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New Zealand Times, Volume XXXII, Issue 5132, 4 September 1877, Page 2

One of life’ most promising- -speculations to all appearances Jhat has ever ibeen brought forward here was initiated! yes‘terclay;: The proposal is to form a limited liability company, with a capital of £4o>ooo, in '4OOO shares, of 1 £lO each, to purchase and carry on the foundry and engineering business of Mr. E. Mills. The amount of the purchase money is

£25,000. Ou receipt o£ half the amount Mr.. Mills to hand over the whole o£ this lucrative, concern, tea profits on which ifor the\paatj twelve mp|iths have been- upwards of £6bfio. vTHe' remainder of the purchase money may remain for a term of ten years at seven per cent., or may be paid-up wholly or in part at any shorter period. . Other, details of the scheme will be found in our report of the proceedings' which took place yesterday at a preliminary meeting he|d at Mil Hunter’s rooms. It, will bej seen, that a resolution was passed approving of the formation of the company, that a provisional directory was appointed) and that the Secretary, Mr. Zohrab) was instructed to take' such other steps as were necessary for definitely floating the affair on the commercial world. It was announced that about 180 gentlemen had signified their intention of taking in interest in .the company, and it certainly appears to us that they have an excellent prospect before them, if the business is properly managed. It has been already most profitable to Mr. Mills, who stated at the meeting that he should not part with it only that he has other business to attend to, and that the work at the foundry has so increased that he is unable to give it all the attention it requires. There.can scarcely be a doubt of the correctnessof theremark made at the meeting, that there will be great demand for ironwork of all descriptions as soon as the Wellington and Mastertou railway is open into the interior, and that such a company as that now in-process of formation; provided its management is entrusted to the right hands, is certain to succeed. , The business has been most successful in Mr. Mills’ hands, and there is no reason why is should not be so under his successors. Mr. Travers stated yesterday that it had been suggested to him by a person of experience (Mr. Brabazon Smith) that the capital was hardly sufficient. But quite a contrary opinion was expressed by Mr. Mills, who certainly ought to be a good judge in the matter. It is probable that as the business increases, as it is sure to do with the increasing trade and* commerce of the port, a better site for the foundry could be chosen, and that Kaiwarra- would probably be an excellent place for the purpose. Should it be, hereafter, decided to remove there, a very large price could unquestionably be obtained for the present foundry premises, which are in the very heart of the town, and land in this locality must-rise in value as the reclamation is carried out, and the railway brought close to the spot, as it shortly will be. Looking at the matter from every point of view, we can see no reason why the undertaking should not prosper; indeed it is seldom that such an opportunity presents itself for the investment of a large or small capital in a legitimate and well-established business.