A " MAYOUR'S" NEST

Manawatu Herald, Volume III, Issue 27, 3 December 1880, Page 2

A "MAYOUR'S" NEST

TO THE EDITOR 'OF THE MANAWATU HERALD. Sir, — Today I have received the prospectus of "The Caswell Sound Marble, Portland, Cement, And Mining Company " Limited, and for a collection of contradic tory statements I commend it to your readers. I should not have taken the troublo to have noticed it had I not road the following, one of the attached papers, viz. : — " The Government of this colony having been requested to make the following grants and concessions in aid, have replied that they sympathise with the objects and in teutions of the Company, and aro prepared to favorably consider proposals as far us possible within the provisions of tho existing law as soon as the Company is sue ces.sfully floated, registered, and prepared to fulfil it* portion of any agreements that may be entered into : " That they guarantee « per cent, on the actual subscribe 1 capital of this Company for a term of five years from the date of registration. " That they give the Company an absolute Crown grant of 5000 acres of laud, including the whole of their present rights, as soon as tho Company is successfully floated. "That they grant 20,000 acres of land adjacent to the Sound, to be selected by the Company, at 10s per acre — terms, 10 years without interest — for purposes of special settlement ; also the ritrht of cutting timber on other v 20,000 acres, at a royalty of Is per 100 ft supoiticinl. " That they grant tho right of mining for coal or other minerals on these rights. '' That they grant a bonus of £2000 on the first £1000 worth of marble sold ; nlso, £1000 on ths first i'2ooo worth of J'ort'and cement sold " l»y this application the directors would seem to hiivu but small belief in the success of the undertaking. The inducement to thu public should bo tlii* inducement for the diiectors. But no, the public are informed that this is an " exceedingly valuable property," and that t'le prospect " h;is greatly exceeded their most sanguine expectations." flu promoters say they feel justified in forming the company, " b3ing confident of a gigantic financial .success " After further padding, casually mentioning sales of blocks of marble (sweet huk-fiuiteness) in Europe at £20,000, the prospectus states, that. '" the present co^t of producing 1 this marble ... by manual labor only, . , . . is about 2 shillings per cubic foot

. . . , These figu'es .may appear increuible,but they are nevertheless absolutely o-irrect. Thus, taking the cost of production as stated and the very lowest wholesale quotation at 12 shilling. 1 ! per foot, irives the apparently fabulous rate of 500 per cent, profit at least upon each and every transaction. It is therefore no visionary matter." If tho statements thus set forth to the public are correct, if the company can so easily set. 500 per cent, I want to know why the Grovernmitut should bo asked to guarantee the company i' 2500 per annum for it years, should give away 5000 acres of exceedingly valuablo propsrt.y, should sell 20,000 ac.es of land for actually nothing, and make a cash present of £3000 on the company earning its own good dividends. We unfortunate fanner", who only hold valuable property, would exceedingly like to see the Mibsidios tojour highways boards, in preference to enriching marblo companies contemplating such princely dividends. I disclaim belief in the above figur s, but off r them fur the public to '' look on this picture and on that." I am, itc, KItNKST S. TIIYXXB. Foxton, Dec 1, ISBO.