THE GLOBE. FRIDAY, JANUARY 14, 1881. THE SPECIAL PARTNERSHIPS ACT.

Globe, Volume XXIII, Issue 2149, 14 January 1881, Page 2

THE GLOBE. FRIDAY, JANUARY 14, 1881. THE SPECIAL PARTNERSHIPS ACT.

The President of the Industrial Association, at the last meeting, brought under the notice of the members the provisions of certain sections of the'mercantile law of New Zealand relating to special partnerships, which deserve more than a passing notice. It may be, and doubtless is, as pointed out by a correspondent of the " Press " to-day, perfectly true that the provisions referred to have been on the Statute Book for many years; but it is also true, that they are not amongst those things which are generally known. Therefore we consider the thanks of the community are due to the Association for being the means of rescuing them from the oblivion of the Statute Book, more especially at the present time, when attention is being directed towards the development of our natural resources. Such an Act, or as the correspondent, with fine legal discrimination, puts it, part of an Act, is specially suited to industries such, for instance, as the manufacture of starch and other kindred utilizations of our natural products, which have of late occupied a somewhat prominent place in public discussions. By means of this special partnership provision, the capitalist can aid, with only the responsibility of the amount he contributes, the development of some peculiar manufacture. As therefore, we conceive it is for the public benefit that they should become aware of the scope and tenor of the legislation in this direction, we purpose briefly to summarise the salient points, so that those who may be desirous of taking advantage of the Act may do so. First, then, it is provided that Banks and Insurance Companies shall be excepted, but that in every other respect, as dealing with all kinds of mercantile business, these special partnerships may be formed. They may consist of two classes, viz., general partners, who are responsible, as at present under the law of partnerships, for the liabilities of the firm; and special partners, who are responsible only to the amount they shall contribute to the general stock. After detailing the process to be gone through in giving certificates of the formation of partnerships, &c, it is provided that if, in the carrying on of such business, the name of any special partner shall be used with his privity or consent, or if he shall personally make any contract respecting the concerns of the partnership, he shall be deemed to be a general partner so far as concerns the contract or matter in which his name shall have been used, or the undertaking into which he shall have entered. The certificate of partnership is to be published in the *' Gazette," and in a local newspaper, and if such publication is not made, the partnership is to be considered as a general one. No special partnerships can be entered into for a longer period than seven years, but a renewal can take place. No reduction of the capital below the amount stated in the certificate can tako place during the continuance of the special partnership. There are some further provisions as to the dissolution, &c, but these are not material. Despite the attempt on the part of the correspondent in the " Press " to cast ridicule on the President of the Industrial Association for having called attention to the legislation on the matter, we contend that good service has been done by the action of the latter in this matter. There is no kind of business in which the provisions of the Act would tend to the general interests of the community more than that connected with the utilisation of the great natural resources of this district. Take, for instance, the cement materials said to exist at Oxford. There are many who would be inclined to venture capital in such an undertaking, but decline to do so if they, by so doing, should render themselves liable for the whole of the money requisite to start such an undertaking. By taking advantage of the provisions quoted above all they would be liable for in the event of a total collapse of the undertaking would be the amount they had contributed to the common stock. Thus it seems to us, that this legislation is eminently favourable to the developement and fostering of local industries, and, as such, deserves the careful study of all interested in the welfare of the community as a whole.

OUR NATURAL RESOURCES.

It must be exceedingly gratifying to those who through evil times have stuck manfully to the opinion that the Malvern Hills would yet turn out a perfoct mine of mineral wealth, to find this confirmed by recent scientific experiments. Mr. Gray, the laboratory assistant at Canterbury College, stated at tba last meeting

of the Industrial Association, that from analyses made by him he found that the Malvern Hills clay, for cement purposes, was equal to the highest quality / spoken of by German authorities as what a clay should be. The opinion thus expressed was confirmed by Professor Bickerton, who pointed out that the Malvern hills clays were suited alike for the wet and dry process of cement-making, and that they existed in quantity. We have before been told of the various articles found in these hills, but up to the present time it was not known that, in addition, clays so highly suited to the manufacture of cement are there to be found. This affords another proof, if such were needed, of the usefulness of the Industrial Association, which, we fear, is not so thoroughly appreciated as it should be. ME. SIMONSEN'S FAREWELL TO DUNEDIN. The following characteristic speech was delivered by Mr. Simonsen on Tuesday evening, when the company made their last appearance in Dunodin : Ladies and Gentlemen, —I am not going to make a speech, for two reasons—first, that I never make speeches ; and seoend, that I am very bashful. [Laughter.] On behalf of Madame, I desire to thank you for your attendance this evening. I may as well tell you that I have travelled nearly all over the civilised world, but Dunedin is the worst place I ever was in. And this reminds me of a circumstance in my career, which I will narrate to you. Some years ago I went to Barbadoes, in the West Indies. I took with me Mr Thalberg. Perhaps some of you in Dunedin have never heard of him, but he waa one of the finest piano players in the world. Mr Reiohardt, the composer of "Thou art so near and yet so far," a very fine tenor ; my wife, who can sing a little; and myself, who could play the violin much better than Ido now, because I have had little or no practice of late. It was one of the best ooneert companies I ever travelled with. Now, Mr Thalberg took out with him from Europe letters of introduction to a prominent man at Barbadoes—a Scotchman by the way (laughter) —which he delivered on arrival there. We gave several concerts, but that gentleman never honored us with his presence. Well, in taking a stroll one day Mr Thalberg and I chanced to meet this gentleman, and naturally we inquired bow it was that he had not been to see us. He replied, " Oh, my wife sings, my daughter plays the piano, and I play the fiddle myself, and we don't want to hear you; but if you will "come up to my house and take dinner with me on Sunday I shall be very pleased.' Now, as a rule, I object to going out to dinners, because I like to have my meals at my hotel and pay for them, but as he was very pressing we went. We had dinner; and immediately afterwards his wife sang, his daughter played, as he did himself. Such singing and such playing. Then turning to us he said, " We should be delighted to hear you play," but I replied that we were not in the habit of playing for our dinners." (Laughter.) This brings me to what I intended to say. I have been in your town and heard not the opera of " Maritana;" but yes, I will call it "Mary Turner," sung most wretchedly by amateurs—yet. all their cousins, aunts, and sisters went to hear it, and the theatre was crowded. I have brought to this town not an indifferent company. I say it with all humility, it is the best that can be collected together in oil Australia; we have put on the operas pretty fairly, I think, and you know what our audiences have been. Some persons—jackasses I should oall them have been writing to the papers protesting that our prices have been too high. Of course, it is easy for a "star" surrounded by a few indifferent actors to play to four, two, and one shillings; but no opera company can do so. He has only a few people to pay; I have over forty. And I say it without fear of contradiction that the prices I charged have been the lowest ever charged in Dunedin. I remember the Lyster and Allen prices. However, I have plenty of money to lose, and it does not matter (loud cheers) ; but I reckon that you will not see my company in Dnnedin again. [Repeated applauso and some hissing.] On Mr Simonsen returning to the stage, he said: " I had forgotten to say that I am deeply thankful to the press of this city for the kindly way that they have noticed us. And to the few of the publio who have consistently supported us throughout our season we are indeed grateful. In the circle and stalls we have seen night after night the same faces encouraging us. That is the kind of appreciation that we as artists do feel; and, believe mo, in all sincerity I say so, that to these people we shall ever be grateful for their sympathetic support. [Loud applause.]