Poverty Bay Herald. PUBLISHED EVERY EVENING.

Poverty Bay Herald, Volume XXIV, Issue 7954, 6 July 1897, Page 2

Poverty Bay Herald. PUBLISHED EVERY EVENING.

GIBBORNE, TUESDAY, JULY G, 1897.

AN KVIDENOK OK HONOR. Altiioucil such feats of commercial morality aro generally well publishcMl when they do occur, it is not often wo hear of people who liiive been through the "whitewashing" process, and who subsequently become possessed of means, remembering their old creditors and paying them in full. iStill more unprecedented is it for promoters of joint stock companies which have "gone bung" to coneoiveit their duty to reimburse the unlucky investors who had gone into the speculation with them. The unique per. formance of a gentleman named Horatio Botlomley, in Kngland, a few weeks ago, is probably without parallel. Air Bottoinley, it will be remembered, was promoter and managing director of the Hansard Union, a large publishing concern, the all'airsof which were prominently before the public some three years ago. The institution came to grief — 'it was a bad smash— and at the winding up proceedings stormy scenes frequently took plii.ee, and hard words ueie used by the unfortunate shareholders against Ihu' directors in general and Mr Ifor.itio llottomley in particular. So enraged weie the people that they even went so far as to give exhibitions of personal violence against the hoard of directors. The other day Mr Bottomley called a mass meeting of the shareholders of the- Hansard Union and the allied companies, and in the same building in which these tumultons scenes had occurred were assembled n crowd of people, their faces lit with a pleased expectancy. Mr Jjottomley upon his arrival was actually received with cheers. The Otlicial Keceiver took the chair and explained Unit in his investigations of

Mr Bottomley's estate, he had found that not only had tho latter used all the moneys* he had received in connection with thes^ companies in the laudable clt'orl to avert th'; liquidation, but that he had used his private resources to tho same end. Mr Bottomlo.y, who was received with prolonged cheers, recalled the fact that it was in that hall, in the autumn (if 1890, that they met to consider the extension of their enterprise which unfortunately spelt the nnn of their company. Since then there had heen cnuless litigation, the company had disappeared, ami so had the money of the shareholders. What, was Hie explanation of the enigma? People talked of the Hansard Union as a colossal fraud, and of those connected with it as swindlers, hut the businesses which constituted the Union were thriving handsomely. The explanation of this startling situation must, be that by some Haw or other in our system of company law, these businesses and then companies were wrecked without adequate reason. Having detailed tho history of tho collapse of the Union, Mr Mottomley said that he knew that tho marks of prosecution and bankruptcy would ho left behind for a long time, but on January Ist, ISilt, he set to work again, conscious that he had done nothing to disentitle him to the claim of being an honorable man, and resolved that the greatest revenge ho could have would bo to prove his own sincerity. Since then not only had he achieved success for himself, hut for others who had had business relations with him. He had always felt that his enthusiasm for the Hansard Union had led many a moderate investor to go further than he otherwise would have done, and in that sense he felt that there wore shareholders possessing a strong moral claim on him. Since the day he had reestablished himself in business no shareholder had appealed to him in vain, and he had an accountant's certificate to show that between January Ist, 1894, and April '23rd of this year ho had disbursed i! 0"2,74() among .shareholders and creditors of tho Hansard Union and its kindred companies. He had now to announce fiat inclusive of this ,£32,000, it was his intention to present .£2,")0,()0(J to the Hansard shareholders. He wished the amount to bo dealt with by trustees who would command public confidence ; ,£IOO, OOO to be distributed in casli among those shareholders who had snllered most ; and the remaining £150,000 to bo permanently invested for the benefit of the shareholders. Concluding this remarkable offer, Mr Bottomley said that for sLx years he had had to fight the dragon of calumny, and he must lie forgiven if he now took the opportunity of publicly taking it by the throat and slaying it. Needless to say, the speech was received with cheers. The meeting further tendered him " a vote of thanks for his munificent gift, and rejoiced in tho opportunity of recording its appreciation of the final and complete vindication of his personal honor."