The Patea Mail. Established 1875. MONDAY, OCTOBER 22, 1883. AN IMPORTANT MEETING.

Patea Mail, Volume IX, Issue 1102, 22 October 1883, Page 2

The Patea Mail. Established 1875. MONDAY, OCTOBER 22, 1883. AN IMPORTANT MEETING.

We have to congratulate the district upon the successful floating of the West Coast Meat and Produce Export Company. We have no desire to suppress the fact that out of the 2000 shares; comprising the Company’s capital, there are some 300 odd that have not been taken op. Nevertheless wd reg-ard the floating as successful, bearing in mind the dull times, and venture to think that no one need feel grieved that the whole capital has not been subscribed. Shareholders should bear in mind that by and by, when the Company is ,in operation, there will be a good demand for shares, and those that have not been applied for can then be placed upon the market. Doubtless a considerable premium would be the result. The question, therefore, of the unallotted shares may, in the 'meantime, be left to look after itself. Of far more importance is the election of a Board of Directors, which duly devolves upon the shareholders at Wednesday’s meeting. Much care and consideration will have to be exercised in making a choice. The success or failure of the undertaking may be said to hinge upon what is done on Wednesday. There are difficulties ahead of the Company that will require enterprise, tact and courage to successfully overcome. All new concerns of whatsoever nature have to face difficulties at the outset, and where the enterprise is strange, as it is in the case of Meat Freezing, those opening difficulties arc usually rather more numerous and obstinate than perhaps may be anticipated. The Directors will have to make themselves thoroughly acquainted with the business from end to end. They will have to understand the construction of the buildings, the process of refrigeration and its cost, so that both a profitable and just scale of charges can be drawn. Storage has to be arranged for, and dozens of other matters which heed hot be mentioned hero. But it seems to ns that the works of the Freezing Companies at Wellington, Canterbury, and Otago should be visited by two or three of the Directors and every information obtained. The value of such knowledge can hardly be over-estimated because the Directors will from the outset know what they want and how to go about it, besides being able to keep their manager up to the mark. Very often companies go to ruin through too much being left to,the Manager, either through indifference or want of practical knowledge on the part of the directors. Such we trust and believe will not be the case with the West Coast Meat and Produce Company. And there is no fear of such a catastrophe if shareholders will exorcise their judgment in the choice of the Directorate. They must not be guided by friendship. So and So might bo a veal good follow in every sense of the term and yet incapable of taking a useful partin the handling of ten thousand pounds so as to make a success. In our opinion the Board should consist of men of good practical common sense and business knowledge; men who, from (he business habits they have contracted through careful (raining, will bo fitted to conduct the operations of the Company in a prompt, energetic and thoroughly sound manner. Although influence should not be overlooked altogether, we think it should be clearly understood that each gentleman who allows himself to be nominated must be prepared to give the necessary time and attention to his duties, which, we venture to think, will be by no means light. In good hands the success of the Company is certain, and we would urge every shareholder to he present on Wednesday, as the iropor tanee of the occasion cannot bo overrated.