PUBLIC COMPANIES.

New Zealand Herald, Volume XXIII, Issue 7786, 4 November 1886, Page 3

PUBLIC COMPANIES.

TO THE EtiITOR. Sir,—The manner in whioh tome Of the companies in Auckland, formed of late years, are managed is simply disgraceful and discreditable to those who have the management of the shareholders' money in their hands. Wβ have had maoy businesses turned into companies, the partners retaining the position of secretary, often managing

director, at high salaries. Now, it often r happens that these gentlemen do much more for themselves than for those who employ them, namely, the shareholders. At present there is a company which has not been paying for sometime, and who are at present making two sails. This company a few yearn since oame before the public with a prospectus in which it was set forth that large granaries and flour mills would be erected. This has not been fulfilled. The partners in the business taken over were retained, one as secretary, the other as manager. At the present time we have the secretary engaged in an opposition business while still in the employ of the company, tbe motive no doubt being to retain the business made at the expense of the unfortunate shareholders. It is high time little games of this sort were stopped, and the shareholders protected.—l am, &c, Auckland, November 2, 1886. Meropjj,