30 



in the Company. It is understood that the promoters 

 found difficulty in raising sufficient funds to meet the 

 requirements and at the expiration of three months they 

 retired from the scene, leaving the Company in possession 

 of their Act, which they set about to utilise in the way 

 which seemed best to them. The result was that the 

 nominal capital of the Company, was by the Act fixed at 

 250,000. Each Member of the old Company was 

 thereupon allotted twenty 10 shares, and the shares so 

 allotted amount in value to 120,000, which they can 

 retain or dispose of in any way they choose, and the same 

 apportionment was made to all those sons of members 

 who were fourteen years of age, duly enrolled on the 

 books of the Company at the passing of the Act, upon 

 their attaining the age of twenty-one years, and if 

 unmarried, thus leaving about 120,000 still unallotted 

 in the hands of the Company. Every widow who, at the 

 time the Act was passed, enjoyed the advantages of the old 

 charitable rule, has a life interest of seven 10 shares which 

 reverts to the Company at her decease. The Company, 

 by the passing of this Act, became a public one, and the 

 public, as usual, soon got to know the value of the shares 

 in this marine industry. 



In the Balance-sheet issued under 

 Balance Sheet, date ^ May ^ ^^ the value Qjf the 



1901. stock of oysters, brood, and half ware 



is put at 64,846, being the amount actually paid for it by 

 the Company, and does not include the enormous value 

 of the spat which has been deposited by nature on the 

 Company's ground during the last four years. The 

 Company is managed by a Board of five directors, with a 

 secretary, who also fills the old office of treasurer, as he 

 receives the money and pays the men a storesman, who 



