Untitled

Westport Times, Volume VI, Issue 994, 9 August 1872, Page 2

The laudable attempt to start a coal mining and steam service company for Westport, although not eventuating in the perfectly satisfactory result anticipated by tho promoters, has yet proved very clearly that the idea is not only popular, but that the public of Westport are willing, to the full extent of their means, to provide a

!*oo 1 proportion of the neueaaary fundß. It may be taken -aa an exceeding good proof of earnestness, when, in the course of half a day or ao, and without much previous notice or solicitation, a score of individuals in Weatport alone put their namea down for subscriptions to the tune of nearly .£1300; leaving their more cautious neighbours to aubserifee their quota thereafter. Taking into account the general tightness of the money market, the amounts locked np in mining speculations, and the existing dulness of trade, such a result is very cheering, and should incite the following up of suggestions made at the meeting on Wednesday night, for the formation of a properly organized and legally registered Joint Stock Company; with an extension of capital sufficient to induce the outside public to take shares theroin. For the argument <an hardly be controverted, that unless the promoters of a company set forth a good and tangible investment for a respectable .amount of capital, neither capitalists of high or low degree, living at any distance from the scene of intended operations, are likely to embark therein. Investors, as a rule, in nautical phrase, like something to ' veer and haul on,' and a company floated with £ 10,00 ) capital, in shares payable by graduated calls, is more likely to succeed than a, com* pany attempting to start with £SOOO only, in paid-up shares. Always provided that reliable inducements are offered. In the case of the Westport Coal and Steam Navigation venture, no possible doubt can exist as to the profitable nature of the investment, and the promoters will have little difficulty in proving the bona fide nature of the proposed undertaking. It would undoubtedly have been more satisfactory to have seen the funds subscribed, a craft purchased, and the coal and steam service an accomplished fact at once:; but failing to obtain that, the wisest course suggesting itself is, that the promoters of the scheme make the best of existing circumstances.