THE IRISH LAND ACT.

New Zealand Tablet, Volume IX, Issue 457, 13 January 1882, Page 19

THE IRISH LAND ACT.

(From the Wanganui Yeoman.")

A cobiods testimony, has been borne to the merits of the Irish Land Act. The English telegrams inform us that "a largely attended meeting of landlords has been held at Dublin, at which resolutions were passed condensing the Land Act, and setting forth the intention of the meeting to demand compensation from the State for losses incurred through carrying out the provisions of the law." There ib evidence in such a movement that the Act is operating strongly in favour of the tenants, and that the exorbitant rents which have led to so much discontent are likely to suffer a sensible abatement. Toe landlords have raised the cry of confiscation, and demand compensation. What does this really mean ? That a judicial rent, or fair rent, is less than the landlords have been receiving, and that their incomes have been diminished. The landlords can only demand compensation by virtue of their assumed right of freedom of contarct. In England, freedom of contract is still the law, but the conditions of the two countries are so essentially different that Parliament has admitted freedom of contract ia one and limited it in the other. The principles of the Act have been arrived at after so much conflict and * discussion that it is simply impossible for one of the parties— either landlords or tenants — to reverse them until they have had a full and | exhaustive trial. So long as administration of the Act is in accordance with its spirit, it is vain and idle to enter protests in the way I of demanding Parliamentary assistance in the form of grants of money. If the rents come down with a run under the happy influence of the Land Commission, the fact is placed beyond all doubt they were too high before. Ihe sympathy in which case is due, not to the landlords, but to the tenants. Indeed, we go so far as to think that the moral right to ask for compensation rests with the tenants and not with their oppressors. This view would probably be taken by Mr. Parnell, who made the mistake recognised by the Archbishop of Cashel, in . not waiting until he saw what would be the effect of the administration of the Act. At the same time be had perfect constitutional right to continue the agitation without which it is admitted on all sides there need never have been any Act at all. The reduction of rents is the justification of the Land League movement, while the last action of the landlords is the most indubitable testimony^ to the necessity of bringing them and their rents under the judicial supervision of an impartial tribunal. " The world moves," and even the most misgoverned country in the world has had a ray of light thrown upon it which inspires its well-wishers everywhere with the hope that at least it may eater into the race of material progress upon something like even terms.

PROSPECTUS OF KEAST AND M'CARTHY'S (LIMITED) DUNRDIN BREWERY, Filleul and London Street*, Dunedin. To be Incorporated under the Companies Act ; Liability Limited to the Amount of the Shares. CAPITAL ... ... ... £50,000. Divided into 50,000 Shares of £1 each.

The present Proprietors retain 10,000 Shares, or any number not leas than 6000, at the option of the Provisional Directors.

It is proposed to call up 9s. per Share, payable as follows :—: — Is. per Share on application 2s. per Share on allotment 2s. four months after allotment 2s. eight months after allotment 2s. twelve months after allotment. No further call for five years, when, if necessary, 3s. per Share may be called up.

Provisional Dirfctors (with power to add) : Mr. WM. GREQG (Messrs. Wm. Gregg and Co.) Mr. GEO. DENNISTON (Denniston and Co.) Mr. W. G. NEILL (Neill Bros.) Mr. WM. WATSON (Martin and Watson) Mr. GEO. ESTHER (Esther and Low) Mr. T. S. GRAHAM (Heymanson and Low) Mr. WM. WRIGHT (Director Commercial Property and Finance Company, Limited) Mr. J. B. THOMSON, Builder Mr. FRANCIS MEENAN, Produce Merchant Mr. ALEX. INGLIS (A. and T. lnglis) Mr. JOHN GOLDER (President Licensed Victuallers' Association) Mr. JOHN DONALDSON, Glasgow Pie House Mr. N. MOLONEY, Ocean View Hotel Mr. J. D. HUTTON, St. Kilda Hotel Mr. JOHN CARROLL, European Hotel Mr. HUGH ROSS, Anderson's Bay Mr. FRANCIS PORTER, Caversham Mr. PATK. KELIGHER, Crown Hotel Mr. CORNELIUS BUNBURY, Grange Hotel Mr. JAMES DALY, White Horse Mr. FRANCIS M'GRATH, Harp of Erin Hotel Mr. HENRY SCOTT, Scott's Hotel Mr. JAMES LISTON, Robert Burns Hotel Mr. JOHN HARDIE, North Dunedin Hotel Mr. THOS. OLIVER, Sussex Hotel Mr. EDWARD HOLMES, Bowling Green Hotel Mr. THOMAS DODSON, Provincial Hotel, Port Chalmers Mr. GEORGE CHICK, Chick's Hotel, Port Chalmers Mr. JAMES MORKANE, Royal Hotel, Port Chalmers Mr. ROBERT NEILL (Keast and McCarthy) Mr. JOHN BOYD (Keast and McCarthy).

Bankkrs : BANK OF AUSTRALASIA.

Solicitous : MACASSEY, MACDERMOTT, AND KETTLE.

Managing Director : MR. JOHN BOYD.

Brokers : MR. W. L. SIMPSON, of Trust and Executors Company (late Resident Magistrate), Princes street ; Messrs. R. and A. J. PARE, High street.

This Company is formed to purchase and carry on the old and well-established Brewery and Malting Business of "Keast and M'Carthy," Dunedin. The property consists of the Brewery Premises (freehold), comprising upwards of three-quarters of an acre, situate across the head of Hanover street, and near the junction of London and Filleul streets, with long frontages to the two latter, on which are erected Brewery, Maltbouse, Stores, Offices, Dwelling-houses, etc. ; together with the extensive Plant, Stock-in-trade, Book Debts, Boiling-stock, and also certain freehold and leasehold Hotel Properties and Mortgages on other Hotels, etc., in Canterbury and Otago ; valuable Water-right, and the Goodwill and Trade Name of the Firm.

The firm of " Keast and M'Carthy " has been established for upwards of 12 years, and their success has been such as strongly confirms general repute as to the profitable nature of a brewery business. At the outset of their career the capital of the firm was very small, and, when a few months ago, after the decease of Mr. M'Carthy, the books were placed in the hands of two auditors, with instructions to ascertain the absolute minimum value of the Estate, owing to legal necessity to dispose of it, they certified that, after having had special reduced valuations made of the real and leasehold properties, and making all allowances for open accounts and bills on hand or under discount, a liberal discount off the stock on hand, and a large provision for contingencies, the surplus available for division — after discharging all liabilities— was £20,128. That this was a very safe minimum figure is patent from the fact that the balance-sheet at the same period, as carefully prepared by Mr. Eskdale, the manager, in view of an impending change in the firm, represented a surplus of

assets over liabilities (after setting aside absolutely all known bad and doubtful debts) of £25,463; the value of the goodwill, trade, name, connection of the firm, or private assets of the partners not having been taken into account either by Mr. Eskdale or the auditors. In addition to this it must be mentioned that when stock was taken in July, immediately after the agreement for pur* chase by the present proprietors, it was found that, notwithstanding the unsettled state of affaiis consequent on the death of Mr. M'Carthy, the net assets had increased by £1435. This profit was of course so much of an advantage to the purchasers, and is now in} eluded in the property which the Company takes. The wliole of the property, business, and interests of the- retiring firm are taken over for the sum of £23,000, but £9000 of this amount is at present held on mortgage at 7 per cent, per annum, and will not be payable by the Company for five years. Since the present owners took possession tbe trade of tbe concern has gradually increased, and there are now on the books the names of 400 customers, 17 of whom draw no other Colonial Ale or Porter.

From the facts already stated, it is manifest that the enterprise is quite above the sphere of ordinary speculation which characterises new ventures. The Company enters at once on an established and profitable business, which has been well proved, and which offers a first-class field for the co-operation of numbers and capital. Thk Object ok forming the Business into a Company is to secure the introduction of such an amount op capital as will at least equal the resources employed by Messrs. Eeast and M'Carthy, and that the Business shall be made more permanently profitable by including in the propbietory a number of hotelkeepers and thk General Public, all of whom will have an interest in promoting, directly and indirectly, the prosperity of the CONCERN.

As illustrating the success likely to attend the enterprise, it may be mentioned that a firm in Christchurch (Ward and Co.) disposed of their brewery business to a limited liability company, and sohigh does this company stand in the estimation of the public, that its shares, with £6 paid up, are now selling at £9 and £9 10s. Many of the largest breweries in Europe, America, and Australia, and the largest one in the world (Bass') are carried on by limited companies, and with great success. The 9s. per share to be called up within twelve months a r ter allotment will give the Company an ample working capital, which will place it in a position to avail itself of additional steady business as eligible opportunities may arise, and in the meantime will be, employed in saving Bank discount. The articles of association will limit the amount which the Directors can call up to 15s. per share, but no more is required or intended to be called up than as above specified. The present proprietors retain 10.000 shares in the Company, or any number not being less than 6000, at the option of the Provisional Directors, and will be on the same footing respecting them as other shareholders.

The present proprietors — Messrs Robert Neill and John Boyd — will be members of the first board of Directors, and they, together with not more than five others, to be selected by tbe Provisional Directors, will constitute the full Board. By Articles of Association all of them, excepting the Managing Director, will go out of office at the first general meeting of the Company, when the election of their successors will be made by the shareholders. One of the present firm, Mr. John Boyd, will act as Managing Director, on terms to be agreed upon, and the services of Mr. Robert Neill will also, if the Directors desire, be at the disposal of the Company. If further or more detailed information be required, apply at the Office of the Brewery, or at the Brokers of the Company. Every application for shares will be duly considered, but it no allotment be made the deposit will be returned without deduction, and if a less number be allotted than applied for, the surplus portion of the deposit will go in reduction of the amount to be paid on allotment.

Application for shares will be received up to 15th February, 1882. Copies of the prospectus and forms of application can be obtained from the Provisional Directors, the Brokers of the Company, or at the Brewery.

From a note to the Paris Academy, it appears that M. de Lacerda has discovered a fact of considerable scientific and practical importance — viz., that permanganate of potash counteracts very effectively the poison of serpents. ' In a first series of experiments a water solution of the poiaan was injected into the cellular tissue of dogs, under the legs ; and its usual effects were large swellings, with abscesses, loss of substance, and destruction of tissues. But when an equal quantity of filtered (one per cent.) solution of permanganate of potash was injected one or two minutes after the poison, those local injuries were quite obviated j there was merely a slight swelling were the syringe had entered. Next, introduction into the veins was tried, and the permanganate again succeeded admirably. In only two cases out of more than thirty was there failure, and this v attributed to the animals being very young and weak and badly fed apt also to the antidote being given at too long an interval after tbw poison, when tbe heart was already tending to stop. In one series of cases the permanganate solution was introduced half-a-minute after a solution of venom, and the animal showed no derangement beyond a very transient agitation and acceleration of the heart for a few minutes. In another series, the characteristic troubles caused by the poison were allowed to manifest themselves (dilatation of the pupil, quick breathing and heart action, contractions, &c. ) before the antidote was given. In two or three minutes, sometimes five, tbe troubles disappeared ; a slight general prostration followed for 15 to 25 minutes, after which the animal would walk, and even run about, and resume its normal aspect. Other dogs poisoned similarly, bat not receiving the antidote, died more or less quickly.