ARSENAULT & GAUDET LTD.
My
grandfather, Emmanuel Gaudet, is the ‘Gaudet’ in the company known as Arsenault
& Gaudet Ltd. People of my vintage and earlier knew it as one of Wellington’s
most prominent landmarks and a thriving business in its heyday. I have my
grandfather’s copy of the agreement that formed the joint stock company in 1906.
I’ve decided to incorporate it into this blog, although it makes for labourious
reading.
The agreement was drafted by Albert C. Saunders of Summerside. My research indicates that he was a four-time Mayor of Summerside and sixteenth Premier of Prince Edward Island; serving from 1927 to 1930 when he was appointed to the provincial Supreme Court. A smart man he may have been, but punctuation was not his strong suit!
The agreement was drafted by Albert C. Saunders of Summerside. My research indicates that he was a four-time Mayor of Summerside and sixteenth Premier of Prince Edward Island; serving from 1927 to 1930 when he was appointed to the provincial Supreme Court. A smart man he may have been, but punctuation was not his strong suit!
Here’s
a bit of context. Prior to the formation of Arsenault & Gaudet Ltd. two
stores operated in Wellington: one owned by Fidèle T. Arsenault, the other by
Joseph-Félix Arsenault. Fidèle T., nephew of Senator Joseph-Octave Arsenault,
managed his uncle’s store from the time it first opened in 1874 when the railway
arrived in Wellington. Shortly after Joseph-Octave’s son, Joseph-Félix, entered
the family business in 1897, Fidèle T. crossed the street and opened a store of
his own.
In
1900, Joseph-Félix Arsenault opened the magnificent three-and-one-half storey structure
pictured below. A healthy gathering of village citizenry appears in the photo,
and lumber strewn about indicates the store is barely finished. An
advertisement in the November 23, 1899 issue of the Pioneer states:
“In a short time we will be moving our large
stock of general merchandise into one of the largest, if not the largest, and
best finished country stores of this Island. We have no hesitation in saying
that when our goods will be displayed in their respective departments in the
new store it will please the eyes and tastes of the most fastidious.”
Unfortunately,
the business soon fell on hard times. It was acquired in 1904 by James A. Sharp
of Summerside, probably for the amount owing on the mortgage. James’ son,
Herbert (pictured below), a shareholder in the new company, was an 1890
graduate of Mount Allison University.
Emmanuel
Gaudet (pictured below), a native of Miscouche and graduate of the Charlottetown
Business College, worked as a clerk and bookkeeper in the store when it
was owned by Joseph-Félix Arsenault. He stayed on in that role when the Sharps acquired
the business.
The
agreement includes a few other interesting details. For example, stock in both stores
was valued at 80% of the invoice price, except for grain, flour, coal, cheese, corn
meal, egg cases, and goods on order, which were valued at 100% of invoice.
James a. Sharp's shop furniture was to be priced separately and acquired by the new company "at a price to be agreed on between the parties." His safe and Simpsons Computing Scales were not included in the agreement.
Interestingly,
dress-making supplies and equipment were exempted from the agreement. I suspect
this was because they were owned by someone other than the partners, possibly
my grandmother, Mannie (Cormier) Gaudet. Also, the new partners agreed that
they’d buy fire insurance from Herbert S. Sharp, but only if he offered it at a
competitive price!
The
final clause in the agreement specifies that neither Fidèle T. Arsenault nor
James A. Sharp can offer merchandise at a reduced price between the date of the
agreement and the date of the granting of letters patent. In other words, they agreed
that neither could liquidate his stock for a quick buck before the new company
was up and running! Just in case ...
The
picture below may have been taken at the time of the official opening of the
new business in 1907. It shows the
Wellington Cornet Band and dignitaries gathered for the occasion..
Dated 29th Octob 1906
Fidele T. Arsenault
Emmanuel F. Gaudet
James A. Sharp
Herbert S. Sharp
and
Edmund Arsenault
Agreement respecting formation
of Joint Stock Company and
Sale of Stocks in Trades
Signed
sealed and F.
T. Arsenault
delivered
in the presence Emmanuel
F. Gaudetof Edmund Arsenault
Albert C. Saunders Herbert S. Sharp
James A. Sharp
I
don’t know what the Sharps or Fidèle T. were paid, if anything, for stock
valued over and above $6,000 since the company’s books have not survived.
Neither do I know when the Sharps sold their 55 shares to Emmanuel Gaudet. What
is clear is that Gaudet
owned 50% of the company by the mid-1920s when the value of its capital stock
was increased to $48,000.
Arsenault
& Gaudet Ltd. operated until 1972. Like many other rural country stores, it
succumbed to competitive pressures from other businesses. The Wellington Co-op gradually
increased its share of area customers, and residents were attracted to new stores
in Summerside where they travelled increasingly to work and to shop.
My
grandfather died on May 30, 1949. According to my late Aunt Bernice, he visited
the store for the last time on May 17, 1949, the day the picture below was
taken during the federal election campaign. It shows the local MLA, J.W.
Arsenault, Prime Minister Louis St.-Laurent, and the local Member of
Parliament, J.W. MacNaught.







