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Southland Times, Issue 1826, 2 December 1873, Page 2

The local enterprises now soliciting the patronage of the citizens of Invercargill, namely, the Southland Steam Navigation Company (Limited), and the Southland Shipping Company (Limited), have each, we doubt not, been honestly projected to supply either a real or an assumed local want, and is understood by its promoters as not only a feasible project, but a 8 being likely to pay as an investment. We have no idea that the share mania haß so far developed itself as to have seriously affected any considerable number of our residents, and the ready response which the invitations for investment have met with among us has arisen from the cause for which we ought to be thankful, being simply that a large amount of money is either lying idle in the Banks, or is in some way or other waiting for investment. We shall in all probability be deemed alarmists if we take the trouble to warn our neighbors either against speculative ventures in general or against any particular project appearing more than ordinarily attractive, yet a few words on the local candidates for public favor will not be amiss. Starting with the latter-named, which we believe originated in the consideration of

the former-mentioned project, wo assume that for many reasons it 'iocs not appear , desirable that a .Southland Shipping : Company should be at present floated. In the first instance, the proposed capita], which in itself is too small for the yen- i ture, it' operations are intended to be , carried on upon a scale of considerable , magnitude, is too large a sum to be withdrawn from the capital of the district. We say this advisedly, although we have no doubt but that the money might be readily commanded, but wo make the assertion in view of the fact that dividends from such a source will be long in coming, and the capital will be virtually idle during that time, the dis trict thus losing the profit which might have been realised from its investment and re-investment in enterprises yielding a more ready return. We fail to Bee that the enterprise, if carried out, will create a local industry in the construction or repair of vessels employed, work of this kind being better performed (and much more economically) in the ports in which, from the magnitude of the trade, all labor-saving and convenient appliances are at hand. The whole of the purposes which could be served by the establishment of a Direct Shipping Company can be equally well answered by the charteriug of vessels to the extent of our requirements; and without any disposition whatever to damp or quench the spirit of enterprise which the project betokens, we conclude, concerning it, that it is not ordinarily feasible. The former project has, on the other hand, much to recommend it. It is intended to start operations upon a scale which cau be extended at any time, the trade in our own hands being already sufficient to employ the capital suggested by the promoters of ths Company. Local requirements will be better served by it, and local interests better cared for than at present'; and iv connection with a trade of which short trips and frequent visits to port are necessities, neai'ly the whole of the disbursements of the service would be made among us. We may also confidently reckon upon the introduction of mu^h other business by the trade., and with locally owned vessels, the interest being divided among a large number of residents, the fair inference is that in any competition that may arise, the loed boats will have the preference. Tba possession of boats locally owned, and of which the service may bo shifted as occasion requires, will be of material benefii to the export trade of the district, by affording facilities for taking advantage of advances in either the provincial or colonial markets, which may not be otherwise obtained — being no smnll advantage when the great fluctuations in the prices of colou'-al produce are taken into consideration.