THE WEST COAST MEAT EXPORT COMPANY.

Hawera & Normanby Star, Volume V, Issue 922, 26 January 1885, Page 2

THE WEST COAST MEAT EXPORT COMPANY.

To the Editor of the Star.

Sib, — As one sufferer among a ni»inber, I ventureio ask the chairman of the above company} through your columns, where he first learnt that it was usual or beneficial to a company to sxunmon shareholders for calls within seven weeks from the date of their falling due ? Can he mention a single instance within his experience where such a course has been pursued without any public or private notice being first given of the company's intention to sue, this extreme course being taken at a time when the company's works were closed, and stock -owning shareholders were receiving no benefit from the four pounds per sharp .already paid up? For eighteen years I have paid my way as a New Zealand settler, and have never until now been summoned for a debt. Now, for a paltry due on December 3rd, a summons is issued on ! January 19th, which, with costs of 10s and interest 2s 2d at 15 per cent, to date of hearing, amounts in all to £3 12s 2d. I venture to express the opinion that wljeri the shareholders agreed to 15 per cent, being charged on all overdue , calls they anticipated, as I did, that such an exorbitant rate of usury would satisfy any, even a hard-up or a bankrupt, e company for at least a couple of months. * In,the interest of the company, as a shareholder I desire to. protest against the injustice of being mulpt put of <M 12s 2d, the total amount (nclude'd, , : in tlje summons, when, I pnly equitably owe at the dato pf the siuninbns, £$ Is 7d, though njWest is charged right

up to the date of hea*Mg,||6nmof it being not yet due. '-My opimonpßfiis system oi finance is that itjis aboul|gn a par with the practical nianaaßini|{f^juider which an «normous overdrafe'nas'~belto incurred! several Hundreds, of the shareholders' money has been wasted on a- section of drift sand totaliy^unsuitable for a site for the works, ana finally another; £15QP or thereabouts was sunk in. freezing machinery, which has rusted ever" since, and which caimpt be erecj§d.bjc|eaum there is - not, nor is tlTere any likelihood' of their being, sufficient money wherewith to erect it. I wonder if the company would buy up my three. shares iat-tiie-price of the call now, 4ue ?> If 50,,1 should be inclined to let'them'gor— l am, &c.; Four Calls Paid : Lasi Cam, Sued For.