THE COMPANIES BILL.

Greymouth Evening Star, Volume XXXI, 1 August 1901, Page 3

THE COMPANIES BILL.

Sir Joseph Ward has introduced the Companies Bill in the House of Representatives. In this there are certain restrictions as to the allotment of shares. There are also certain qualifications to be complied with before a shareholder can become a director. There are certain important restrictions in regard to commencing business. A company shall not commence any business or exercise any borrowing powers unless (a) shares held subject to the payment of the whole amount thereof in cash have been allotted to an amount not less in the whole than the minimum subscriptions, and (b) every director of the company has paid to the company on each of the shares taken or contracted to be taken by him, and for which he is liable to pay in cash a proportion equal to the proportion payable on application and allotment on the shares offered for public subscription; and (c) there has been filed with the registrar a statutory declaration that the aforesaid conditions have been complied with. The registrar, on the filing of the statutory declaration, shall certify that the company is. entitled to commence business. Any contract made by a company before the date at which it is entitled to commence business shall be provisional only, and shall not bo binding on the company until that date and on that date it shall be binding. Nothing in this section shall prevent the simultaneous offer for subscription of any shares and debentures, or the receipt of any application. If a company commences business or exercises borrowing powers in breach of this section, every person who is responsible for the breach of this section shall without prejudice to any other liability be liable to a penalty not exceeding £SO for every day during'vrhicu the breach continues. This section shall not apply to a company registered befort the commencement of this act nor to a company where there is no invitation to the public to subscribe for its share. Particulars of the shares allotted have to be filed, as have alsj signed copies of prospectuses. There are a number of requirements to he complied with in regard to prospectuses, meetings, auditors, registration of mortgages, etc., and liquidation.

Travellers on the railways of the colony will learn with satisfaction that it is the early intention of the Minister-in-charge to allow holders of single tickets to break their journey at intermediate stations; as is now done in the case of return tickets.

Instructions have been given to the officers of the Railway Department to have a comparative statement made as to the consumption of fuel by the Baldwin (American), English, and colonial engines. The return will be laid before Parliament when received.

While agreeing with Mr Fisher as to the desirability of educating the youth of the colony in a knowledge of seamanship, the Minister of Marine does not support the contention of “ Our George ” that a training ship is necessary for the purpose. A knowledge of sea life could be acquired, he said, in some place contiguous to the sea. Shortly stated, (says a contemporary) the system adopted by the Government in Land Settlement is as follows; A block of land is purchased in what is considered a suitable locality, where there is believed to be a demand for closer settlement; a price is arrived at with the holder, the land is surveyed, and roads, if necessary, laid out; the usual reserves for educational and other noses are made, and the balance of and is carefully cut up into allotment and valued on a basis which will bring in a bare five per cent on the total outlay. Sometimes there is a heavy expense incurred before the land can be occupied, and this is added to the capital value. The rent being put down at the lowest price which it will return interest to the Government on the amount expended, it stands to reason that any reduction made to the tenant must be at the cost of the taxpayers of the colony as a whole.

Two prisoners, says the N. Z, Times, escaped from the hard-labour gang at Fort Halswell, and made circuitously for li- - berty and Newtown. The warders promptly set out for the Kilbirnic isthmus, and there sat down behind a bush to await developments. As the escaped prisoners came furtively by, the warders rose up, and ostetatiously flourished their rifles. One of the escapees—a bit of a waglooked quizzically at his captors, and said “Fancy meeting you!" The other emulated “Brer Rabbit,’’ and said nothing. The warders fell in before and behind, the broad arrow bearers stepped out, and “what might have been a serious affair,’’ barely furnishes material for a small paragraph. Mr Thompson, County Engineer, (says the Westport News) has prepared plans of the proposed road from Cedar Creek to Lyell. The route covers 16 miles and passes through mineral and bush country, coal out-crops having been discovered at the head of Ponine's Creek and also in the Macklay’s country, east of Mount William. The timber includes birch, yellow pine, red pine, and rimu, and extends over a considerable area. The route also passes through country of slate formation suggestive of alluvial deposits auriferous reefr. No special difficulties are anticipated in converting the track into a dray road. Mr Thompson’s next work in opening up that part of the country will be in taking levels for a road from Millerton to the Mackey's district.