The Press. TUESDAY, OCTOBER 1, 1901 MR TWOMEY'S DREDGING VENTURES.

Press, Volume LVIII, Issue 11084, 1 October 1901, Page 4

The Press. TUESDAY, OCTOBER 1, 1901 MR TWOMEY'S DREDGING VENTURES.

The friends of the Hon. Mr Twomey will be grieved, but not altogether surprised, to learn that he was to some extent the victim of pushing and unscrupulous broken and promoters during the dredging boom. His simple, trustful nature has been manifest on so many occasions, where political faith was required, that it ie not , altogether to be wondered at th&t in com- ' mercial matters, where a more sceptical and world-hardened nature would perhaps be safe Mr Twomey innocently falle into the toils. Hβ has frankly told the story of I his heartless betrayal to his sympathising brethren in the Legislative Council. First there comes along a broker, armed, of course, -with a prospectus. Whether he invaded the peaceful quietude of Texouk* or pounced upon Mr Twomey in some larger, busier centre of population is not very clear. The prospectus, we need hardly say, was a masterpiece of poetic imagination, such as could not fail to appeal to the fervid, hopeful temperament of the Celt, and it fired Mr Twomey's blood with visions of "wealth beyond the dxeame of avarice. ,. It showed that sixteen grains to the .dish was got out at one .place, and that twenty-seven grains to the load was got out in another. Why, as Mr Twomey very truly tol<| the Council, "Hartley and Riley " would be nothing to that." "I caw that "statement," he solemnly continued, "writ- ." ten by a responsible man- in his own hand- " writing and addressed to a friend of "his, and what happened? Actually when "the company was floated, and they hod "moneys collected from all parts, of the

'.'colony, a fresh prospect was made, and "it was found that there was no gold in "it whatever. That ie one case. That "Company is in liquidation. ,. Here it might be supposed the Hon. Mr Twomey's , troubles were at an end, bo far as regard* this particular company was concerned. But no. Although at the time of the li- ! qiiidation the shareholders were told, that they had i>lßoo to their credit, and that the expense incurred waft only £400, and that consequently there would 'be a good * dividend returned on the money they siad paid, Mr Twomey received a letter "demanding imperiously more " money to liquidate the money." But Mr Twomey is trustful and confiding no longer. The limit of bis forbearance has. been reached. "I think," he says, "that wants "looking into." Wβ think co too.

But we have not yet got to the end of Mr Twomey's' confessions. "Another ,com- " party was floated with a> great fiourisb "of trumpets, and by great faTOuri- " tism that I. got some sharers in it.' , .When Mr Twom'e/gets a little i£dtt and * little more versed in the ways of the world he will find that the speculations into which lie is . admitted ae. a very great favour are Usually of a very rotten description. • It was so in this instance. "Within two * months," Bays Mr Twomey, "it wa* pros;'pecfcsd and found 4o ba useless; but the -directors had all our moneys in their "possession, and what did they do? They '"bought a fresh claim, and they have t'been collecting .moneys, ever since." But* even this 'is eclipsed by Mr Twomey's experience. ■ "There, wae, , ' he paid, "another company started that I am "interested in. It has been in existence

'.'about two,years and a half, and not a '"bit has'been done by t-Jje, proepecjbore ex- " cept that they are drawing fees; and the ''secretary is also dirawiag fses. Ttoen, 'f there was another company. The eecre"tory was the- vendor, arfd the directors " sent this secretary-vendor to prospect thte ''claim. After, fc* had gone the inconI'gruiry of the position began to'dawn upon "fiiem, and sent another man After " him, and the latest I have heard is that

"that man is going about the country interviewing shareholders, and, of course, "drawing feee the whole thne.". Here MrTwomey, in his indignation, geta a little ambiguous. - WMch of the two men -is drawing fees, and why he is going about 1-he country interviewing shareholders is itofc very clear. If they are tbl as indignant as Mr. Twomay, however, we should sa-r he is'engaged in rather a hasardotie .occupation, aad that the man who i« hardy enough to undertake the interviews, will fully earn the fees Ite is likely to get- Wβ feel very sorry for -Mr. Twomey, who deserves & better fate thkn to be victimised in thin way. Wβ suppose he sever re&ds tike '"Conservative" papers, or if lie does, that ac never believes what they say. If, however, he. had read '"The Prees" * year or two ago, and placed confidence in Hβ warnings, instead of in the blandishment* of the brokers, he might at this moment have b«en some >pouads in pocket. Be deserves great credit for the frankness with which

he has now placed his sad experiettdee before the pabtie for their instruction and profit. It comes a> little l&te in t&e day as a warning lor some of them, but if it helps to bring about as. amendment ip. the law to render promoters , frauds less easy in tfo» future, Mr. Xwomef's safferinge will not have been in Tain.