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New Zealand Times, Volume XXXII, Issue 4931, 11 January 1877, Page 4

A correspondent of the Financier, a leading English commercial journal, rather severely criticises the balance-sheet of the New Zealand Shipping Company. Witheut expressing an opinion on the subject we reprint the letter. He says:—Sir,—At the present time,, when, in this country, so much spare capital is seeking profitable employment, it seems to me more than ever important that any statements publicly put forward, with a view to invite investments, should be strictly scrutinised and commented on, if needful. Now, I have had lately put into my hands, as once connected .with the colony, a report of a meeting, in August last, of the New' Zealand Shipping Company (a colonial undertaking), held at Christchurch, containing a detailed balancesheet, showing a certain amount of profit on business done, enough for a dividend and a reserve fund. As I am given to understand that a great number of these reports have been printed and circulated here, and knowing something about shipping matters, I have had the curiosity to try apd understand this balancesheet before thinking of the company’s shares for myself. The items pro and con. are not very clear, as, amongst other things," no working expenses are shown, A net profit available for division amongst, shareholders is put forward 0f'£43,177 10ar,r lod., but, to arrive at this, the assets of the company must be looked at. Before declaring;; profits,’ every prudent trader takes stock of his effects. Now, in the balance-sheet befofe.me the stock of the company—namely, thirteen ships afloat—is valued at £256,687 Is, This tium no doubt represents what the ships cost when; they were new, but a prudentinvestorwill ask—are they worth that now ? .The question can' readily be solved. Their total register tonnage amounts to 13,128 tons; taking this at £l4 per ton, for which new first-class :iron ships can now be built, their actual value, if they were all bran new,’ would be £183,792. But most of these ships are two or three years old, and some are second-hand re-named ships \not worth more than £lO per ton). However, for the sake of argument, we’ will value them all at £l4. They are certainly hot worth this, and never will be, as outfits must be renewed from time to time. It results, then,' that, taking this asset as shown in the ’balancesheet, £256,687, against the outside market value, £183,792, a palpable over-valuation is made of £72,895/ This without reckon-, Ing on-coming : outfit' renewals, . which* would mount up to a large sum;' So that; instead of there being an available nefc’prpfii of £43,177 to pay dividends and reserve, there is actually shown by the directors’own figures a deficit of something like the same amount on the other side. “ He who runs -may read.”— Yours obediently, An Old Oqlonist. It might be thought scarcely possible that an organisation like the Goq£h Templars, whose purpose it is to rescue the fallen, and to diffuse a higher "tone of morality the world, should come to grief, or rather lose much of its influence, by reason of its refusal to recognise the rights of the negro as being equal to those of the white man. Yet such is the case. The Good Templar movement orignated in America, and having it is to be presumed worked beneficial changes in the manners and lives of the American whites, the negroes and Indians were sought to bo reclaimed from the. vice of intemperance. Thereupon the question arose as to whether the blacks should be invested with equal power in the management I

of the Order as was possessed by the whites. This it seems was denied ; not only so, but, if we are correctly informed, caste distinction was so far insisted upon that the Lodges of black and white men were to be kept separate and distinct. The result was a disagreement. The English Lodges would not submit to be governed by a body which ignored the first principle of Divine law, and an English Grand Lodge was formd to provide government for the Lodges of Great Britain and such others as chose to secede from the parent Lodge. The matter has exercised the colonial Lodges lately, and it will be observed by our Auckland telegram this morning that the New Zealand Grand Lodge has condemned the course adopted' by the American Right Worthy Grand Lodge, v and as a natural consequence, we suppose, will enroll itself on the records of the English Lodge. We were not aware until the assertions of the Wellington correspondent of the Otago Daily Times were pointed out that “ the manner in which the Government steamers are used and managed has latterly attracted some notice in the local papers.” The correspondent evidently belongs to the ignorant class in the city, who carp at what they do not understand, and condemn without taking the pains to enquire. Perhaps he has taken possession of the mantle dropped from the shoulders of a man, who, after being discharged the Civil Service for an unmentionable offence, turned round to abuse those civil servants who remained respectable members of society. The statements made in the Otago Titties are simply untrue. Our Northern and Southern exchanges teem with articles upon the lamented death of Sir Donald McLean, and with one exception the references to the deceased gentleman are happily marked by an absence of that feeling which political differences may have engendered. We regret sincerefy that the Canterbury Press should have formed the exception, and should have devoted a large portion of its space to attempt to prove that the colony is but little indebted to Sir Donald McLean for his services, and, on the other hand had paid very dearly for his accession to office. It matters nothing to deceased to what extent his character and conduct are canvassed; but for the sake of decency, and in obedience to mere .conventionalities, if for no better reason, let political animus cease when death claims an opponent.