Experienced managers, with a thorough knowledge of local requirements aco indis. jensible for the efficient conduct'of the rasiness, end for keeping Rood saleable clean stocks, ~ It is necessary to know'in what markets at lyhat'seasons, and in what qaantitieg 'to buy thdirrequirements. It is ! of even greater importance to know how, where, and ' to the best advantage, But the real difflcul' tits of all suoli institutions is the begin ning ; for they must have capital ,at com mand, and have such.fioanoial arrange ments, hot only in the Colony, but.in the various, markets of the world,, as will iuspiro the utmost confidence to enable it to build up a first.-oloss credit and good name, and thus transact 1 business on rockbottorii limits, '' ;1 '. ■ 1 mentot expenses will 1 belong to, and be distiibuted amongst tho shareholders, It is at present proposed after payment to of a dividend: of-7per ,oent of paid up capital to divide mrt of the balance of tho profits amongst He sbarenolders, according to the amount of business done by each,, and a bonus to employees, and to carry, part to.a. Heßerve Fund lor the equalisationof dividends, and for the diatinot object of starting or invest ing in such local industries iu the district, as will prove conduoivo to-tho welfaro of the shareholders, employ labour, and pro inotOithe'wialth and.population of the district, Tho Association will wherever sufficient induepment is offered by settlers and others, and subject to the consent of i, endeavour to ally itself, o amalgamate, with, similar institutions, and .conduct of business, This is far ir'om cerni Thebusife,.,., __ „„„ been carried' On 1 successfully; for ' the last twenty-live years; and the promoters' havi such confideuce in the future of the Assoc! ation that they are prepared, so long as Mr Caselberg is allowed a controlling voice in tho management ef the concepr as hereto fore, a dividend'of not less than G per cent for the nest five years.. It should be'plainly Understood that' the promoters do not deaire. 