Untitled

Waikato Times, Volume XXXV, Issue 2834, 11 September 1890, Page 2

Certainly the dismemberment oi the New Zealand Stud Company's establishment at Sylvia Park, which lately seemed almost inevitable, would have been a national calamity. There has never been an institution in New Zealand that has done so much to bring the colony to the front and into notoriety ; and this has been gained by the wonderful success scored in all parts of this and the other Australian colonies by horsos bred at Sylvia Park. The good dividends paid, and the good fortune that attended the earlier years of the existence of the Stud Company, and the place they atill hold as breeders of the highest class of thoroughbred stock in the colonies, can be justly pointed to with pride by Aucklanders and by residents of this provincial district. To have witnessed the breaking up and scattering of this famous stud stock, associated as it is with the illustrious names of Musket, Nordenfeldt, Sylvia and Onyx, would have caused runny a pang of regret by no means confined to the racing fraternity, the feeling would have been very general. The issuing of a prospectus to avert this disaster is, we believe, well timed and will receive very generous support, and the fact that Colonel Carre's name is associated with its promotion will not lessen its favourable acceptance by the public. The capital of the proposed company is fixed at £20,000, Tis on application, 10s on allotment, and the balance of . r >s it s thought will not be required to bo called up. When some days ago it was reported that Col. Carre was arranging with others to purchase the company's interests by an issue of 150 shares of £100 each, we were much attracted by the proposal, as it bore on the face of it a genuineness, unfortunately wanting in our experiences of late years in the matter of company forming. In this case there, was to be no borrowed money, sill the capital was to be subscribed and at oneo. The prospectus now pluml before the public has tho same good (jualiricatioti. Further, there is no £2,000 or £3,000 going into the pockets of the promoters. The public know that the price was £15,000, and they are only asked to iind that sum. The remaining £5,000 is to be held as a reserve to provide for further developments, and, in all probability, will only be called up on the vote of the shareholders. In estimating thn future profits, the promoter* have past results to guide them, and, to a discriminating public, this will have its due weight. In dealing with the property under offer and the sum to bb pail for it, as furnished by the prospectus, the following points are worthy of consideration : —So far as this year's income is concerned, stated at £5,700, nearly the whole of this may be claimed as yet to come in ; but on the other side, on the estimated annual expenditure, it is quite certain that by the end of this month, the earliest at which the sale can be completed, only three months of this estimate will have to be provided by the new company, say £900, leaving a balance on this year's transaction, so far as the new shareholders are concerned of £-1,800. To this sum add £5,000 a low estimate for the four stallions, and this leaves only £5,200 for the forty-two brood mares, this years' progeny, and all other appurtenances in and about the establishment. In reducing tin; shares from £100 to ,£l a very wise step lias, we feel sure, been taken, and the public will respond accordingly.

We shall not be .surprised to hear that the demand for slurfis lias fur exceeded the number .■iviiil.il.li'. On seeing the notification of the prospectus, it seemed to us a matter of such importance, that we at once coniriimiioMtcd with Colour! Canwilli the. view of assisting the proir.cted company, and we are now in 'ruccipi. of application forms which wo shall l.e to post to any one desirous of taking up shares. In view of the past successes of the Stud Company and with such a satisfactory statement for tho future

prosperity ef the enterprise we have thn greatest confidence in enlisting the support of the public. In the first place in establishing the company no better method could be adopted for keeping this colony and its capacities in this respect before the outside world, and in the next, sindby no means the least important, nn investment, we feel convinced, will give a good return upon the outlsiy.