The Press. FRIDAY, JULY 7, 1871.

Press, Volume XVIII, Issue 2553, 7 July 1871, Page 2

The Press. FRIDAY, JULY 7, 1871.

Like mo»t other joint-stcck companies in New Zealand, where the company is of local formation, the Meat Export Company seems to suffer greatly from want of ft few additional thousand pounds of paid-up capital. This peculiarity of local companies is not to be wondered at in a country jet almost in its infancy, with quantities of uncultivated waste lands, and halfimproved and partially stocked farms, calling for a great outlay to bring them into a fully productive state. 'Surplus"capital, the result of accumulated savings, is seldom met with,'consequently there is great difficulty in getting men to embark funds in undertakings, the profits of which are to be shared by a number of proprietors, and which afford no employment for any coiiHiderable number of

the holders of shares. The Meat Export Company appears lo have started with a nominal capital of £20,000. in 2000 shares of £10 each. Prom this point the troubles of the company uiny be said to date, for of this nominal capital less than half the shares seem to have been taUen up. It is true that the company was not in difficulties, because it pcems to have been able to rai*e money sufficient to meet its pressing wants; but judging from the amount of interest paid appearing in the profit and loss accouut, the company must have begun to borrow in advance of calls nt an early; period of its esistem-e. - From the balanue-eheet, we gather that although the company has been in operation for upwards of two year.", only about £7000 of capital has been actually received, whilst £5000 has been *unk in buildings and plant. The directors have evidently been all along aware of the fnct that more money was required to work the concern, with a prospect of success, for they offered more than a year aj»o on the London market of shares, apparently without suceese.

"It is impossible to see so useful an undertaking break dowiw without-much regret, and we think that the confidence of the public might have been gained at the outset, and the present difficulties prevented by a JiiiJe more enterprise on the pnrt of those more directly interested. We perfectly recollect that when the first attempt to form.lho company was made, it was astonishing to nee the extreme shyness r.f many sioek-ovners in the matter of subscribing for shares There is good reason to believe that many of those who had a few pounds or hundreds to epare, were led to suspect that the money which they might be willing fco put into the affair would go in an experiment, the risks of which \vere not fairly shared by those whose fortunes would bo made if the experiment proved a success.

No donht the company are good judges of their own aflairs, but wemaj venture to remark on the two proposals made for supplying the fit fiVient capital. Tiie first, emanating from the directors, and for. the present put; aside by the general meeting, not, we think, have answered the purpose intended. The question suggests itself, whether the company could borrow on the security of its whole assets the £5000 which is -wanted*, at reasonable interest-.'-. If co, this would seem to be the most simple method as well as the most expeditious. If not, then we think that inasmuch as the preference shareholders must look to those assets in the first place as their security, the preference shares would not meet with much favor in the market. Generally, we think that Mr. Coster's views on the subject were eound, although we can scarcely attribute, as he is reported to have dove, the decease oHhe Great Koaa Extended ito an untimely issue of preference I shares. We are not eanguine as to the proposal adopted by the meeting, but there is no.doubt that if there is a real earnestness shown by the g§neral body of the stock-owners and those whose interests are bound up with theirs, the general public will not be slow to Bet their hands to the work.

Oub article of Tuesday distinctly charged the Lyitelton Times with making a number of false statements in an article which appeared in that newspaper on the preceding Saturday. The charges made were bo plain that they admitted of no misunderstanding whatever. The way in which these charges have been met is, to say the least, somewhat strange. An attempt is made to show that because an illustration u#e«l in our article resembled 6ue in a speech delivered two years ago by a gentlemnn. no longer connected with policies , , the article was written by him. This is considered a sufficient answer to the accusations made by vs —accusations which we now repeat. The public are not in the slightest degree interested in knowing who writes articles in the newspapers of the colony, but it is very deeply interested in those newspapers being truthfully written and honourably conducted.

Hitherto we have always been anxious to diicuw public question*

Lyttetkni Times in a fair and canara ; *giril£'i!iad the fact that the ivfo journals oi'ten differed, has perhaps bpen atl for the better. WtTng'riin challenge the Lyttel'on Times tp disprove the statements we have made and.re-establish, if it can, its character for truth. If, however, no hetter defence can be found than personality we shall, seeing the hnpeIt'ssness of fair discussion with a jourral content to " lenve unexplained such tilings as have been charged against it, look elsewhere for an honourable oppoueitt-irL-politicaLcojitroversy..

The announcement that the Provincial Council will meet on the 14th inst. may cause some little surprise after the refusal of the Superintendent to call it together.

The explanation is, however, easy enough. The Superintendent, a 9 we understand, did not consider a session of the -Council, before the meeting of the General Assembly, necessary for the business of the province. The position is, of cou r se, completely changed by the Assembly meeting nearly two months later than has been usual. Unless a ses.-*ion of the Provincial Council were held, there might, under the altered circumstances, be a difficulty in providing for the necessary expf nditure of Government.