The Wairarapa Daily. THURSDAY, FEBRUARY 4, 1892.

Wairarapa Daily Times, Volume XIII, Issue 4027, 4 February 1892, Page 2

The Wairarapa Daily. THURSDAY, FEBRUARY 4, 1892.

We have never read a more candid prospectus than the one published in our present issue by the new Wairarapa FarinW Co-operative Association, Limited. Asa cule it is necessary to read between the lines in considering the proposals of a new company, but in this instance the public are taken fully into tbe confidence of the promoters and the art which is sometimes used to conceal art is altogether wanting. An expert in prospectuses in the present instance could have composed a far more fascinating mi alluring compendium with the mater* ial that was available, but evidently the services of suoh an artist were not called into requisition and a homemade article has been preferred, The idea embodied seems to be that four business men, who form, a family group, convert certain substantial and profitable businesses into a company. The family group is already extended to include a large number of employees who have t»ken up shares in the venture and will bo completed when the friends and customers of the promoters join iu by taking, up the Bhares now offered to them, The very extensive family then created will be expeeted to work together on a co operative principle! fjpwfar such anideal programme can be wlwed. pp do not know. Wo are awara that the father of the project, Mr M. Caselberg, is a 1 man who spares no pains to master any task to which he puts bis hand, and that he possesses the ability not only to conceive the conditions gvhieu %u)rj govern a laree undertaking, but also the ability essential to oarrying it out. There is, however, one point on which we do feel able to form an opinion. When a proepeotus is placed before us wo usually ask ourselves, will the shares in this undertaking be saleable at par ? Will a uau who has paid twenty pounds into the venture bo able at any time to get twenty pounds in cash for his scrip or will his banker consider his scrip as a valid security for the amount it represents? We beliovfl twrjout of three new companjeß cannot etand this test, and that the people who are beguiled intoplaoing their money into such concerns are to be pitied. The strong point in our opinion oftbo Wnirarapa Farmers' Co-Operative Association is that it will answer this test. For five and twenty years we have Jiad some personal knowledge of Mr Caselberg and his business. We remember it when it was first started in Featherston, w@ watched its career when it opened on a more pretentious soale in Grey town, and of course we have bad a fairly intimate knowledge of it in Masterton, The business is a large one, ic is well managed, and may be expected to yield steady dividends. The ideal aspect of the prospectus to which we alluded in the first instanoe seems, to our mind, experimental j but we have no doubt about the practical working out of the affair. Mr Caselberg and his connections represents this concern about thtrty-tbroe thousand pounds worth of capital, Itis their intention, we have reason to believe, to retain in the new Company this capital, and for, their own sakes as well as for the sake of those whom they invite to join %m, the enterprise will be made to Jffty sfeady dividends. No doubt, settjers throughout the district will carefully read, the prospectus and form thoir own conciusiojJß.. typ, ourselves, scarcely anticipate that it I will, in the first instance, be received with any.particular enthusiasm, as {the project is one that will take time fo' Mature an,d develop. It is more likely to grow g rajually ip $e estrma* tio'n of settlers as'tbsy waiifi'js working. Its success- dees not, is is obvious, depend upon shuebrokeri find Bbaremongerß, Already it bos

at its baok sufficient capital to insure l the continuance of the businesses.it has taken ovor, and whether its further development be slow, or-rapid, there cannot bo any doubt but that its position-is exceedingly safe, 1 and that its shares will never be at a dißi count. :