CANTERBURY CATTLE INVESTMENT SOCIETY.

Lyttelton Times, Volume IV, Issue 165, 4 March 1854, Page 8

CANTERBURY CATTLE INVESTMENT SOCIETY.

Considerable interest was evinced in the town of Lyttelton on Monday evening last by a general meeting of the Cattle Investment Society, advertised in our columns to take place at the Mitre Hotel, at 7 o'clock that evening. Dr. Dudley having been called to the Chair opened the meeting by reading the notice calling Subscribers together, and after some few general observations on the admirable purposes of the Society, called upon the Committee for the report of the proceedings promised in the notice. In the absence of Dr. Moere, who appeared to have been charged with the report, Mr. Dampier rose to present it. After lucidly explaining the objects contemplated by the Society, private and public, and plainly pointing out the vast advantage to be derived by the investment of money in live stock accumulating in the colony, and the great benefit the Society would be to the public in a political point of view, as maintaining a large floating capital in the colony, he read to the meeting- the following report and recommendation of the provisional Committee:— " Canterbury Cattle Investment Society. " " Report. "We, the undersigned members of the provisional Committee of this Society, having carefully considered the annexed prospectus, submitted to us by the promoters of the Society, and investigated the probable advantages to be derived from the formation of such a Society, both as a private speculation and a public measure, do confidentially recommend to subscribers and to the public the formation of the Society and the carrying out of the project suggested. "We consider that under good management it will not only be highly remunerative to the subscribers as a source of profit, but equally beneficial to the colony by the maintenance of a large floating capital within it, and tend to improve the breed of stock for that time when it will be most essential that stock be of the purest breed, in order to insure an export of hides and tallow of the most marketable description, for the production of which the Canterbury Plains are so well adapted. " We have consulted gentlemen of acknowledged experience in this colony, and with their full concurrence feel that we "can confidently assert that the annual produce likely to arise from neat stock will be from 70 to 75 per cent, and that of sheep will amount to 80 and upwards. " The Committee report that about 60 persons have already pledged themselves to become subscribers to an amount equal to above onefifth of the whole capital required, and many others have intimated their intention to subscribe when it shall be understood that investments will be made in sheep. " The Committee have made provisional arrangements for securing an excellent cattle run between the Rangilata and river Hinds to the southward.of the Canterbury Block, part of which is calculated to carry sheep. ! " The capital of the Society now proposed is £10,000 ; we recommend that the Directors be at liberty to extend it from time to time to be determined at their general meetings. "We also recommend that investment in sheep come within the project, and that the feociety be at liberty to purchase such portion of their runs from time to time, or any other adjacent lands or property that may be thought by the Directors desirable and sufficiently advantageous for investment of capital for the benefit of the Society. " That the affairs of the Society be conducted by a Committee of Management, consisting o f o members (of whom three shall be a quorum) under the control of a Board of 12 unpaid Directors to be elected by the shareholders, part »t whom should go out in rotation annually unless re-appointed. "The Committee of Management to be elected from amongst the Directors annually and be accountable to the General Board, all of whom should hold a qualification of 10 shaves J hat a proper Deed of Settlement declaring the objects and purposes of the Society be pre°- • pared for subscription, and that it contain in addition to all such clauses as they ma cons . the Society by Charter or Act of Council or

Assembly, if it should be deemed desirable at a general meeting to be called for that purpose. Signed by the Committee. Mr. Dampier then proceeded to verify some of the main facts of the Report by letter and statements from two of the most experienced gentlemen in the colony as to the probable increase which the society had a reasonable right to expect from their investment, and in confirmation of the Committee's estimate submitted to those gentlemen, which he then explained, and which appeared to be highly satisfactory. Mr. Dampier referred to the great objects of the promoters in placing within the power of small capitalists aud persons desirous of accumulating savings for their children, a means of rapidly accumulating their investments without risk or requiring their personal attention. He then adverted to the mode contemplated for conducting the affairs of the Society as one from which they had aright to expect good management, the constitution of the Executive being founded after tbe fashion of the day,—on responsible Government, —the Managing Committee being elected from an unpaid Directory, to whom they should be at all times accountable, and to which managing Committee should be voted their compensation by the shareholders as they might fairly be entitled to it. He clearly pointed out the advantages to be derived, not only by the shareholders, but by the public, from the improved breed of cattle to be encouraged by the Society ; but the great convenience to shareholders in having an available scrip or negociable security in the nature of shares, which would be as so much cash or ready capital, applicable at any time to the purposes of loan or security, at the same time yielding to them a large and increasing income, at the rate of from seventy to eighty per cent, profit. He then shewed that the subscribers already pledged were sufficient in amount to commence a station with 1000 sheep, and left it to the parties present to declare by their votes whether the Society should be supported and the measures recommended by the Committee carried out. Mr. Alport moved the first resolution. " That it is highly desirable a Society for the purposes, and with the objects stated in the prospectus, and of the report read, be established, and that such Society be now formed and be called "The Canterbury Cattle Investment Society." He stated that the subject had been so fully elucidated by tbe preceding speaker, that little was left for him to expatiate upon, but he could not refrain from stating that there were many persons making small savings who would gladly seize this very profitable means of investing their gains, having no other advantageous Savings' Bank into which to place them ; and the case of the small capitalist venturing to invest in cattle in a small way, and for want of appliances and proper attention having,, perhaps, in a few days to deplore the loss of his cow by a sudden casual descent from the rocks, by which her neck was broken ; whereas had he availed himself of the opportunity now offered, he would have had no such losses to bewail, no such trouble and vexation to endure, and considerable gains to boot. Mr. Bikch seconded the resolution, which was carried unanimously. Mr. W. Huxchinson then moved the second resolution to the effect— " That the following gentlemen, members of the present Committee, be requested to continue their services, in order to organize the formation of the Society, with power to add to their number, and to call a general meeting of the subscribers at Christchurch, so soon as the necessary subscription deed shijjl be ready for signature, and to give 14 days' notice of such meeting in the newspapers of the settlement," giving also the names of the gentlemen proposed to form such committee, as follows: — T. R. Moore, Esq., m.d., H. I. Le Cren, Esq., 0. R. Blakiston, Esq., A. J. Alport, Esq , W Thomson, Esq., J.T.Parkinson, Esq., C. Dudley, Esq., m.d. The resolution as amended was carried item con. Mr. Read then moved the third resolution to the effect:— " That no application for shares be received after the 31st of March next, immediately after winch day the allotment of shaves wiil take place. # The resolution was duly seconded and carried.

Euquiry was then made by a gentleman present as to the liability of the shareholders to outstanding demands. Explanation having been given of the little liability which could attach to any one, much less to a shareholder, in a Society of this nature, where nearly the whole of the outlay would be made in stock at all times marketable, and increasing in value from day to day, even did any liability extend to shareholders (which was by no means apparent, as the English Joint Stock Act did not appear to be in force in the colony), such stock would always be liable to the payment of the debts of the Society, and the Society would doubtless be incorporated so soon as it should be found advisable, and an act limiting the liability of parties obtained. The gentleman referred to requested the Chairman to put him down on the list for 10 shares, and various other persons added their names to the subscription list. A vote of thanks to the Chairman was then passed, and the meeting separated.