THE DREDGING INDUSTRY.

Press, Volume LVII, Issue 10635, 20 April 1900, Page 3

THE DREDGING INDUSTRY.

TO THE EDITOR OF THE PRESS. Sir,—lf the present dredging boom is capable oi" yx-Ming to speculators, syndicates and shareholders the huge profits which the rapid notation of compan.es suggest, the present Liberal Government are wanting in their duty to the people of New Zealand? For years past we nave been told that a great wrong was done when the freehold of the public estate was allowed to be acquired by landholders. Legislation is now directed to repossessing the people of the land of which it is asserted, the public were unjustly deprived. But if there is anything in this popular cry, the same principle applies to the gold. If the lands belong to the people so does the gold in the lands. But no word is said by the Government to stop speculators and syndicates extracting what gold is left in our minea Their rights are small in comparison with those of the settlers in the earn* days of the colony. The latter had to wait and work for years for their unearned increment to manifest itself, but the money speculator and syndicate men spend a few pounds in pegging out miles of auriferous streams, hypothecate about a fourth of the total value of the shares, seize an unearned increment which would probably complete the East and West Coast Railway, and also every main line of the colony, and dumbness reigns supreme on the part of the Government, and all who are keeping them in power. Why is this thus?— Yours, etc., M. DONNELLY.

TO THI EDITOK OF THE PKKSS. Sir, —Your Leaders of recent date are no doubt necessary, and I think you are to be commended for directing public attention to possible abuses in the luture of dredging. Notwithstanding the pessimism of ,r ßcd Light,"' who forecasts the future with the certainty born of ignorance, the dredging industry on tlie West Coast is likely to prove a most remunerative field for investment. More, however, is needed. in the direction of safeguarding the shareholders from the wiles and devices of the stock gamblers. "Fair Play" very properly points out that investors should be careful to ascertain who are the directors before investing in the shares of a company. I think this 'might be pushed even further, and would insist that no broker should act as a director or a secretary of any company, nor, indeed, have a vote in the proceedings of any company. This again brings us to the subject of brokers. The status of a broker is a very important consideration. He should be a man of honour and a man who devotes himself to that kind of business. Now, I see by the papers that two Exchanges have been, formed here, and amongst the brokers on one list I see men whose usual avocations are certainly not such as one would expect. If men in other occupations, and who are directors of gold dredging properties, band themselves together as brokers, the dredging properties in their hands will probably be dealt with by and having original information, the public must suffer. With regard to directors working the market, I think a Government inspector might be appointed with the right to inspect, all documents, J etc., of any company whose shares show remarkable fluctuations, and to prosecute directors if it could be shown that this had been caused by them trafficking in the shares. In conclusion,, sir, you will see- that I agree to a large extent with you that • the great necessity is for some check on both brokers and directory, but "prevention of a broker holding any position, whatever in a gold mining company.- On the other hand, I think the West Coast will falsify the dirge-like predictions of "Bed Light," and prove a thoroughly payable goldfield.— Yours, etc., GREEN LIGHT.