Evening Post. THURSDAY, DECEMBER 13, 1894.

Evening Post, Volume XLVIII, Issue 141, 13 December 1894, Page 2

Evening Post. THURSDAY, DECEMBER 13, 1894.

"WISE AND UNWISE COMPANIES. ♦ ThS history of joint-stock industrial enterprise in Wellington hxs been a depressing one. Ventures of the most promising kind have been launched in groat number and variety, only to become commercial Vnd financial wrecks at a more or less 'tfarly period of their existence. Tb«3e who have invested locally in such enterprises have unfortunately beea nmde more familiar with liquidation calls than with dividends. The Gear Company preeents an almost unique instance of a Wellington company pursuing ye»r after year a sncoessful course, extending its business, strengthening its position, attd paying its proprietors a steady and satisfactory profit on their oapital. The report of this company, published in another column, shows what can be achieved by good and prudent management. In strong contrast with the position of the Gear Company is that o( the Wellington Woollen Company. In its infancy this Company did not thrive, and it seemed for some time that it was UUciy to join the majority of such enterprises. A strong and vigorous effort was, however, made to rescue it, and proved successful. The Company recovered, and soon attained a (airly firm position. Its shares rose in the market, and there appeared every probability that the Woollen Company wouM soon furnish another brilliant exception to the general rule of non-success in regard to industrial companies in Wellington. Unfortunately, however, the shareholders, on the j first symptoms of waxing fat, bogan to kick. Internal dissensions arose, and changes of management and of pnlioy took place which very soon reduced the Company to a somewhat low ebb. Then came the appointment of a "Committee cf 'Investigation— a step calculated to shako the stability of the strongest of companies, and which, in th'o Vast majority of cases, leads to fatal results. When the shareholders of a company lose faith in the directors, and set up an irresponsible committee to enquire into the management, the fate of the company is generally scaled. Few are able to survive an ordeal which is so eminently caloulatod to shake the confidence of the public. No public company which is regarded with general diotrust can possibly prosper, and it is, of course, impossible 'that the publio can entertain any other feeling than one of deep distrust when the_ shareholders are afraid to take it into their confidence in regard to the result of investigations made by a committee of the kind referred to. A more unwise or suicidal course than that pursued by the Woollrn Company's shareholders last night in excluding the^ press reporters, in the vain hope of being able to suppress the re» port of the Committee of Investigation, could not possibly bo ctoaceiVad. Bud as the facts may be» ttra $nb!io will almost certainly argue thftt they are worse than is really the , OAse. Perfeot oandonr and straightforwardness was the only course open to restore the confidence shaken by the appointment of an investigating Committee. Had a clean breast been made of it -the public would probably have been inolined to sympathise with any real trouble disclosed, and have been disposed to extend substantial help if it were needed. But manytongued rumonr will now magnify the facts disclosed in the Committee's report. The Company will snffor far more from possibly unjust suspicions than it could possibly have done from the oandid acknowledgment ol the facts, and as to rendering any assistance, the hole and oorner nature of last night's proceedings will effectually destroy any disposition in that direction on the part of tha publio. A company that is afraid of publicity need expect no assistance from the publio. Tho attempt to "oonoeal the nature of the Committee's report will of course fail. The damaging disclosures, if there are any, will quickly be known, while less attention or none will be given to any extenuating or excusing facts or statements. A popular significance whioh probably the report as a whole might not justify, will assuredly be attaohed to that dooument, and the Interests of the Company will suffer accordingly. We regret exceedingly, for tho Bake of the shareholders and for the sake of Wellington, that an institution which should be of such value to the community has received such a severe blow as that which was given by the shareholders themselves last night in affecting an injudicious secrecy ac to the real position of the Company. A somewhat ludicrous foatnre of this attempt was the proposal to copyright the report! Was such a proposal ever seriously made before in relation to suoh a doenment? The proposer may be a humourist of the first water, but his knowledge of the law of oopyright is evidently scant. The report may be a farce, or a work of art, but the Registrar of Copyrights could scarcely register it under either designation, and even if it were possible to proteot suoh a dooument, the thousand tongues of rumour could not be silenced. These aro sure to magnify and adorn the original faota as the story passes from month to mouth. The action of the shareholders was in direct conflict with the policy of all legislation affeoting joint stock companies. This policy is to ensure the fullest publicity regarding the affairs of such undertakings. _ That saoh is a wise policy there is ample evidence in commercial records. The day is probably not far distant when publio audit will be insisted on in regard to all companies, and if there were many bodies of shareholders so unwise as those of the Wellington Woollen Company it might be found necessary also to provide for all meetings of company proprietaries being open to the publio or its representatives, the press.

The Pcemier o£ New South Wales is reported by cable to have stattti that the new Anglo- Japanese Treaty is one affecting all the colonies. This- is only true in a oertain sense. We have a copy of the Treaty before ua, and wo find that by Article XIX. it is not to apply to any of the Australian Colonies, or to New Zealand, unless notice to that effeot is given by the Imperial Gtivoi nment to Japan within two yeafs from the date of oxohange of ratifications. This provision _ is evidently made to enable the Imperial Government to ascertain from each colony whether it desires to have the Treaty made applicable to it. Tho Treaty was signed in London on the 16th of July last, but it is not to come into operation until at least five years after that date, or until the Japaneee Government shall have given a year's notloe of its desire to have the Treaty jnade operative. This notice oan be given at any time after the expiration of four years from tho date of signature. The Treaty iB to last for twelve years after bein<r brought into effeot. The general nature of its provisions is to assure to inhabitants of each Empire the same protection, rights, and privileges in tho other as aro enjoyed by the native-born subjects, or by the subjects of the most-favoured nation. Proviwou is also made for determining the jurisdiction of the British Consular Court ill Japan and its transfor to* the Japanese Courts. Some tariff conditions aro also providod in an attaohed protocol. Altogether, thore is very little, if anything, in the Treaty about which these colonies need trouble themselves. On the fourth page we publish reports of the opening of the Convalescent Home, the meeting of the School Committees' Association, and the prize-distribution at St. Mary's Convent; also, particulars of the Athletic Club's championship contests and yesterday's orioket matohes. The Agent-General has telegraphed his aooeptanoe of the twelve months' extension of his term of offioe. t> Twenty-three estates of persons drowned at the Wairarapa wreck have been placed in the bands of the Publio Trustee. H.M.S. Royaliat sailed for Akaroa and Lyttelton at 9.20 o'olock this morning. The Shipmasters' Association helda speoial meeting at its rooms yesterday afternoon, at which a large number of members were present, to consider what steps Bhould be taken in regard to tbe artiole appearing in tho New Zealand Times of Tuesday last in referenoe to the Wairarapa enquiry, imputing drunkenness to tbe late Captain M'lntosh. The members considerd that, though the statement did not affect them as a body, as old friends of Capt. M'lntoah — who had been a prominent member of the Association — they would be failing in their duty if they allowed the charge to pass unnotioed A letter was reoeived from the solicitor of the Association (Mr. Skerrett) stating that the artiole was undoubtedly slanderous. It was decided to defer aotion in the matter pending receipt of a reply to a letter sent by Mr. Skerrett to the New Zealand Times. Tho Commissioner of Police has granted a reward of .£3 to Gunner Broberg, of the Permanent Artillery, for pluokily rescuing a man named John Smith, who fell over the wharf on the 3rd nit. The Caledonian Society has lost about £200 on the past year's operations. We understand that the credit balance stands at about .£llß, £100 being on fixed deposit. Shopkeepers in favour of the adoption -jf Wednesday as the weekly half -holiday, are asked to meet at the Exchange Builc'jnga to-night. Mrs. Grace Neill, of the Labour Department, desires to thank the proprietor of Te Aro House for a parcel of gi.ita for the Christmas Trees at Mount Vir,^ M d Pprjrua Asylums.

The trial shipment of timber which tho Government proposes sending to England will probably go by the s.s. Port Melbourne next month. The Government will pay the sawmillers at market rates for the timber sent, and will take all risks. The time for sending in offers of timber expired yesterday, and a number of offers were received from the North Island, bnt none from tbe South. As the circulars only went South on the Sth instant, it is felt that sufficient time has not been given, and so extended time has been allowed up to the 20th inst. The oa?e of M'Gregor & Newton v. E. P. Bunny was continued over yesterday. This morning the defendant was in the witnessbox. Another old and well-known Wellington resident passed away yesterday, in the person of the roliot of the late Mr. Tsaao Phillips, formerly manager for the late Mr. Lipraan Levy, Mrs. Phillips being that gentleman's sister. Tho deceased lady had resided in Wellington for upwards of 40 years, and was well known amongst the early settlers, and highly esteemed by all who knew her. Lieut.'Oolonel Huine, Inspector of Prisons, has telegraphed to tae Gaoler at Dunedin instructions that all Prisons officers who can be spared are to attend the funeral of tho late Gaoler, Mr. Caldwell, and be has also tolegraphed to his son to represent him at tho funeral. Sir James Heotor will preside at the dis* tribution of prizes at the Girls' High School this evening, Mr. J. R, Blair, Chairman V)f the Board of Governors, being unable to attend. The annual report 6t the directors oJTth'e G-ear Meat Preserving and Freezing Company of New Zealand, to be presented at the general meeting on th^e 3rd January, congratulates the shareholders on tbe successful results of the year's operations. The balance available for appropriation, after due allowarice for depreciation, Ac, ia .£7731 9s Gd, which the direotors recommend to be ap» portioned as follows:— In payment of a dividend on tho paid-up capital of the company (of which an interim dividend foe tho half-year ended 3lst May has already boen paid), £i(&0 ; to be carried forward to next year s account, .£3134 9s 6d. The 'reserve has been increased by £1000, and" the insurance reserve by 11s lOd, making tho total of the reserve aocounts .£23,487 11s lOd The retiring directors are Messrs. Gear, Greenfield, and Sir Patrick Buokley, who, being eligible, offer themselves for re-elec-tion. The auditors, Messrs. D. T. Stuaft and K. T. Badbam, also offer tht-msclYes for re-eleotion. Afiio6n-yesterday, at Levin, a son of ,Mr. R6derick M'Dcnald, under tiwo years of age, was run over by Mr. Gardener's grocer's cart, driven by a man named H. Mills, and died tbe same evening. Constable O'Ronrke, of Otaki, has reported the matter to Inspector Pender and the Coroner for the distriot. By the Wakatipu for Sydney this afterboon 260 Romney Marsh two-tooth rams and 11 Leicoster two-tooth rams from the station of the Hon. M. Holmes, Oamaru, Wore forwardod to tho order of Goldsborough, Mort & Co., Sydney. A womatf-^-Mrs. J. F. Christmas, wife of an Auburn tradesman, — has been appointed Circuit Steward of the Wesloyan Circuit of Homebush, Ne"w South Wales. This is said to be the first appointment of the kind in any of the colonies. It carries with it an ex officio right to sib in the District Synod. In the Magistrate's Court this morning, before Mr. Martin, S.M , Elizabeth Soott, charged frith having no visible lawful meant of support, was remanded until to-morrow in order tbat-the police might telegraph tc her father, in Blenheim. Annette Harris, a ooloured woman, was similarly oharged She pleaded Guilty. Constable Forator bar ing given evidenco, defendant was Bent tc gaol for three months. Donald Campbel was charged with having been drunk three times within the past six months. Sergt. Mali or Ramsay said that the man had booked ft passage by the Gothio for London, and hi: Worship adjourned the case until to-morrov to givo the defendant an opportunity ol leaving tbe colony. At the inquest held by the Coroner a Petone yesterday afternoon regarding th( deilth bf John G. Rodgers, a former employi or tho Wellington Woollen Company, whosi bodjrwas found in the mill yard on Tuesdaj morning, Dr. Scanlon so id the cause of doatl was syncope of the heart, combined witl degenerated condition of the arteries. Then was a wound on the left temple, probabl; caused by a fall, but though it would causi Eorere concussion, be did not consider thi injury was sufficient to oause death. Tbi jury, of which Mr. R. Mothes was the fore man, brought in a verdiot in accordant with tbe doctor's evidence. The condition of tbe man Lawrence Gos ling, who was injured on the wharf on Tnes day afternoon, is serious. He has not bee: conscious sinoe bis admission to tbe Hob pital. At this wpek's mooting of the Women' Social and Politioal League, a paper oi " The Charitable Aid Institutions of th Colony " was read and discussed. Four nev msmbors were eleotei. The M'Noill and Bucko mission continue to attract largo attendances at tne Skatini Rink. Last night tile Rev. Mr. M'Neil preached from the sth chapter of Ephesians Wbh verse ; and he appealed to Mb listenerto be awake and active if they desired to bi saved. Mr. Burke sang the aoloa " Eternity' and " There were Ninety and Nine," am tbo choir rendered several hymns. Anothe Bervice will be held to-night. St. Paul's Fancy Fair at the Drillshei was well patronJßed last night. Anothe excellent entertainment was given by th Sunflp wer Minstrels, items being contributei Ivy Messrs. Twiss, Bannister, M'Kinley Warren, and Williams. The Rev. C. A Tisdale acted as interlocutor, and Mr. O Beere was stage manager. There are to bi sevoral new attractions this evening. The City Brass Band's exoursion ronnc the harbour by the Duco last evening wai largely patronised, and the trip proved mos enjoyable. Another excursion is advertiset for this evening. The Hospital authorities desire to thanl the following gentlemen for donation! towards Christmas festivities for th< patients :— Messrs. Kirkcaldie & Stains, £ Is; Mr. Dntbie, M.H.R., Is ; Mr. D Hall, Is ; Mr. G. Wilton, 5s ; Mr. G. R Wilton, 2s; Messrs. Sharland & Co., parce of goods. Miss Cimino (not Miss Brady, as stated oi our fourth page) was the accompanist at thi Convent entertainment last night. At a meeting of those interested it wa: decided to postpone the Thorndon Romai Catholic Carnival and Fancy Fair until th< months of July or August. The Harriers' mile road race for Mr. G F. Campbell's trophy will be run on thi Hutt-road between Kaiwarra and Ngabdu ranga on Saturday next, abriut &p m. Han dicaps may be seen at Batkin's to-night aftei 8,30 p.rm The Calif ornian Athletic Club Gym nasium is now in full swing, and Mr Mathews olaims for it that it is tho best fitted gymnasium in Australasia. Mr Mathows himself is aoting as wreßtling ant general inatruotor, Mr. Frank Payne as boxing lttstruotor, and Mr. J. Doyle, Welling ton, and Mr. C. F. White, of Auckland, ar< giving their services as honorary instructor! in club swinging and dumb-bolls, and it frnoing and single-stiok respectivelyk Thi class nights are Mondays, Wednesdays, anc Fridays from 8 to 10 p.m., and classes an also held on Tuesday, Thursday and Satur day afternoons from 2.30 to 5 p.m., while thi gymnasium is open daily to members onl] from 10 a m. to 10 p.m. . The adult snbscrip tion is £1 Is per quarter for active anc £1 Is per year tor honorary members. Mr Mathews has, however, deoided that in th< case of boys up to 18 years of age he Wil givo instruction on Monday, Wednesday and Friday afternoons from 2.30 to 6 p.m. at the rate i of 7s 6d per quarter, and wil make Bpecial arrangements for those fron schools. The following handioaps were deolarec last night for the 100 yds President's Cup Wellington Amateur Swimming Club :— R. C. Renner, G. S. Hill, A. Tattle, L. Par tridge, and H. Dacre, soratch ; J. Drisooll Gseo ; J. S. Butler and T. Evans, Bseo t H Davies, E. J. Fleming, H. Wilson, Geo Read, and W. J. Gaudin, lOsed ; T. E Butler, 15300 \ B. Finuoane, 20seo j F. Ross 25seo. Tho race will come off to-morrovi night. Tbe master of tho Ohiro Benevolent Homi desires to tbank Messrs. Grice Aked and B Friendly for their musical entertainment a 1 the Homo last evening, for whioh the in mates aro very grateful. Tho salo plan of the seotion of land— area 2 aoroß 1 rood 27 perches— given by thi Melrose Estate syndicate to be sold for thi benefit of the Unemployed Relief Fund, ii now on view in Messrs. Cameron & Christie' i window, Lambton-quay. The sale will bi held by T. K. Macdonald &"Co. next Tue3 day afternoon at Lysaght & Co.'s offices. The programme of the Caledonian Sooiety'i sports on New Tear's Day appears in on: advertising columns. There are to be m fewer than 31 events, and capital entriei are expeoted. Several leading athletes fron the South intend to be present at thi meeting, whioh promises to be a grea ! success. Yachtsmen are reminded, that J. H. Bethune i Co. will sell by auction, at their rooms, Feather ston-street, to-morrow, at 2.30 o'clock, the well known pleasure yacht Pet, winner of numerou races, together with complete inventory of sails gear, dingy, and moorings ; also, the fast one-rate: yacht Haeata, and dingy, moorings, and fiill com plement of soils and running gear. As the Christ mas holidays are at nand these favourite yacht should find ready purchasers. ' Preston & Co.'s Christmas hampers are the sub ject of an inset circulated with this issue. A. Lindsay, boot dealer, &c, announces his in ten turn during this month and the New Year montl to return to all his customers 2s in every £ spen' on boots and shoes, also to giro them uprettj Christmas story to read during the holidays, anc a pretty picture. He calls attention to some specia lineß in ladies' and gentlemen's boots and shoes h< has opened. Dawßon's Perfection Whisky has beaten all com petdtors at the exhibition of distillers', brewers' and mineral water makers' products recently helc in Dublin, at which Mr. Dawson was awarded i gold medal. George Thomas and Co. call attention tc Christmas poultry and hams for sale prirately to morrow. An announcement of "a sofa investment" ii maao in our advertising columns. "We are requested by George Thomas and Co. tc draw attention to the sale of books which takei place at Thomas Hall to-morrow afternoon, at i o cloak snarp. VT. P. Shortt will sell books to-morrow. Thej will be on view to-night, at his rooms, at t o*olocV. Townsend and Paul will 'sell to-morrow fruit, &c. A. G. Tame and Co. will Bell to-morrow furniture, 4c. Laery and Co. will sell to-morrow, fruit Chinese novelties, whisky, Ac. Now that Xmas is drawing near, preparations are being made by the judicious on al sides for a joyful celebration of the festive timo. The scene presented at Te Aro Housi is evidence of the popularity of the greal