The Patea Mail. Established April 14, 1875. Be Just, and Fear Not. MONDAY, MAY 18, 1885. OUR SINS.

Patea Mail, Volume XI, Issue 15, 18 May 1885, Page 2

The Patea Mail. Established April 14, 1875. Be Just , and Fear Not. MONDAY, MAY 18, 1885. OUR SINS.

We have been brought to book by a few friends for the tone of our editorial remarks on Friday last, a tone which those few individuals are pleased to call antagonistic to the future of the West Coast Meat and Produce Export Company. To the individual whose limited mental endowments render him incapable of reading two consecutive sentences in the English language it is possible that the remarks made may have such an appearance, but to anyone of ordinary mental capacity such a reading is impossible, as no word antagonistic to the undertaking has ever appeared in our columns, indeed, we cannot conceive it possible for any one to entertain for one moment any opinion against the unquestionable utility of this particular industry, and we have on the contrary at all times recommended, and still continue to do so, the fullest support being accorded it, and, bolding these opinions, it cannot be a matter of wonder that we are quick to observe any act likely to militate against its welfare. Our few disinterested friends would have us to believe that making known facts with regard to the real position of the company will be likely to injure the future prospect of obtaining support, Ir reply we can only say that if the real position of the company’s affairs cannot be made known to present and intending shareholders,then Ihesoonersncb an institution is swept from our midst and the hotter lor everybody concerned. But we by no means hold this view; we are glad to say our estimate of the moral character and powers of discrimination of our settlers is of a much more favourable nature than to suppose any such absurdity, and we are fully of opinion that a straightforward unreserved statement (no matter how unfortunate it may appear) if accompanied by a full explanation as to how the position came *

about is (not only what shareholders have a right io expect and demand, but is also) the safest way to secure support for a continuation of the works. We do not now live in the age of miracles, and have no right, therelore, to expect any to be performed for our special benefit, and as no industry v?as ever yet inaugurated without mistakes, it naturally follows that we must expect our local institutions to have their fair share of them; but against these we have still to put the undeniable fact that the result of the working has been unqualifiedly successful for as we have, through the courtesy of the local agent of the N.Z. L. and M. Company, previously notified onr readers the tallow sent from these works to the London market, realised a price second only by some few pence per cwt. to the best brand sent from these colonies; while through the same courtesy, we were also able to state that the tinned meats sent Home by this company realised the “ top price of the English market.” Results such as these from that terribly impartial judge-—the English market —proves beyond question that the manufacturing operations of the company were in good hands, and that the mistakes, such as they are, are mistakes of only minor importance and such as can be guarded against by shareholders simply exercising discretion in (he election of those in whom the general direction of the company’s undertaking is placed. In this connection it is pleasing to note that the Hawera Star, of Friday last, in a forcibly-written article on this subject, expresses precisely the same opinion but in a little more forcible language saying, “In the first place experience, though a rough school and especially so in financial matters, is said to teach even fools, and it would he a pity to throw away the schooling which the shareholders have paid for." (The italics are ours.) While with regard to the grazier’s interest, the remarks are peculiarly alike, our words being as follows With the farming community, however, there is no room for any such question. Whatever loss has accrued to them as shareholders has been more than returned to them in the increased value of their stock ; for not only has the stock sold been increased in value but also the stock kept To this portion of the community, therefore, there can be but one course, to advise, and that must be to secure at all hazards the continuance of the company's operations; even though it be at a cost of 15 per cent of their own estimate of (he value of their stock being converted into shares in the company,” and the Star in almost the same words expresses precisely the same opinion, and says: The West Coast Company is practically a co-operative company of graziers, and consequently if it be sound policy for graziers to encourage the re-erection of the Patea works, they should he the first to recognise (h.e fact, and strain every nerve to go on, even though they might be unable to go on long, if prices rose and beef and mutton grew too scarce or too dear to be tinned at a profit. What they lost as shareholders, they would gain as graziers. It will, -u—— — isssi. .he....patent tP aU capable of reading that we have hut one wish on this question, and that is to see the works again in. thorough working order, and on a sound financial basis, with all losses written off, and under the management of a reliable and responsible directory of business men I when no fear of ultimate success need I be entertained.