GOLD-MINING COMPANIES.

Otago Daily Times, Issue 7223, 11 April 1885, Page 4

GOLD-MINING COMPANIES.

TO TUB KDITOK. ■ . Sir,—The remarks mado by your tourist contributor "Vtnl, Vidl" ou the licceaity of a reform In the inel-h dof carrjingon miuiwr undeitaking3 are very opportnne, cud the subjecS deserves the sciious consideration of a}! who are interested in tho progress of the Colony. Unless Bomothing is done by Ihe Legislature to regulate theio undo;Siking3 in a manner very different from whst obtains at present, an important national industry in liktly to collapse altogether; but tho reftrrns mu-.t .yo much.further than your contributor has suggested. It appears to me that tho following ore essential provisions for Iho safety cf shareholders In the case o( companies :—

1. Ihe framing of a sot of rule? which shall bo compulEcry un every company, without alkraing power to dovinto from them iu imy material particular. I should liko to kKO* how many of tho present registered companies have ary rules st all, and of tho:o that have, how runny of the shareholders are acquainted with them? ]t U UEe!e=a to,<alk about fieedcrn of contract, and to advise careful investigation beforehand, in matters o( this kind. People osn only effectually guard themselves by rcfusiug tospseuhto altogether, which rnsacs the extinction of the Industry. - 2. Evory pubiic company should be compelled to woik undor tho Mining J-.ct. Tho big sluicing companies ou tho West Coast placod themselves under the Comj;anit)3 Act of ISSj (or raiher, the knot of directors &ud one or two who woro working tho strings along with them have done It), and have thus relieved themselves of some of ths fo.v safeguards which the Mining Act provided for shareholders. Ono of their rule* roquires" every sliaroholder to lnva au address in the Provincial Dlßtrict of Wesll.nd, to whieh notices intended (or him may be Bent, and in ei3o of ceglrct to furnish such aa address, notices posted up in tha registered ofHco shall bo sufficient eerv.'co. It is cosy to sse what iajustice mlpht be perpotr&'od upon shareholders imcier cover of this. Another rulo is that no person, uiilsbs nominated by tho diioctois, fcball bo elected a director for ' : flnt tiffioualetßh9fhal! give savon dajV previou*.vjtiCß a* tSo Company's office of his intention to offer himself u*. the next e'ection Th'o is evidently deslgced to preteivn the directorate for a cl!quo. They get timely warning of a.i proposed change, and, through aircaii.a at their J:o turned can gather proxies bo us to effectually pieront any indcpandont person over obtaining » pliico in tin managomont. Jpparonlly iho dltcctors only regard cuteido shareholder aa creat-jroa to be utilised for paying their pitiless calls.

3. I ireotorb' fees should bo limilcd within a certain amount, or dee left entirely to the volo of tha shsrehdders at annual meetings. 6 Uroetora fhould bo prohibited from holding prcxiss. Under present conditions shareholders throughout tho Colony cannot attend meetinas, and are a3 badly fixed »s shareholders in tha Unitod Kingdom would bo if all their company's meetings worotcld hi Berlin or Orksoy 'sloa. In connection with l'.osa Ucited and Humphrey's Gully meotiogs lately heid, notices wero potted to many ol tbe sharehvldora too lato to allow cf tho papar boing sont back, and the dlrectom having gathered a mighty number cfproxifß bcfoieiiand, hr.<l is all thdr own way, and thus a largo number of shareholders were positively excltidod from t.ll qnaccs of taking part In tho proccedings, awl, in feet, shut out from all act or part ia the nntjagemcnli cf their own property. 5. 'Xho directors' p.i\vors of dealing nith the Cora-pa-ij'rt pro|:orty ehould bj greatly curtailoi. Ia no caio should they bo allowed to mortgage tbe property without full c:i:seiit of shareholder;. I bare heard of

dirccioiß in tho I'/inoo cf Wotos Company selling aharos a year ago at .-C2 to £3 caob, and representing that within at.wwccka tho Company would bo paying continuous rfi rktonds, vvhllaS at the siinj time they were mortgaging the property for on esisting debt; and now everything has toon siciificed under tha m->rfga£o. An occurrence like this ia onoujrh to blast all faich in mining miEagMnent en tha West Const Ira Kouoratlcu to eoaio. I am, &c, A Vicmi.

—In Eaet India thsro aro 250 psriodicals printed in the different nativo Innguaxee, and about 150,000 copies ia all are published. Tho first journal of this kiud appeared in 1808, und was entirely of a religious character. Politic* wore uot discussed in these periodicals until 1850.

(For rest «/ newts *'gs