The Lyttelton Times.

Lyttelton Times, Volume IV, Issue 167, 18 March 1854, Page 7

The Lyttelton Times.

March 18, 1854From a file of Wellington papers of recent date, containing- the final proceedings and adjournment of the present session of the Council of that Province, we glean some intelligence of their proceedings which may suggest matter useful to ourselves. Amongst the ordinances which have passed the Council,'we observe one which places the office of Superintendent of the Province in Commission, during the absence of that officer as a member of the General Assembly at Auckland. The Fencing and. Road Ordinances which have passed that Council are of importance, on account of the principle established : viz., that of compelling the property of absentees, equally with that of real settlers, to bear the expenses of fencing and road rates. As much more of the land about Wellington is in the hands of absentees than is the case in this Province, these "rather stringent measures will have a proportionately decided effect on the tenure and acquisition' of property. But the most important ordinance on which we can now offer any remarks is one for the encouragement of enterprises carried on by means of joint stock capital. The great impediment to such associations both at home and abroad has hitherto been theunlimited responsibility to which shareholders are liable under the English law of. partnership. The only way to avoid such liability is to obtaiu either a special act of Parliament, or a Royal Charter, both attended with so much,,expense and trouble as to operate as a bar^to the formation of small companies. Mr. Slaney and others in England have repeatedly endeavoured to amend this state of the law particularly as regards the interest of working men and small capitalists. If such a state of the law has proved injuiious at home, much more must it be so in a colony where almost all are small capitalists. If we are ever to have works carried out requiring more than an ordinary capital, this must either be effected by the Government of the Province, or by small associations of capitalists. Such works as principal lines of road, improvements of harbours and riv.rs, &c, would best be left tv the General Government, but there remains a wide field for the investing? Nt of associated capital in irills, breweries, lime works, tramways, steam boats, &c, iScc, companies for carrying out which to the great benefit of our trade, would, we are convinced, soon spring up, if the Welling-

ton principle of limited liability were established here, so that persons subscribing for a few shares in such undertakings, should know that in the event of loss, it could at the worst not extend beyond the amount subscribed. Here would be at j once a sort of savings-banks fo- the investment of small capitals which would not be forced into the only channel at present open, viz., the rent or purchase of land. Men might thus still go en working for wages, whilst, their earnings were accumulating and benefiting the community. But it may be objected, if all the partners are secure from serious loss, where is the stimulus to exertion in conducting the business ? or a gwarant.ee to the shareholders that it is a hona fide speculation ? This is exactly the point which is met by making the acting managers, who are registered as such, liable to the full extent for all the debts of the concern. The two principles are thus combined, of full liability for the debts of the concern in its acting partners, and of security against serious loss to the sleeping partners. Thus there may be many individuals thoroughly acquainted with a particular business, but without capital to establish it single handed, whilst others may be seeking to invest small sums in anything which would pay a fair rate of interest. By the co-operation of these two parties, the one possessed of skill and habits of business, the other of capital, many a thriving concern would be put in operation. This system, though not yet established in England, is one which has been long in beneficial operation in France under the name of Societe en commenclite.

The Budget.—Yesterday, in the Provincial Council, Mi", Tailored brought forward the estimated revenue and expenditure for the current year. The revenue is estimated at £26,540, including £1,500 balance from last year; the expenditure at £26,104. £10.000 being appropriated to public works, £10,000 to emigration, and £1000 to education. Additional Sale op Land.—lt was mentioned by Mr. Tancred, when bringing in the estimates, yesterday, that two hundred' and forty thousand acres of land, outside the block, had been selected. On enquiry we find that Mr. Sidey is now engaged in completing the purchase of this land for an Australian Company, for the sum of one hundred and twenty thousand pounds. Three out of the five cattle ships advertised for this port arrived here this week, bringing a total of 600 sheep, 34 horses, and 440 head of cattle. The " Tory," Captain Row, made a very successful trip, having lost only 1 mare and 1 heifer during the run from N. S. Wales. The " Waterwitch " and the " Admiral Grenfell" have been less successful than usual. The " Catherine Ann " also arrived this week, and by this vessel we have some Sydney papers, containing a few days later intelligence from England, extracts from which will be found in another column. The mail for this port brought out by the " Stately," lately reported at Otago, will, we hear, be delivered by her Majesty's brig, which is expected to arrive in a few daj's. We regret to state that the N.W. gale of Saturday last has caused some injury to the New Church at Lyttelton ; to what extent is not yet known. The building has been surveyed by three architects, Mr. Mount fort, Mr. Dobson, and Mr. Cridland, who have not yet made their report. In the meantime, temporary provision has been made for the Church Service in the Itnmigration Barracks.

FIRE NEAR CHRISTCHTJRCH. (From a Correspondent.) On Sunday the 12th instant, the Messrs. Clarkson, on the Heathcote, set fire to some in ass and fern on their section : the wind was blowing1 strong from the N.W., and almost instantaneously carried the fire to the cottage of Mr. Donald Coults, who at the time happened to be from home, end who on. his return in the evening found his house, his furniture, and every article of clothing utterly destroyed. A pair of French Burr Mill-stones, together with the machinery of a moderate-sized corn mill, on the point of being erected, were rendered perfectly worthless. Mr. I. Luck, ok. the part of the Messrs. Clarkson, and Mr. W. Wilson, on the part of Mr. Coults, were under an arbitration bond jointly appointed arbitrators, and after a careful personal inspection of the loss sustained, have awarded to Mr. Coults the sum of £93 18s. lOd. The circumstance conveys a caution to those who, thoughtless of consequences, are for amusement, in the .habit of setting fire to the luxuriant herbage of the Plain. Many other properties have been seriously endangered during the past week by the numerous fires which have swept violently over the country, and reports of further losses have reached me, which I refrain from giving until they shall have been properly authenticated.

To the Editor of the Lytlelton Times. Sic, —Befoi-e the Provincial Council on the Bth instant, I described the posts suited for an ordinary three-rail fence as usually being 6 feet in length, firmly placed at intervals of 8 feet, and standing over 3 feet 6 inches above the surface ; the posts, therefore, must necessarily be from 2 to 2 and a half feet in the ground, and not " from 9 to 12 inches" as represented. Your report is an outline of wha'; I stated concerning hurdles, but certainly not what I described as being essential to constitute a substantial three-rail fence. Your obedient servant, W. Wilson. Christchurch, Mar. 15.

To the Editor of the Lyttelton Times. Christcliurch, March 9th, 185-i. Sir, —I went into Lyttelton the other day partly for the sake of getting the correct time. I was surprised to find that the Post-office clock which was so much talked of by the Postmaster, before he got it, was more than half an hour fast. Every one was complaining of it. I was told that this was its normal state ; that the Post-master, when he was spoken to about it, said that it was a very good clock, but a little [fast at the moment, and that he was going'io alter it. In the mean time Lytteltcn goes by anything and everything else that will give them any notion of time. The Harbormaster, I believe, is sick of giving the correct time at the Post Office. Ido not know how the Lyttelton people who subscribed for the clock, like these vagaries. If I was a resident,-I should consider the clock a nuisance instead of a blessing. Could it not be got into the hancs of some one who understands what time is ? Your obedient Servant, A Gilicola.

Dr. Leichhvuot. —A large white builock conjectured to have belonged to the team purchased by Leiohharut, a few weeks back joined some bullock drays journeying from the interior of the Buniet district with wool. (Joiinimuiiant Walker, of the Native police, and several intelligent bushmen, consider there is "Teat probability of this gentleman being still alive, but detained by some of the native tribes. Although detained, as the aborigines are not al tirsi hostile lo the whites, they entertain strong hopes no personal violence has been offered lo the enievprisiug traveller.