THE LINSEED INDUSTRY.

Temuka Leader, Issue 1004, 14 September 1882, Page 3

THE LINSEED INDUSTRY.

; A meeting of tlie promoters of the pro Iposed Linseed EJibce, Cake and Oil Com !pany Wrts lieia yesterday'afternoon in tin jWallingford Hotel. On the motion of Mi Pilbrow Mr Talbot took the chair. The minutes of the previous meeting were read and confirmed. i The Secretary submitted a list of the gentlemen who had agreed to act as Provisional Directors. ; Mr Mendelson sdd that before pro-ceeding-atnyiiy-ther. he wished,to know whetheijthe jfoedjingr' was| to; ba a one. He understood this would be a committee meeting, and if so he would riot allow reporters to be present. He wished to know whether they had been invited. I Mr Bolton said he. had, beeu ; told that tke meeting would be open to the Press. ' Mr 11. A. Barker moved—' 1 That the meeting be open to the public.'' i Mr Pilbrow seconded it. 'i The Chairman said h? saw. ik-.. reason for excluding the'reporteW. lie was sure they would do no harm. The meeting was not going to do anything they did iot wish the public to know. Mr Mendelson protested most solemnly ■ against the presence of reporters. He I knew he would be abused in a certain journal for doing so, but he did not believe ;in letting every one know thenbusiness. He would move'as an amendment—" That the meeting be not a public one." Mr Twomey,-as the mover of the resolution carried at the Inst meeting which authorised the callingof the present meet- i ing wished to explain. ] Mr..Mendeleon objoctid to Mr Twomey explaining anything,- unless he stated whether he was for or against the resolution. Mr Twomey said that he was in favor of the motion. The resolution carried at the last meeting instructed the Secretary to write to certain gent'amen; asking for their consent to act as Provisional Directors. The Secretary;. had> done so, and they were met now not as Provisional Directors, but as promoters. If it had been a meeting of Provisional Directors no one, who was not a Provisional Director, would, have any right to take part in the proceedings. But it was not, and as one of the original promoters, he (Mr Twoeney) claimed a right to take part in the proceedings. Pie knew very wel* it wa« not against reporters Mr Mendelson had any objection. It was a personal attack on him (Mr Twomey), but he would not disturb the meeting by replying to Mr Mendelson. Mr Mendelson said if no one would second his amendment it would fall through. ,» ~ .... rii , !-:■'■ Mr W. H. ' Murray said he would second it pro foima. The Chairman, then proceeded to put the amendment, but . , Mr ' Mendelson claimed to be heard first. His reason for objecting to reporters was that he did had any right to the title of Provisional Directors yet. They wished to conduct the thing in as inexpensive*a way as possible in the beginning. It was no us* in employing a canvasser, provisional directors would have more inflotence than a canvasser. Mr Twomey did not know that'this hud anything'to-do with the expulsion of reports*« •>'.' •*>". •-' Mr Mendelson : There, doit. Look at him ! What can you do with such a man coming here and interfering ? Mr Bolton said he felt sure that when the editor of theTimaru Herald instructed to be present, it. was not with, the intention of doing harm to the Company he did so. Mr Mendelson said that was all right. He was quite willing to take up more shares than any other man, but he protested against everything that was laid ijeing reported, and if reporters were allowed to be present he would have nothing to do with it. He did not believe that the public had a right to know everything that occurred at the meeting. The Chairman asked Mr Murray if he wanted to speak to the amendment. Mr Murray said he only seconded Mr Mendelsoh's amendment pro forma. Pie would not vote for it. Mr Mendelsbn's amendment excluding reporters was then put to the meeting, *but only Mr Mendelson himself voted for it, and all present voted ia favor of Mr Barker's motion. l£t Mendelson, in evident indignation, left the room. The Chairman aaked whether anyone had collecred'any information since last meeting. Mr Ashwell, Hon. Secretary, said ho. had got a few facts from Mr Pearce, and laid a balance-sheet on the table. Mr Twomey said he felt a deep interest in the project, and collected some information from Mr Pearce. His figures wore nearly the same as Mr Ashwell's It appeared that the American machine was capable of turning out 1000 lbs of twine per day of ten hour*, that \vo - .ild bj 800 ibs of twine per day ot 8 hours, wba.t it

would work in tin* colony. Tliat would bo 4800 lbs of twine per we»k, which at 9d per lt> would make Hie w-t weekly receipts £IBO. The quantity o f straw required for these 4800 lbs of _twine would bis I7gOne-seventh loosi; Jahd that at £3 per ton would be £sl 9s. The cost of retting would be two men at 7s per day,, £4 4s per, ..week. Scutching ' (women at 7s per day, per week £4 4s. These would fit the fibr« for th« factory, and , the cost of going through ".thiit would -be, manager and clerk, £4 10a ; 3 m-in at 8s per day, £7 4s per week ; 8 boys at 12s per week each, £4 16s ; one laborer and carter, £2 per week, making in all £7B 7s which, if deducted from the net weekly receipts, would leave a net profit of £lOl 13x. Putting the £1 13s aside for insurance they would have in round numbers a net profit of £IOO per week ~ It ; had, been ataftd on ill* authority ?bf Mr Men- : . kelson that there was a'local consumption of twine of 30 toflo' pe/ j'ear. At the rate of 800 lbs of twine per day it would take 14 weeks to manufacture sufficient to aupply local consumption alone. They ought to bo able to compote successfully with any other factory at least from this southward, and consequently they could rest satisfied they would be able to dispose of about 100 tons of twine per annum, the profits from rvhich would enable them''-to nearly double their capital in ono year. Bii* even if they only supplied the local consumption of 30 tons of twine year, the profits would give them about 35 per cent on t.he : r capital of £6OOO. He had' collected this much -information as'he had ■the interest of the project thorbtighly at heart, although an attempt had beenjmade to expel him that afternoon, (Laughter.) Of course, lie could not vouch for the accuracy of the information, but he had been assured by practical men that it wns'correct. It would not be neceasary to expel him from the meeting, as instead of doing "harm he would assist it to the best of his ability. He might not be able . to do much, but he would do *hin best—angels could do no more. (Applause.)

The Chairman said that there wis no doubt that it would be a very profitable industry. That was settled, lie would like to know whether it would pay fanners to grow it.

The meeting then calculated how it would pay the farmer. Everything was' taken at its worst, and the result was that it would be nearly t.vice as profitable as wheat.

It was then decided to form n company, and the following gentleman were appointed Piovisibnal Directors,'with power to add to thsir number, yiz:—Messrs W. Lyons, E. A. Barker, J. Talbot, John Paterson, J. S. Hayes (Dr), S. D. Barker, R. K. Parkerson, J. T. M. Hnyhuwt, T. H. A. Treziso, E, Pilbrow, W. H. Murray, and D. L, Inwoorl. The names of other gentlemen had been submiited, and the Secretary was instructed to aslcthtir consent.

Dr Hayes and Messrs Talbot and Murray and Pilbrow were appointed a committee to draw up a prospectus. It wa,s decided that the capital should be £OOOO, in 1200 shares of £5 each. The Secretary was instructed to make iuquiries about the plant necessary for the Company. • ■-■-* . The meeting then terminated.