DOWNRIGHT CHEATS AND ROBBERS.

NZ Truth, Issue 443, 13 December 1913, Page 4

DOWNRIGHT CHEATS AND ROBBERS.

We are glad to find an effort mads which promotes well-paid labor m New Zealand, and for this reason all local industries get the best we can say for them. We desire the welfare of the workers m pur woollen mills more than, the actual cash returns to the investor, though we recognise, as thingsare at present run, how lmpor- 1 tant that the latter should also be encouraged by everyJg&|Wfr*e means. The nomiiuiUGjU|Al'§jsß^<' company Is £50,000 io^Hgp^gCand they show there at^HHnTjTCS shares unal- ; lotted. FrbnttWms itivwill be seen, that shareholders -alta .the public generally V may yet ha-v^t an opportunity of mV vesting £17,1J|S should the company ! decide on offering these shares. There is no indication of this being done immediately, for on the surface everything looks healthy m the financial department The company"? x liabilities are only £3388 to aU creditors, inclutf* - ing its bankers. Apparently the latter were not over friendly to this plucky lltUe company, fpr its directors make a feature of the fact that the company only requires a UtUo assistance to •: purchase wool. , "Cambist" has on more than one occasion urged our local companies to call up and use m their businesses unpaid capital. This concern has partly dono so, and now proudly points to the good result^ from such % course. It is a policy which protects from many dangers, not the least of which is THE POWER OF "SQUEEZE" which bankers are prone to exert m favor of the Importers, also the exporters, and incidentally the profits which accrue to : the banks themselves from the exchanges going. in all things connected with the shipping and landed Interests. The company is blessed by a fine patriotic lot of shareholders, loir-**" those who subscribed to the new issue of £10,644 worth of shares paid up tha whole sum, less £244 30s. Thoy, showed a wise confidence, and havo dono well m many other respects, not A forgetting a nice dividend b£ 8 per m cent on their money. There, are 4318 i preference shares of iil fully paid up. Whether this Is all the preference <sipkal authorised we canuot say, not having th* company's articles of association handy. It is a. pity to see any preference shares m a mn&U .company of this kind. It would be better sor financial comradeship If all membera were on the same footing as. shareholders. Special privates m finance, and society must go In tho near future. It has been , found a eur»je to real progress m development Such prosaio matters as finance are, niter ai}, very human, ,and must In tho end tthnpa themselves to human ideala of progress. The whole paid up capital rt the company at Oct>ber .-Si, 1913, i» £32,607 10s. while there nt'6 reserves of £10,478. This is OK. The capital is small, but Hi© reaerve« are big m comparison. l.Sv»«l«inily much careful financlnK and management have been at the back of such a good showing. The assets commend themselves os being good and Holltl. Premises , and plant, £51.248; stock-in-trade, manufactured. In process, and raw materials, £20,511; >iU» recelTOble, £2049: sundry debtors, '£50*42; a grand total of £4K.BS'J. A company m SUCH A BOWD POSITION as this should clearly have boon able to discount h r.mail lot of bills, £1049, but then it would have had {hat sum as a contingent liability. On the other hand, it has no contingent liabUHlcs whatever as retard» credUora. There may bu some m the amount of book debts, but "Cambist" Is willing to grant them tho full benefit of lh* doubt A real clean little balance-" sheet thin. ' Last year tho dividends wcr« 5 per ' cent on ordinaries and 4 per cent on ! preferential shores. This ywir ih« distribution 1b nt tho rate "of 8 per cont The net profit* vlr. £20,11, do : not appear to fustlfy so high a »Uvli dend. «« the carry over vrUI then b* / oniy^XHSa i\B oga>nßt £145" the vr»}- 1 i advi»or.ln-chi«?f-~ a luiiwe confe&uor. ad it wore— to the Wurd ('overnmeni. Truth" w<in«l*Ti*» wiutihrr, at a prwwmtntion of ft wnr nieilii] to tho clunky "iion." oml ''.Sit- ihift w«©k, hr w«* indulping m on« of hi* favoHl* prjf>KnoHtJc«Uonii; "j hot*," he KnUi. "thnt Mr. Mantwy and .Sir .loiu»ph Wa.r*l will not nlwn>« |m» «t J.ny. W« hrtVft ull t}f»n*. O "r best, no doubt, (or the? itpliftln^ of our fel-luto-ir&iLurtm. »»ut ihi*ro muMt »,ot l»« thtft oppo»lijon~continu«i oppotit'on." Itot* thin farecnsl cualiUon? Ther? is no doubt that Sirjo»»'» j>ronouncAintrni for freehold hup i\li»r){tte#l him from <*. h\r&r> Section of his c-mwhilc |»rogrt>«tve follower*. "Truth" PxpreMMt ih^ hop?, when the b«-night<Ht one rtsturn«»d from hi» holiday. t)wt i h« would h»vo lo M rno<l hl» l«*«on. HU only |>lnc<» now ■{ «c«tnji to ho with ih<? "IH'fonn" party armyod agatnnt tbo m*t#cH out for emancipation.