraying necessary expenses previous to the con^pa?
ny'tt commencing business, and for the current expences of the
first year.

' 6lk That in the election of Directors, a|)d atall gerv^ai
mA0tinss:Of the compaqy, each paitner shall have one voU. for
ever^ share he may hold and that three weeks previpvs^o said
election a list of the names of such as are elegible from the num-
ber; of their shares, for bein^ Directors shall be forweurded to him
wliieb list, lie shall fill up in hi$ ou>n h^n4 writingi w|ih ^
nMMaiof those penotisihi^tn^y ^ote fori be fbiUlth^nsealijpai^^
return IbedMme, iveMious Aoi the day of election, ad^i^mm-l^
tht Conmittee of the U. C. Wholesale Dry Good* 'iif^pitrft^g
Cow^ny Hamlton"

*6th. iliat tbe wtiole ittltotrs^d e^^
shall be committed to the management ofDirectors, who shall
thus be chosen, by a majority of the votes of the partners.

• .•-•:<. "^S ^ <*^'<. •%*.%?%•*

7th. That the niimber o^irectors shall not exceed fourteen,
and that nine, be a quorum. \».
,\ (\ V

/Idt^^i^lluLi Pannerf <^ elegible as directors

^ballberrSqairedto fibM iNdertaiitinterest therein, and which in-
ter«)|ii'«hall^ declared to be, C^ccordihg to the following scale : —
Of the the fourtedhDireetdrs,

Four shall possess at least Ten shares each.
Four shall possess at least Five dtares^jiiph. ' '^
Six shall possess at least Three shares eachVoMHet/Ompa-
ny*s stock. V

9th. That in all general meetings of the company, and of the
Directors in the event of an equality of votes, the chairman for

thctinifl beiog shall havo the catting vota; aa<!, ahodcl anj of
thoae eleeted decline or raAiae to acC the election ahall be declar-
ed to have fallen on the person, having the next greateal number
of vot«e, in the »ame teaU of votes as the person refusing.

10th. That the Directors shall within three weeks after their
election, appoint, Five of their own number, to act, as a sulHDom-
roittee, three of whom shall be a quorum. And, that in the ip-
pointment of said sub-committee the Directors shall have one
vote each.

lltb. That of the sub-committee three at toast, be resident
within a reasonable distance of the Company's Ware-house. ; '

12th. That said sub-Committee, shall give instructions for
the framing of a contract of copartnery, containing such condi-
tions and provisions as may seem expedient for the good covem-
ment of the Company, and which shall be submitteato the gen-
eral board of Directors.

13th. That in the event of any of the Directors of this Com-

{lany, becoming interested in any company of a similar nature,
\e shall, in consequence be held as disqualifiad from being a Di-
rector in this Company.

of* ■•■. ,

14t|i. That, in thc^Went of any difference arising m to the
construction of the articles and conditions of the said eontract
when completed, of theee fourteen speeialartiolee, or in any matter
concerning the c<mipany whatever, the same tball be settled M-

Th»|M f o< Hn g jPto f •4«> « , luith its views, and conditions,| is
respectfully subiiitted to your examination and eatidoor:

^^e-^^^.e^

'. nj;..

Hamilton, Gbax DisTRtcr, ?

:. .i^««ry. /r 1832. S

:; *