The New Zealand Times (PUBLISHED DAILY.) SATURDAY, NOVEMBER 18, 1882.

New Zealand Times, Volume XXXIX, Issue 6736, 18 November 1882, Page 2

The New Zealand Times (PUBLISHED DAILY.) SATURDAY, NOVEMBER 18, 1882.

We publish In another column to-day the prospectus ot the Gear Meat Preserving and Freezing Company of New Zealand, Limited. This company has been formed to purchase the well-known meat preserving works and business carried on by Mr Jambs Ge ar at Wellington.and Petone, and to continue the same as a going concern on a much enlarged basis. ; The capital has been fixed at £IOO,OOO in 10,000 shares of £lO each, and it is anticipated that £60,000 of this amount will be required to complete the purchase. The provisional directors of the company comprise some of our leading and most wealthy citizens, whose reputation for sound business judgment is in itself a guarantee of the future of the new company, while the fact that one-half of the capital has been subscribed for privately before the matter has been mooted in public print is a feature that is remarkably satisfactory to intending shareholders, and is certainly quite unique in the history of any joint stock company in this city. It appears from the prospectus that the reason for Mr Gear selling out to the company arises from the state of that gentleman’s health, which will not allow him in future to give the same close application to business as he has dona in the past, and from the fact that, having made a competence, he is content to retire from the battle of business. Mr Gear has consented to remain withhispartner, MrBEALE, as managingdireotorf or at least 12 months, and afterwards to assist the company with his advice wherever required so to do. As an evidence of their honafides, thevendors take the large sum of £IO,OOO in.paid-up shares in the company, and extend the payment of the purchase money over a period of three years. They also guarantee that the net profits of the business during the first year shall not be less than £6OOO, which will produce to each shareholder an assured dividend at the rale of 12£ per cent, on the capital paid up. This feature in the prospectus is a most commendable one, and illustrates in a striking manner the advantage of a company purchasing a going business as compared with starting one do novo ; in the latter case the preliminary operations consuming so much time that the capital in the business lies quite unproductive for the first year or two. The meatpreserving operations are stated to bring in about £IOO,OOO per annum, and that this can be doubled in two years is proved by some reliable statistics, which clearly show that the demand is quite unlimited.. Another feature of a most admirable character is the constitution of the company, and one which will bring to it the hearty support of all country settlers, is .this: that it takes up the freezing business, and will not only buy from stock owners, freeze and ship on company’s own; account, but, if necessary, act as agents in these matters, and make advances on frozen stock sent forward through them. Thisisan advantage which a strong company will always possess over a weak one, and seeing that the objects are the samo in this respect, it might be well for the Wellington Meat Export Company to amalgamate with this powerful rival. As a matter of fact, we understand that a number of its shareholders are already moving with a view to bring this about. The company propose to take over the business on Ihe Ist December next, and to ■ hold the first meeting of shareholders in January, 1883. Looking at the importance to the city and district l ! of encouraging all local manufacturing enterprise, and the special advantages, we possess as a shipping port, the manufacture and export of preserved and frozen meats should receive special attention. The establishment of so powerful a company as the one under review should give the trade a wonderful impetus, and when the business appears to be of a profitable character, and to be under the conduct of men who possess the confidence of the public, there is no reason why it should not receive the haarty support of every one who desires to see the natural industries of the colony fostered and developed to their fullest extent.