FRIDAY, AUGUST 12, 190

Waihi Daily Telegraph, Volume IV, Issue 1065, 12 August 1904, Page 2

FRIDAY, AUGUST 12, 190

IT is not very often Hint a J.abour Ministry plays into the hand 9 of capitalists, hut judging from a Bill before the House this session wo are led lo believe that in one case at least the Seddon Ministry is doing ro. We refer to the Mining Companies Bill, introduced by the Hon. James McGowan, Minister of Minos, It provides that "if any call on shares bo not paid within 21 days of the making of such call, then ihe shares shall ipso facto be absolutely forfeited without any resolution of the directors or other proceedings' Between 28 and <J2 days after such forfeiture the shares bIihII be offered tor Bale by public auction, and tin; original holder shall bo liable for any difference between the price then received and the paid-up value o the shares, with interest at li pe>' cant, from date of forfeiture." A provision like this can only have one effect—that of transforming mining companies into close corporations, composed of people ready with the cash to meet demands for calls, however large, on absurdly short notice. It is impossible in think that under a law of Ibo kind persoiiß in their right minds wmil.i take up mining shares unless liny were certain that when calls weiv made they would be able to meet them instantly. The Bill has a Trust-like appearance, and is altogether opposed to the policy of the; Ministry. Preaching one thing and practising another is a trail which i the Hon. Mr McOowan is considered not to possess, but after this sinner- j sault we shall not be surprised if j the opinion is changed- a bit. The Bill is strongly commented on by the Observer of thin week. " If.! is not dillioull," says our concern- I porary, "to imagine that a law of this kind will scare the investing 1 public away from mining enterprise | altogether, But what necessity is I Ihoro fur it < Under the limited j liability law, the company haopowor

to sue for and recover unpaid culls' But if this arbitrary law is to bo passed, why should its operation be confined to mining companies? Why not make it apply to insurance companies also, and banks, and timber and coal companies, and joint stock concern*) of all kinds ? I What have mining companies done that they should be penalized in this way and their shareholdftrs made objects of something short, of criminal suspicion? If thai-lon. James McGowan were a mining man lie would endeavour to encourage investment in mining enterprise, but being a retired grocer and having no particular sympathy with it, he warns tho public oil. It ia not only valueless shares on which tht call is occasionally, through ovorsight or absence, allowed to fall into arrears, This happens even where the shares are of considerable value, and it is monstrous that a holdor should sillier forfeiture because he makes default, and probably unintentional at that, I'or a day or two. There was a timo when shareholders dummyed their shares with impunity, and resorted toother dodges to avoid payment of calls, hut the law is already severe enough to prevent abuses of this kind. To talc** away discretionary power from the directors, and to forfeit regardless of circumstances when a call became overdue, would be a further serious blow to the already heavily handicapped mining industry."

Il is reported (wires our Thames corrr spondent) that mi impudent robbery oc* currcd up Xaucnningn Valley, where n man stole over twenty pounds from an Austrian. The police arc an the tracks of the man, At n tompei'uucc convention at Invercargill it was resolved lo formulaic ut plan of campaign for the electorates, to includo (1) taking stops to provk'o a fighting fund; (2) iho engagement of an organising agent; (!J) placing olectorson the rolls; (-1) arranging for lectures; (5) systematic distribution of litoratu.ro; (ti) systematic bouac-to-home visitation. A settler in tho Eketahuua distric 1 wished to borrow X2OO with which to stock and improve liis property. Ho raado application to tbo Advances to Settlers' Office, and suited that ho hud already effected improvements lo the value of between i'HOO and .(MOO, The Government Valuer was sent along to valuo the improvements, and bo ."aid there would ho no difficult)' in securing an advance- of 1"200, Imagino tho disgust of the tenant when ho received advice from the Department that tho full amount that could bo advancod was I'-17.—Ekotahuna Express. Our Thames coricdpondont writos :~lnformation has been roeeived from Welt lingtun by tho S:crotary of tho Thames Fishermen's Union that tho application of tho union for registration has boon accepted- With rrferonco to tho proposal from tlio Auckland Fishermen's Union for the establishment of a fish market at Auckland, which has tho support of the Thames fishermen, the Union has suggested tint tho present is the most opportune time to approach Iho Auckland Harbour Board, One of Iho proposals submitted by tho Harbour Board engineer in the harbour sehcnio was th'o establishment of a lish market, and also a shelter (or fishing bouts, Tho local fishermen think tho present is a good time to urge their demand s on the Board, A press message received on Wodnos* day Plated that it was understood that nn application was to bo made in tho Suprome Court, Duncdin, on Fniday for an order directing tho ollicial assignee m present n report in ooimceiiun wiih the Colonial Bank liquidation. A later mos-ago states that the Dunodin Star says: "Under tho Companies Act, 1901, Mr. Graham, official assignee, was put in as liquidator and tho whole of the assots were realisod and the accounts duly presented to the Supremo Court, and confirmed. Mr, Graham had nothing to do except to act according to tho order of tho Court and distribute tho assets among tho shareholders, All the accounts of the old liquidators wore filod, and aro available," Says the Bay of Plenty Times : There is evidently a considerable casual olowent yet lef, in tho character of tho Maori, A short whilo since a young ohief of tho Ngaetorangi, who had alroady buried one wife and umrriod a second, in-J formed tho luttor that ho \m not oversatisfiod with family mattors as thoy stood and that he belioved a rather attractive looking young half caste favoured him. Having mudo this casual announcement, he. apparently thought it unloosed tho matrimonial knot, for he straightway repaired to the neighbouring kunqu, made his suit and was accepted, Fortunately for the gonoral poaeo and quietness, however, some of tho young lady's friends were imbued with a proper sense of decorum, and sent tho young man homo with a metaphorical lloa in hi-i ear and banishod tlio young woman to a distant settlement, thus avoiding tho necessity of getting up a taua party and demanding utu, etc, Our informant also adds that this casual husband has been received bn«k into tho bosom of Ins family as if nothing had happened, and that, as the story books say, they will live happily over after,—or at aiiy rale, till he goes off in a similar way 1 Tho Wellington correspondent of Truth lolls iho following story :—Mr. Scddon's famous "J.P," brand of law ndminislra' tors has gained colonial notoriety, hut seemingly (hoy don't know 'em in iho Old country. Recently a quartottn of Wellington business men-all good Govern ment supporters—went to London, if not exactly to paint the good old metropolis vermillion, to at least have a royal time for a month or two. Tho story goes that just beforo thoy sailed they woro sopar* atoly commanded to appoar beforo tho groat man, who had ut communication to make. " Ah—," ho is reported to have said to one of the quartottn when lie had made his bow. " I hear that you and—are going Home. I've decided to mako you all Justicos of tho I'racs I" Tho expectant recipient mumbled his grateful thanks. "You know well enough," continued the dispenser of titles, ''that tho honour isn't considored to be worth a in this country, but it will serve you well ns an introduction in the Motherland, ! whoro thoy tlon'i comprehend what it | moans," And tho new J.P. departed with I liis commision in his pocket, i I The following are the handicaps in the I third cou'potilion for tho trophy presented to the Ohinciuuri liillo Volunteers No, il j by the Northern Steamship Company; also for Herald trophy, to bo proscntcd to tho second highest aggregato in tho compelw tion (10 shots at 500 yards, 10 shots ut 000 yank-Captain Jackson, Lieutenant Koii.ly, Corporal J, Conies, Lanco Curt poral Weir, Private b, Ciwk, scratch; Lieutenant Gilmour 4 ; Private Samson, Lance Corporal Comer, Colour Sergeant Gardiner, Sergeant W, Gardiner, Privates McGoo and Bcnner, ft ; Private Thorburn, (i; Privates Green and Sharkey 7; Piivale W, Corned, Corporal McGough, 8; Privies Saunders, Lucky, Draflin, 10! St'iL;"!iin Duiidas, (jjrgoant Morgan. Cor. porul Brown, Bugler Hondor-ton, Privates Moore, Boson, Fggiir, Bice, Scubie, Tee, Alcorn, Brennrn, Broad, Oarylon, Hum stan, Kvans, Irwin, Fearon, Grace, Nowdick, Butler B. Johns, H. Hunter, T. MoKeown, Skinner, Jzz&rd, Williams, Morpeth, 12 eaoh,