THE Inangahua Times. PUBLISHED TRI-WEEKLY WEDNESDAY, AUGUST 22,1877.

Inangahua Times, Volume IV, Issue 58, 22 August 1877, Page 2

THE Inangahua Times. PUBLISHED TRI-WEEKLY WEDNESDAY, AUGUST 22,1877.

I]^ anotb.er col u,tn,n we publish a sum- | mary of fch,e pr/oceedings of the District Gou.pt in, relation, to the applications agai^fe the D^an^ce Company. The i augunnetits in the case being very I largely. o,f a, technical character, we do '. not preset a,nyt^»,ing like a. full report of th,e CAses j. eu^cient is, however, shpwn to. indicate, tb,e ground upon which, tl\e applipatio^ were brought, ; and- the precise direction, in which the 'company, or its management is alleged to, have made d.efaiilt. As may be 'men,, the con)pa,ny shirked^ consideration of- tha applications the ! merits, and by a r.ecousse to legal j BU,b.fci)iit,ies a short respite ha», been gained from ijlie exposure whjeb. must inevitably fpHow. tlie full, hearing pP the cases. Of the or otherwise of the, cou ( tß.e pursue^ by th,e cpnapany we have nptbjn,jg to do, save in •go far as it i» likely to, nfiect th,e dia.trict generally. Regaining th,e ap* , ])licati,os of Lynch,— lfolli,ogw,ortb qujn, Mirftn, as one .rather, asefcting the •partis individually, and not tbe com- '■ pany, we donpt see the m,auager ; and presumably, t,lie director?, should, i have made it their business to st^d in ■ to defeat tho claim. o£ one shareholder as against the other. If thp alleged transfer to llollingworth, \yag. bo'na Jkle. then, why tho fear, pf, inyestigation ji if color.able^ w>hat can be. sajd of a body of, directors and a. manager of a public company lending themselves to the bushing up. of such a transaction.' As his Honor veiyr rightly pointed ovjt, the duty of a . manager ia to act with the strictest impartiality bptween all the shareholders, ancj Mjhat confidence or ,Becarity can there be vybeu this rule ia ' departed fr.om ? Whetbier the mana,- , ger of the company did. or difl not act in this case under tbe instructions of the directors cannot in our opinion in any way be urged in extenuation. However, if there be any virtue in (be , saying "•Bufficientr for, tLie day; ie. tbo

evil thereof," the company \yil} be content, bijt, after all, if the tactics give any clu.e tp the character pf the defence tq t^e action, then ifc must appear th,at by thus postponing the evil hour, tb,e djrectora are only ag* gravating theiv ovvij flif^cultieß. The case has, b,oweyer, now been fprce4 ma to the Supreme Co^rt, and whichever \vay the yerdicfc goes it wilj carry j with it a respectable bu,rden.