PROMOTING A NEWSPAPER.

Pukekohe & Waiuku Times, Volume 3, Issue 235, 2 October 1914, Page 2

PROMOTING A NEWSPAPER.

WITH OTHER PEOPLE'S MONEY.

A WARNING TO THIS DISTRICT.

WAIT FOR THE " TIMES" OFFER.

AKTICLE NUMBER ONE

For sonn time past—indeed ever | sirce the boycott movement which ; failed eo cipmally—a small group of people has been persistently | misrepresenting the "Times." We have hitherto Euffered this campaign of vilification in silence, j Wc kr.ew there was a movement on I the part cf a disgrunthd few to start I another paper for distribution in this district. We had no objection 1 to that so long as they put up; THEIK OWN MONEY. But now | that they are endeavouring to draw • a lot of innocent people into a stupid and unprofitable quarrel we are afraid that aloofness ami dignity must be thrown to the winds and the , gloves taken off. TAKING SHARES IN NEWSPAPERS. The last "farmers' paper" which operated as a company concern in this district was, we think, the Town and Country Lifj. It wa9 to be for t'he farmers, by the farmers, t A great many district farmers took shares in that enterprise—and THEY LOST THEIR MONEY DOWN TO THE LAST HALFCROWN. People who are asked to buy shares in any newspaper company ought TO INSIST upon a written guarantee from the promoters that their good money will not be lost. SMASH THE "TIMES."

Will the party that is behind this company movement give a guarantee? You can bet your life they won't. Some of them frankly say they don't want to make dividends, they want to "Smash the "Times'." But they want to do it ON OTHER PEOPLE'S MONEY Although they are wealthy men they are tot game to take the contract on, on their own account. Let us be personal and give this challenge to the three HenriesMessrs Henry Wilp, Henry Dell and Joseph Henry. They all want a paper badly a-d thev are the ones who have beeu stirring up most strife and throwing most mud Let ihem each put up £2OOO. They can afford it. That will give them £IOOO more than they are now soliciting and if will be their own money they will have to burn. This su;gCHtion *>. tfiii not appeal '.o them at ;r!. It >3 Oiin.R Pi'Airi.K MwXO FH K V WAN'I 1" OPERATE I. TON. lillW A NEWSPAPER MAKES ENEMIES. A newspaper which is independent and can neither be bribed nor bounced is bound to make enemies. For instance: Some time ago a Magistrate's Court case was heard. One of the uarties showed up in a very bad light. We were asked to keep the matter out of the paper. We declined. We pointed out that it is n.) pleasure to us to publish police court reports but the public has a right to know who the lawbreakers are, and in civil cases it is through publicity that the people know whom they may trust. That retmal created an enemy; the enmity bitterly persisted and to-day we understand that this individual is one cf the provisional directors of the piovisional company-which our opponents apparently intend to form if they ran get the use of OTHEK PEOPLE'S MONEY. Amongst the company folk there are some quite estimable peopla, and how they became associated with such a movement is inexplicable. But the others, who are at the bottom of the attack, are animated by personal grievances. To illustrate ojr puint and Id enable the public to judge we will, in our next issue, give some consideration to the case of Mr Joseph Henrv. We ahull take him first because he is at present the only public mat. in the group. VENGEANCE OH BUSINESS? We will show the reasons for Mr Henry's hostility. If we can prove that part of this group is animated by malica it may protect some people against taking shares in a perilous venture and confine the discontents to THEIR OWN CAPITAL. We are not whining about Opposition, hut we will not see a number of shareholders being led into a moneylosing proposition, and about which they know nothing, without giving them warning. If the so-called Directors will put up THEIR OWN MONEY for this light we will be content.

NO KOOM KOK TWO PAPERS. We kniw that thii district cannot support two newspapers adequately. In to protect advertiftera against being unduly hara r sed, and in save ourselves from this unpleasant publicity which is neceßsaiy in order to meet thu scandalous tactics that have bten adopted, we offered to sell our husine?s to the group. Later un we will publnh the full text of our correspondence. Those who know the commercial instincts of some of the gentlemen at the head of this movemert will understand how guarded we had to be. We dared oot open our books to them. Hut we made this offer: "We will sell at a price to be determined* by actuaries, such price (after allowing 10 per cent depreciation and all expenses) to be such a sum which, if it had bsen invested in the "Times" eighteen months ago would have earned thirteen p-r centum per annum i iterest on the very first jeat's working. If these folk wanted the prorpcctive shareholders to draw dividends 'his provided a good opportunity. If, aB soma of ! them have said, their policy was to Smash the "Times," or words to that effect, then, rj course, an assured

thirteen per cent per annum would rot app;al to them at nil. They rejected the offer. The "chairman of directors" has himself told some people that fie does not expect the business to pay dividends for Koine time. We don't either.

WHERE IS THE PROSPECTUS? Whilst a vigorous campaign for shareholder' money is being waged, why is it thst a prospectus, clearly setting out the objects of ihs company, has not been issued? Tliohc who have been persuiucd into agreeing to take shares without having seen the prospectus and knowing what Ihcy arc doing should ask their solicitor what their position is.

WAIT FOR "TIMES" OFFER. If tho district wants a company paper to be run by the people and for the people (ttiia looks well in print but it never works out in practice, as the people usually have to pay to create jobs for tho promoters) the "Times" is prepared to put a proposal befon them. But our propositi will include A GUARANTEE that TEN PER CENT. INTEREST will be paid ci- r," ■ ■ .it .1 nivj-tc: for tho i ..rIn■• Hi ei'hinting nn<l improving []|j " ' mi>'\" Meanwhile, dear KpaiLv, l' myone wants to sell you a st>..re Cvi'n a live shilling share--insist ujifn a ten j,«t cent, guarantee IN vV KITING. Th<T« ,3 no rjULuU why even oj be handed to a provisional directorate composed of men who themselves own many thousands, of pounds. Let them PUT THEIR OWN MONEY UP! lhey can afford it much better than the rank and lile of us. [Next issue, when consider* ing the case of Mi Joseph Henry, we will endeavour to show the difference of opinion that arose between Mr Henry and ourselves as to the class of stuff that should be published and the class that should not. We will also show how a number of people were inducad by wilful misrepresentation to ray they would take shares. J is only fair to say that this morning Mr Henry Wily sent to us to ask if wo would toll him, ix n»xni'K.vi k, tlm prico that our busi* ness would work out at. We at onco declined to givo tho information. We did so because wo feared that wo could not trust Mr Wily to honour our confidence, and because wo assumed that Mr Wily had no authority to act at onco on his own responsibility. Meanwhile his canvassers were out in motor cars and on motor bicycles doiog tho very injury we wish to arrest. We could afford to waste no further timo in our endeavour to overtake and correct tho misrepresentations that have been made. We may add that since our olTor was " turned down " wo j liavo gone more closely into tho figures and lta\o ascertained that if our offer on last year's figures had been accepted tho company would this year have made K> per cent, interest on nit i.ow i itti e they would havo had to pay. Now, how much dividend in tho three-Henry company will the shareholders got this year, and next, and next, and next and—(well, wo have no moro nexts in tho type case). —Ed. ]