The Wairarapa Daily. THURSDAY, NOVEMBER 24, 1881.

Wairarapa Daily Times, Volume 3, Issue 933, 24 November 1881, Page 2

The Wairarapa Daily. THURSDAY, NOVEMBER 24, 1881.

' i ~,:,;: ' - jSix irioiitjis agOj when it was proposed to si!irt : a.\Voollen' Factory-in MasterToii,jwe|;||id ''it-lljn our poiver to assist the, movement,' -The ! conviction, howev'erj, gradually forced itself upon us 'thAKit would bu impossible to raise the capital necessary-for making such a venture a success.' ''Of the expediency of storting .such a venture, if capital -we're forthcoming, we had no doubt, Wej also "recognised that "Securing a suitable-site* proper machinery, and a /.supijly. of skilful labor we'difficulties -which conk! be very readily overcome. -The one obstacle—the/real b'ai to inaugimtiug'i,:Buch!i:,:aii;^.enterprise—\yas flioii3,y.i, ..possible ,to SStjjr a, W,oo]leji: Mill.'with, a capital ttf {£5,000,' 'but; we"" "Believe'"'that .jnfo'iuation which has been obtaiii'e'd ,: as lb tiJ*S%%'ctiinery"- SJM tlii v4-cont-dusou that £IO,OOO. would, K -te beeij..considered necessary for tbeiac-l

Tory which it is proposed to establish ithere. The real question is tlio 'prospect .there is '• of raising iuthe district! Six months ago tlio work of raising an amount of this kind would 'haw been easier than it is now, Then, a number of shareholders might have been obtained in Wellington, whereas now, their support will be given to the Company which is being promoted in that city. It was a mistake not to have pushed on more vigorously in this district when it' was- lirst mooted. Delays with public Companies are dangerous when they leave the field open for another one to step in. The task of raising £IO,OOO in any country district is not an easy one. As far as a local Woollen Factory is concerned it is the real and'only difficulty. If it can be surmounted the rest of the work, with prudent administration, will be easy, If it. cannot be surmounted tlio pros-, pect must be abandoned.. The first step towards raising a large sum like the one in question is to ascertain how far local capitalists will contribute towards it. In any commercial enterprise of'this character, it may he assumed that a large proportion of the capital will be obtained from a handful of men who have money for investment, and whose names in a place like Masterton are absolutely known, If, say, one third of. the required amount is not subscribed by such men, it is clear to any man of business that the general public will not come forward and make up the balance. Small fish, of course, are sweet, but in a public Company they are not of much use without a due proportion of big fish. Six months ago, when an attempt was made to guage the support "a Woollen Factory would be likely to meet with, only one local capitalist intimated his intention of taking any considerable number of shares. If, with the fuller information-which the Committee have in their possession, they can induce some half-dozen men of property to take substantial-interests'in the venture, the prospect of floating a Company will be a good one. If, on the' other hand, they cannot invite the co-opera-tion of the public/any attempt to float tlio Company would be unsuccessful, We trust that before any definite prospectus is put before the public the prospects of raising the necessary capital will be accurately guaged. While, on the one hand, an unsuccessful attempt to iloat a Company would be injurious to the credit of Masterton, a successful effort would be beneficial to it in every respect,