SHARES AND DUMMIES.

Dominion, Volume 4, Issue 1173, 7 July 1911, Page 4

SHARES AND DUMMIES.

0 I THE CALL CAME ALONG TOO QUICKLY. (By TeleEraph—Press Association.) Auckland, July 6. A sidelight was thrown upon tho methods of some speculators in mining shares at the. S.M. Court, to-day. It occurred in tho course of the examination a a judgment debtor who was summoned by ttie Ajax (jold-mining Co. tor nonpayment of ,£ll 2s. 9d. upon 4300 shares, in'answer to Mr. Slcelton, who appeared for the company, witness stated that he bought 31,500 shares at auction for someone else, and the gentleman gavo him 4350 shares for himself. Tho other man paid for tho lot. Mr. Kettle: "You vero merely a dummy?" Witness: "The other gentleman paid the calls un tho balance of the shares, l.took the 1350, beoause I thought I might sell them before a call was made, but it came along too quickly." Mr. Skelicn: "I may say, yoftr Worship, lhat this unfortunate company has been so badly victimised by dummies that the directors do not know where they are." Mr. Kettle: "Why do they sell the shares by auction? They know quite well that some people buy them just on the otf-chance of selling before another call is made." Mr. Skelton: "As a matter of fact we did catch one of these dummies, and he bad to pay up." Mr. Kettle: "TTow much did you w for the.™ shares?" Witness: "I paid 10s. for 31,500 shares bought for the other man," Mr. Kettle: "Why did not he buy the shares?" Witness: "I don't know." Mr. Kettle: "You do know. You knowit is the practice to purchase these shares in the name of a dummy on behalf of some speculator who cannot be found when a call is made. Yon know that is so ?" Willie's: "Yes, T know that is a fact." Tho debtor finally otTeral to pay .ri within fourteen days, and to contribute 2s. Gd. per wo?k.