The Manawatu Standard (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. SATURDAY, FEBRUARY 18, 1886. THE WELLINGTON WOOLLEN COMPANY.

Manawatu Standard, Volume XI, Issue 1634, 13 February 1886, Page 2

Manawatu Standard (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. SATURDAY, FEBRUARY 18, 1886. THE WELLINGTON WOOLLEN COMPANY.

~ It is with regret we learn that owingto a variety of causes the prospects ofthe Wellington Woollen Company are not so encouraging as might be desired; We notice firom the Wellington newspapers that ,at "two teicent^ meetings of shareholders the press have been either excluded, lor when vs^Bife jshoulder .speaking was b,eirg adopted by irate arid 'perhaps' indiscreet i shareholders, the reporters were i asked tp withdraw and not to publish what ha<l taken ,p,lace. v ' 'JTlje J } pM, m referring to the position of matters, appeals, strongly to all parties concerned to sink minqr and' personal differences, and to unite, heartily m endeavoring to make ihis' company, what so few Wellington joint stock companies have proyedj— a genuine s ( ucces^. . .The pi)port.unity is a great one, tWsa'crifipe^e-^ manded ia very slight, We re^epho

this good advice. Surely it is to the shareholders 1 intdrests to .put their shoulders to the tdntiakf' the undertaking a Success. It would throw great odiscredit n Wellington ; were the concern to come to grief before 'being actually established. Manawatu is deeply interested m the success of the project. We have pointecjTioutrthisTpFra&e of|tj|e ; question oh '{irevio\is ii - occasions, would be a vast advantage to these districts to haVe"r woollen irrdmtrjr*' m fl fJirect railway communication with it The Post hits Jhe najil^onjthe^ HeaSlvKerrirsays":— " WeTiave seen ntae hopeful en|ernrfee r a§ter .ancjttiej wfebki'd by" the^ealo^is^,' hhpatferice, and unreasonableness of a c\ass of shareholders who no sooner invest a litttje^mpneyj m an infant Garnpui\y \theri they arefseized'with -repentance; become inspired with distrust of the very -men "they have selected'" |o manage its affairs, arid then sot themselves industriously to work to' disparage the Wnole concern,' to run down its prospects, to throw suspicion on everything done*, by the. directors, to Tender $t impossible for the Board to properly fulfil its functions,, and thug to bring about a compulsory winding up, m which everybody concerned will lose all •that has been invested. Other companies from which much was expected, and which might have realised expectation^ under^ ; prudent management; we hare seen come to grief through the sheer mismanagement and inattention of the directors, and .others have again been I brought' to the windirigi-iip stage b*y ia combination ,pf unwise share! .holders | T and , imprudent , directors. 1 We sincerely trust 'that the i Woollen IC 'pmpanyf will escape all these; jdan-j Igers and ,, be carried to a triumphal issue, but as we have said,, the proceedings of the last two meetings, ■are not calculated to increase confidence. (Qur : cdntemporary' l s further jre'ifrarkd-o'h the subject : are v worthy' iof careful perusal~3nd earnest cqnisicler'Btion?'f^t says •£&* W« 4(^l*! (point out to the shareholders that jnayjng backed f in: )th£/ese^p!?isjg[, ithey ouhht to^dp their y^ery utmost to Icarry it through jto a successful is|sue, and; should not |)e,;tjop rea<|y^ to {grumble and express distrust. It jiseasy Jo/raise vugpidon^bnt.'-tverv jdifficiiltn to allay it.,,- directors on their part should ;be most especiK ' [ally discreet and careful m all their jproceedings, and' should treat "both I the shareholders and the publicwitW ; ithe utmost candour and Confidence; •Th ce H r factory, when once ' *at work, I will be a credit^ afrid 'an 1 immense ad-' ;yantage 'to Wellington, lJ (;arid to I Manawatu ), an ! d all that is 1 now •wanted to make it an entire .success, |is -a little forbearance as between shareholders 'and directors. Thgy must all work J i heartily,, tpgether fpr, li the I , i cpmm j on i jgood. Complete sucess is within 'their grasp, and it will be their own ifaultaftthe^*l6 not Beeiire:it.'?L,vi