Law Bindery
In the 1970s Edward Congdon was befriended in the Woolshed Bar by a wealthy Melbourne businessman, who had lost his driving license for numerous drink driving and speeding offences. He asked Uni student Edward to drive him around, and through his flamboyancy and his fast Porsche car, which he told naive Edward, was a Volkswagen, they became "friends".
Up until that stage Edward had been quite successful and had never failed a subject at Uni.
A period of instability which was to last for years,involving continual University failure and other problems, then entered Edward's life. Even the businessman admitted that Edward changed, but would never admit that he was the major cause of that change. Edward was later to discover that he was not the first, nor subsequently, the last of such young men. One young man even fled to Canada to get away from him.Though this businessman has never been able to financially gain from many of the others.
During that period, this person suggested numerous times that they go into business together, saying that he wanted no financial gain in any way from it. Initially he suggested antique restoration as Edward had worked in his Uni vacations for an antique restorer ...
Edward was initially skeptical, but finally took him at his word, and eventually they started C&S Bookbinders, later to become Law Bindery.
This businessman suggested the idea as Edward, a University student, had always practiced bookbinding as a hobby. The businessman claimed to have an only "altruistic interest". and was surprised to discover that Edward already had equipment in storage which he had accumulated with the idea of eventually going into business. But alone
He had registered the business name of Collective Services, and had had the multicolour stationary designed and printed. The businessman suggested that he buy into this at half of cost. There was no mention of valuation time spent etc. Edward should have smelt a rat when this person then valued some useless inputs such as office stationary and decoration which he found in his garage, at an inflated price, and not at what he paid for them. Edward put in his machinery at cost. One duplicate piece was sold within a year for 20 times what he paid. This was greater than the businessman's complete capital contribution
He was able to reinforce his altruistic claims to Edward, by pointing out that he was already extremely wealthy in his own right, through investments and accession, and so had no real need for profit. A story that has been told throughout the history of mankind.
Whilst the business was being established the businessman continued to live off his investments and to enjoy a well paid position with a multinational, whilst Edward survived from took part time work in restaurants, care- taking properties and share trading. The businessman accumulated substantial superannuation from his employer but he would not not agree Edward having any from his services to the business for many years, nor ever any annual holidays, or long service, despite Edward being legally entitled to them.
Edward now realsies that he was too trusting and when he put that to his so called friend during the final period of their business relationship,that person actually told Edward that he was stupid and never should have believed anything he had hitherto said to him,
Edward also worked in the business during the day for no pay whilst this businessman spent some hours in the evening doing the accounts and preparing work for the next day, also for no remuneration.Initially he did not want to keep any accounts, but Edward insisted.This lead to their first massive arguments, during which over the years the businessman often physically attacked him.
They matched each other's financial contribution dollar for dollar, with quite small inputs,whilst undertaking other entrepreneurial activities that Edward or the businessman suggested, such as claiming unclaimed monies as an agent and doing gardening for various people, to maintain cash flow.
Edward, who's father died tragically from War wounds when he was 5, leaving him the eldest of a family of 5, started bookbinding as a hobby when14, and later, whilst studying Economics and Statistics at Monash University by scholarship, started attending night courses designed for Bookbinding apprentices,at the then Melbourne School of Printing &Graphic Arts.
Fora small period he worked as a driver for William Flattely and Sons under the famous doyen of Melbourne Trade Bookbinders and successful businessman, Mr Ken Woolf. In this job Edward saw how enjoyable manufacturing to service could be.
Kevin Meddings of M&M bookbinders gave them an old Brehmer sewing machine which M&M were scraping and Edward got it working, much to Meddings' consternation. This, combined with machinery that he hadbeen collecting over the years, provided the business with its initial plant.
In the the early 1990's, after they bought J&L White and subsequently their own property at 721 Glenhuntly Rd.
Thebusiness man initially lent the money for this property purchase at what was later to be a higher than current market rate of interest.
After some years of this burdensome interest. the loan was refinanced by the National Australia Bank at market rates and the property was paid off and owned. The business then started to accumulate funds which the businessman would not agree to be invested in anything but cash etc all. Eventually these accumulated funds which became quite substantial,were to be used to finance part of the sum of cash, he demanded to leave.When Edward pointed out that he had trusted him and taken him at his word, this person said that he was foolish to do so.
It was still not until only recently that Edward has come to fully accept what type of person he was dealing with, as indeed have all members of the staff. Some of whom warned Edward for many years.
In the early1990's after a series of repeated demands to liquidate the Company assets by this person, Edward, having overcoming his personal problems and induced instability, agreed. The businessman then left with his profits. Leaving the firm in quite an illiquid position with considerable tax liabilities, which took it over 5 years to overcome. He said at the time of leaving, that for the last few years he hadn't cared about his responsibilities nor cared what happened to the staff, and admitted that he had been deceiving Edward for all that time.
Members of the Staff who he still tries to contact from time to time initially were skeptical, but now say they now see through his selfishness deceit due to his very own words.
Fortunately,due to an altered relationship, Edward felt free to change the priorities of a discretionary trust that he had formerly secretly established to benefit someone else who he subsequently realised was not genuine. This gave access to funds which he used to purchased newpremises and to buyout the businessman's shareholding.
The subsequent involvement of this Trust has allowed the Company to remain independent, and liquid.Edward has been able to use his creative and financial abilities, and the destabalising influences on him have gone.He has learned to chose his associates with care, the hard way.
In early 2009, Apollo-moon bookbinders went into receivership after 90years of business. We were able to purchase the trading name and IT data from the Receivers along with some core pieces of machinery.
Apollo-moon specialised in binding for University Libraries and other institutions.We believe that this market can be made to yield a return but it is a difficult one to service. Currently the firm is giving that objective its utmost priority.
The firm Whites Law Bindery P/L now services a niche market in the economy and our reputation stands independently. We do not have sales reps and 90% of our customers come from recommendation !!
We are involved in many aspects of the graphic arts and looking at the skyline of Melbourne and various infrastructure projects across the nation, the Company feels proud to have been involved in the initial conception and pitch. We feel proud to have been involved int he recent growth of Australia's infrastructure and national income, not only here, but also internationally, and we hope to be given opportunity use our skills to serve you equally as well.