The Temuka Leader SATURDAY, APRIL 21, 1883. LOCAL INDUSTRY.

Temuka Leader, Issue 96, 21 April 1883, Page 2

The Temuka Leader SATURDAY, APRIL 21, 1883. LOCAL INDUSTRY.

About three months ago the people cf Geraldine held a public meeting with a view of floating a company to establish a woollen factory in that district, 'J he meeting was largely attended, and grea' inteiest was manifested in the movement, and a committee was formed for the purpose of acquiring the necessary information. We have good reason tor believing that the committee took some steps in the matter, and has held meetings since, hut so far as we can ascertain nothing definite has been done. No doubt people have been extremely busy for some, time past, and they may well lie excused fur deferring matters of this kind tor a more opportune time. But the hurry of the harvest is nearly over, farmers are getting in their money, and if anything can be done at ail now is the time. The Committee ought to take steps without delay, and as they are empowered' to inquire into other industiies as well as a woollen factory, we sli'uild recommend them to do so. We do not wish to throw cold water on a woollen factory. On the contrary, it would give tts.inflnite pleasure to see one successfully started in Geraldine, hut is such a thing possible? In the first p’ace it would take at the very lowest £25,000,

a.nl it. wouid he necessary to have a leant half that sum in haiui before much cowld be done. Now, the question is, Can the people of Geraldine float a company with a capital of £25,000 ? If they can, by all menus begin at once ; for the sooner an effort is made tlie sooner will the factory become profitable to the district. We have not the slightest doubt but £26,010 could be raised if the matter were taken up heartily, but the danger is that it will n >t. There are very rich men fa the G raldiue district to whom a few thonsan is would be of very little const quence, and if tliese took up shares in proportion to their wealth, there would b.? no difficulty in the way. It is much to be regretted, however, that rich me.i do not always supi ort such institutions as liberally as they oug.t. Iu Temuka two companies have been floated with a combined nominal capital of £15,000, hut all that has not yet been subscribed, and we are afraid it never will. So far as we recollect now the* number of shares taken up in the Butter, Cheese and Bacon-curing Factory represent a capital of over £3OOO. and the L:nseed Company something less than £soot. it nii) be seen therefore that notwithstanding the exertion? which were pm forth with regard to these two institutions, their combined capital is < n!y about £BOOO. More than three times that sum would be necessary to start a Woollen Factory, and the question for the Geraldine people is, can they raise the necessary funds ? The) must bear in mind that shares in untried undertakings of this sort are very difficult to seli, and that though some people ,i ay be very enthusiastic in the matter of starting them, and others very desirous of seeing them established, still, when it comes to the question o( putting tli. ir han Is in their pockets, the thing is altered completely. After having considered the matter carefully, we have come to the conclusion that it ho betUr for the people of Geraldine to turn their attention to something easier to bo attained than a Woollen Factory. It is possible that they could raise the necessary funds, hut they run the risk of meeting the same fate as the Paper Mill in T<muka. To fail in t.ieir first attempt would be attende 1 with disastrous results. They w’ould have the greatest difficulty in starting anything ever after. The failure of the Paper Mill and other things in Ternuka rendered it extremely difficult to float the two Companies above referred to, and there is no doubt, but that the share list would have been far better subscrib 'd to only for this reason. If they took our advice, therefore, they would begin in some small way. For instance, it woul 1 not cost a great deal to start a Soap and Candle Factory ; and it is an industry that would employ a great many men. They would not have the slightest difficulty in raising sufficient f.r such an undertaking, and in respect of giving employment and keeping the population in the district, it would be very nearly as useful. There are several other industries which might also be started with comparatively very little capital, and in our opinion it would l>e far better for the Geraldine Committee to turn their attention to these at once. This is the right season of the year to start, just when money is plentiful, and therefore we remind the Committee that they ought to bestir themselvßfl.