THE Inangahua Times. PUBLISHED TRI-WEEKLY. FRIDAY, JANUARY 30, 1877.

Inangahua Times, Volume III, Issue 69, 26 January 1877, Page 2

THE Inangahua Times. PUBLISHED TRI-WEEKLY. FRIDAY, JANUARY 30, 1877.

Tsi affairs of that unfortunate venture tbe Sir Julius Yogel Mining Company, are now in fair process of liquidation, but before the winding-up is completed there is little doubt that the contributories will have good cause to lament ever having lent themselves to the floating of the undertaking. We do not mean by this that the liquidation is likely to involve exceptional hardship or disaster, but simply that owing to the number of shareholders who have managed to free themselves from the concern in time to escape the cost of winding- tip, the burden will fall much heavier than was at first expected, and certainly very much heavier than under a more perfect state of tbe mining law it has any right to do. Tbe contribution asked, or to be asked for by the liquidator for paying off the whole of the company's liabilities and closing tbe estate is, we believe, a sum of two shillings and sixpence per share, and this, to the holders of one thousand scrip in the company, of which there are many, will, no doubt be found all too high. This is one of the penalties which men expose themselves to in embarking in mining speculations, and particularly in legard to doubtful or shady speculations. Of course the same risk is imminent alike to all classes of mining ventures, but the character and degree of the risk depends in a great measure upon the class of persons associated together, and, in a scarcely less degree, upon the management generally, In this sense then men who lend their names, their influence, and theii means to* undertakings which do not come before the public in a thoroughly bona fide manner deserve no better fate tban that which usually overtakes them. To those who fall victims in the ordinary way of legitimate mm« ing undertakings, and whose loss is a mere matter of pure misadventure or mischance, nothing can be snid. But this is not the class of undertakings which most men with money to invest dread. It is the bogus undertakings got up to create legal managerships, paid directorships, mining managements, &c, &c, of which we have unfortunately bad too many on this field ; but whether the Sir Julius Yogel Com. panyis to be classed ia the former

• category or the latter, we do not > affect to be in a position to say, and do not say. That is a matter probably beit known to those more immediately ; concerned. The effect upon the com- | munity as a whole, however, remains the same. The taint of the doubtful \ ventures is made to extend' to all $ in* terests are depreciated, capital is with* 1 held, outside confidence is shaken, and, for the time being, a serious check is placed upon mining operations. It is 1 futile, however, to took for anything > like an effectual remedy for this so long as the law upon the subject rei mains as it is at the present time. The facilities afforded to persons for getting rid of their interests upon the first symptoms of dissolution are by ( far too great, and so long as the law remains in this state, so long will in« justice to the body of investors exist. 1 There is no reason in the world why a dummy transferee of shares should not be made responsible as other debtors are in default of payment, by being sent to prison for a term. If this were done men would think twice before accepting the responsibility, and instead of one half of the contributories being made to bear the | burden of the other, all would be made 'I to share alike, as in justice they ! should. But while many laches may j be laid to the charge of the existing i • law, the companies themselves are not free from blame It has been shown , again and again that directors of companies have the power of adopting ' rules prohibiting dishonest transfers, and as in the majority of cases directors on the spot are the best qualified to judge as to the hma fides of any transfer presented, they are guilty of inex- , cusable oversight in not providing themselves with that discretionary 1 power. It is only necessary to point to the case of the winding«up of the Sir ' Julius Yogel Company to demonstrate the absolute necessity of some such provision. As people sow so shall they reap, and as the shareholders ot the Sir Julius Yogel Company have oommitted themselves, so muse they expect to suffer, as, no doubt, many others • after them will do in precisely the same manner.

If graveyards could gpeak, they might fell of thousands prematurely consigned to the "narrow house"! in consequence of having disregarded their " Small ailments." No disorder, however trivial, can safely be neglected. If you are troubled with a slight cough, or your stomaoh, bowels, or kidneys are out of order, if you are weak or sleepless, be sure that there is danger. Banish all peril by a timely recourse to {hat sovereign regulator and strengthening cordial, TJdolpho Wolfe's Sosisdim Aromatic Schnapps.