The Act of 1896.

It is easily understood that this state of things could not go on indefinitely, and for the company to continue in a state of prosperity some grave changes had to be contemplated. Some gentlemen of position came forward in 1895, who proposed to raise sufficient capital to buy the rights of all those members willing to sell them. An Act was duly obtained in 1896 enabling the members to sell their interests 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 bands 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.

Balance Sheet, 1901.

In the Balance-sheet issued under date 31st May, 1901, the value of the stock of oysters, brood, and halfware 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 superintends the working staff in the oyster depot; a foreman, who controls the working of the fleet; and a water-bailiff, whose duty it is to collect the anchorage and other dues payable to the Company, and who carries as a badge of office a small blue oar.

The old office of bellman is abolished, as the foreman himself communicates the orders for the day's work or "stint" by calling them out from the office steps. The members of the Company no longer take apprentices, and the supply of men is kept up from among the shareholders, and from flatsmen if the supply is short, preference being given to those flatsmen who have been shareholders, but have sold their shares.

The Company at present employ about 120 men, though there are 300 dredgers and flatsmen engaged altogether at Whitstable in 80 smacks, each of which has a name and number.