The Globe. THURSDAY, JUNE 4, 1874.

Globe, Volume I, Issue 4, 4 June 1874, Page 2

The Globe. THURSDAY, JUNE 4, 1874.

Hoav is it that such a large proportion of the Joint-Stock Companies, which have been started in Canterbury under such good auspices, have been unattended by success ? There must be something wrong in the system of getting up these associations, or what is perhaps more probable, when fairly started, some great faults in the management, to have rendered it impossible to so many of them to be carried on with that amount of profit, which it seemed only just and reasonable to expect, would have attended their efforts. Since the Act for the registration of Joint-Stock Companies was passed, no less than forty-one companies have been floated in Canterbury, commencing with “ The Saltwater Creek and Kaiapoi “ Coasting Steam Navigation Com- “ pany,” which was registered on February 13th, 18G3, and finishing with the “ Canterbury Sale Yards “ Company,” registered 21th November, 1873. Out of all that number of companies how many are in successful operation, now ? We are speaking within bounds when we say that the number could be counted on the fingers of both hands. Let us give the names of a few of those which were to bring wealth and honor to the promoters and shareholders, and add to the glory of the Canterbury province : The Christchurch Baths Company,the Selwyu Copper and Manganese Mining Company, the Canterbury Agricultural Produce Export Company, the Halswell Flax Company, the Selwyn Flax Company, the Canterbury Gold Prospecting Company, the Colombo Mining Investment Company, the Commercial Mining Share Company, the Deep Sea Fishing Company, antTthe Canterbury Oyster Fishing Company.

All these were started during the last ten years, and are now forgotten by almost everyone, except those unfortunates who held shares in them. We could easily add to this list, but we have named enough for our purpose. Bad management must have had something to do with the failure of many of these schemes, but there are many among them which never bad any legitimate claim to public support and failed in consequence. But the number of fresh speculations in which the public of Canterbury are continually pressed to invest their money, prove that something must be made by the promoters, or some one else connected with the management, even in the case of those companies which fail. The latest novelty in the way of a prospectus was shown to us the other day. A company was to be formed with a very limited capital , for the purpose of carrying on a particular business, but the projectors, wishing we suppose to do good by stealth, declined to allow their names to appear! and a confiding public was asked to apply for shares and pay a deposit! Happily the undertaking has suffered the late due to such ventures, and the affair we are informed is still-born. We can only hope that any future attempts of the same sort, may meet a similar reception, and that the public will avoid investing their money in any “Joint iStock” schemes, unless they can see the names of thoroughly well-known trustworthy men, either as the promoters, or on the directory.