TIMARU WOOLLEtf FACTORY CO. LIMITED.

Timaru Herald, Volume XL, Issue 29, 7 March 1884, Page 3

TIMARU WOOLLEtf FACTORY CO. LIMITED.

10 TO THE BDITOB OP TBK TIMARU HBKALD. id Sib. —As a fhareholder of the Timaru Woollen Factory Company, I ham received b a circular from tho Hccreta^y informing uio that 'd although the ehare-liat hue not been Bubt, scribed, yet satisfactory arrangements have d been made with the Bunk to borrow money ; it and further, thnt eitos have bern eacurrd ie that tenders for tlie buildings willbecallid ie for ehortly, and mi order for plant ia to he Bent by the next Snn Krancieco mail. Tliis iB very rapid nrogr<B9 and certainly demand.' >* some explanation, considering that tho sub I- scribed capital amounted to somutliing leva 1, ihan £4000 by laht ueoouits. li) 3 Directors evidently believe m taking a short cut to th>d De»il. I, In giving m my name as a Bhareholder, I it took the liberty to euppose that unless a I, reasonable amount, of eupp >rt waa met with, the enterprise would not be gone on with, t That a subscribed capital of less than £-10i)0 !. can be called a reasonable nmount of support, - I beg leave to doubt, us also that the n Directors are under tho oircuraslances by any c means juelifled m fooling away the shari - ) holders money as above. When I saw the '. names of the Directorate I wag satisfied that » the uffairti of the Company would be con--3 dueled m a bueine»Blike manner, and I cun b only conclude eithnr that, the business men on c the Directorate have not attended the mcciD ingi>, or that they have not given the mater any consideration and have left il. all to one or t wo. s To talk of starting a factiry, buying siteß, ; putting up buildings and ordering plant ou an 9 available £'4000 is absurd, und can only end • m hnnginp our town into ridicule. , With information that I now havp, I . think it. extremely doubtful even if £20OCX) • were tho amount at the disposil of the • Directors whether the factory would he a paying cancern m the face of a compeliliun with tho factories belonging to the f aur neighi boring town?, having large paid up capital;, t and with on exceeJingly limited market. I i thick that the Tery fact of the enterprise • having met. wMi such a acauty support from • the public (nhrther the present Director.) 3 have mado any effort to extend the chare r list, I know not) ia an evidence of want of > faith m it, and I firmly believe that it is, i under ihe circunutiinees, simply throwing I away Ihe shareholders' money ts proceed ) further. It may benefit one or two indis vidualp, and it may benefit, the Bunk, but I , for ono cannot afford to have ray money l wnsled. I hope, thereforo, thnt the Director* • will study the interests of those whom they i represent, nnd not drift into an absurd transi action which cannot but reflect to their die- . credit. lam, &c, Shabeholebh.