TOPICS OF THE DAY.

Southland Times, Issue 17289, 8 March 1913, Page 8

TOPICS OF THE DAY.

( From Our Special Correspondent.) THE CASE OF FRANCIS SHACKLETON. LONDON. January 24. Mr Francis Richard ShacUleton. exDublin Herald. and brother of Sir Ernest Sliacklolon, the famous Antarctic explorer, made his appearance in Hie dock at Bov. street this week to answer certain serious charges brought against him hy the Treasury on Ihe information of Lord Ronald SuHierland Gower and a Miss Mary Josephine Browne. The accused was arrested in Portugese West Africa, on n warrant which charged him with having fraudulently converted to his own use a cheque for £|oof), entrusted to him for the purpose of investing for Miss Browne. According to Hie prosecution Miss Browne had been acquainted with the accused since 19U6, and since 1907 he had assisted her with investments, aiming (hem some in a company called the Celtic Company. In December. 1909. Miss Browne and Fhackielon were both staying tit Lord Ronald Sutherland Gower’s house at Panhurst. Hearing Miss Browne refer to £IOOO, which was due to her under a life policy Shackle-ton said. "Whenever you get it. let me have it and 1 will invest it for you in something good.” Miss Brown- received Hie £IOOO in February. 1910. and sent defendant a ch—que for £IOOO. Meeting her in April, lie said. "I have invested it in the Celtic." In July. 1910, a receiving order was made against Sliaekletnn. and in August he was adjudicated a bankrupt. In his statement of affairs lie scheduled Miss Browne as a creditor for £l6B for in-te-cst. Inquiries showed that no shares in the I'eliic Company had been purchased in her name. The facts of the second case were similar. Lord Ronald Sutherland Gower had known defendant since 1902, and Shaektelou had advised him with regard to his property and investments.

In February. 19 10. Shacklelon had an overdraft at ids bank exceeding £40.000. The- bank held as security a guarantee of Lord Ronald Gower. They also held some 60,00(1 Cl shares in the City of Monte Video Public Works Corporation, which at that time were absolutely worthless. Tim defendant, who was intimately connected with Hie company, knew this, said counsel, probably better than anybody else. Tba.t being the state of affairs, Sbackleton cail-d on Hie authorised clerk (or a firm of stockbrokers, and told him that Lord Ronald wished to buy Monte Video shares, and that instructions should be taken from him (Shacklelon) to stive delay. A written and a verbal authority were asked for. ami tin interview look place at the office, at which Shacklelon did nil Hie talking, and Lord Ronald said nothing. 'Hie firm received a lei ter signed by Lord Ronald confirming tininterview and asking them to buy aono Montevideo shares and s-ml all contracts directly to Mr Sbarkleton, 111 a covering letter Shacklelon said Hie shares were not quotable, bill there wen- "deals about £1 lo £1 Is fid." Th-y were to be bought only from » firm named. I Ronalds, counsel pointed out. was to buy Urn shares at their face value, The purchasers were not to go about in H;e mark-t and see bow cheaply they could get them. They wore not to buy tin- shares from a particular firm, who. as brokers to Sllackleli m s hankers, were to sol! Hi- shares held as ii guarantee for his overdraft. Sbackleton alone, therefore, would benefii by the use of Lord Ronald’s money to purchase those worthless shares. In ’May. 1910. a creditor obtained judgment against tin- Montevideo Company, and in July a winding-up order was made. The sl atement of affairs showed a dc-deb. ney of ass'-ts as to creditors of £2l2,(du), and as to contributories of CCpiin.iiOti. Tin- result was ibai Lord Ronald got worthless ple-cs of paper i : £2iiiin and SI:;e Id-hin ben-lil-d to flail amount. id-m "a I I :-*• 1. a - It I -11 - m’ ■- :: nest was taken ami Miss Browne having b-en briefly examined upon her financial rela •

lions with the accused, the Alaglstrate ordered a reman'd fixing bail at £2OOO. KOMANCK OF' COTTON. The name of Coats is known the world over wherever needless and cotton are used, but there are probably very few people who know much about the beginning of the huge firm which to-day practically controls the sewing cotton industry. The deatii of Sir .lames Coats, lit., at (lie age of 7S this week recalls one of the most extraordinary industrial romances of the last century. Nearly ninety years ago—in 1824 to he precise—James Coats, grandfather of tiie dead baronet began business as a mal;er of thread in the little town of Paisley, about seven ■ miles from Glasgow. The origins of the thread-making business go further back—to the early part of the INII I century, in fact, when Scotswomen did their own spinning at home. The wife of a Renfrewshire clergyman, who had great skill in the use of the spinning wheel, taught her craft to a number of young women in her district, in that way the industry spread, am! it grow with astonishing rapidity after 1824, the year in which Mr James (touts opened his little factory in Paisley, with an engine of 12 horse power to do ail the work. Coats's business throve apace. and with its extension Paisley grew in' importance until to-day one of the sights of the West of Scotland is the groat range of mills and factories in which the thread is manufactured. The works cover more than a hundred acres of ground, and over 10,000 men and women are employed in them. These Paisley factories, however, vast as they are, represent only a part of the business of the firm, which, in 1806. developed into a large “combine.” At. the time of the Civil War in America Air James Coats (as tie then was) went as a young man to the United States —then a very valuable market for thread —and remained there for some years, but the war interfered materially with the development of his business plans, and lie returned to Paisley. Before long, however, he was back again in America setting up factories and extending his thread-m;iking business to his complete satisfaction. Year by year the business grew and was extended into the countries of Europe. Coats’s firm, however, had not the thread-making field to themselves. They had powerful rivals in the Clarks, the Brooks brothers, and the Chadwicks. But their rivalry cumc to an end in 1 896. for the four firms “pooled themselves," so to speak, and became one gigantic organisation. Some years earlier, in ISIK I . the firm of .1. and P. Coats had been formed into a limited liability company, and it was undoubtedly the amazing success of this company tha.t led to the great combine of sewing-cotton manufacturers. The prosperity of the Coats Company may be gathered from the fact that its dividends rose from S per cent in the first year to 50 per cent, in 1899-1900. In 1001 the capital underwent reorganisation. and tiie new ordinary shares received 20 per cent. The net profits of tiie combine for the three years 19041907 were over £8,000,000. Tiie members of die Coats family have left enormous fortunes. Air .James Coats, junior, left £1.96 1.745; Air Archibald Coats, £1.365.1:12; and the lute Sir James Coats, whoso will remains to be proved is said to have been worth nearer two millions ttian one. VAILE v. VAHDOM. There is still a great deal of controversy in tiie golf world about Air 1 Valle’s book "The Soul of Golf.” and bis criticism of Harry Vardon’s recently published explanation of how he plays tiie push shot. The editor of “Golf Illustrated" suggested a meeting between Air Vaile and Vardou so that Mr Vaile might demonstrate dial. I! raid, A'ardon and Taylor are wrong with regard to their statements that tin* weight is on tiie rigiit foot at the top of tiie swing, ami also that Vardon’s explanation of the pusli shot and how lie plays lilt 1 pull ale wrong. To quote die words of this journal, "a meeting between Mr Vaile and Vardon. at which these matters could he made the subject of practical demonstration. would be of the greatest interest. and we should be glad to assist in making the arrangements. In the following issue AH' Vatic accepted die offer of “Golf Illustrated" for this demonstration, but A'ardon did not come up to die scratch. It is pretty generally conceded now that Taylor, Braid, and Vardon have had a good deal the worst of the controversy with Air Vaile. and they have to thank Vardon for this, because it has mainlj been Vardon’s somewhat intemperate letters about the New Zealander which have spurred tiie New Zealand author sufficiently to make him take tip the matter in earnest, in a recent issue of “Golf Illustrated'’ lie slated that lie would have a machine made which would accurately register the weight on each leg of the golfer at die top of the swing, and also arrange in such a manner that in the eye„t of there being any swaying, die amount of such swaying could lie registered on I lie machine. Air Vaile stated that the cost of this machine would lie £sn. and that lie did pot see any particular reason why he should have to pay for this, so lie invited golfers and others to find die money for. and assist in the domonstiai tion. Mr George Herbert Nelson, die secretary and manager of die West land School of Golf, inmied ia I ely came lorwartl and offered to find die money if a machine such as that mentioned by Mr Valle ennbi be manufactured. Air Vaile has lif"ii in touch with Mr J. McGrath. .Messrs W. and T. Avery's (of weighing machine I'amei expert, and lie has undertaken to manufacture such a machine, tin- order for which has been placed. .Messrs W. and T. Avery slate that they will deliver tile machine in a few weeks, and .1, Sherlock, die famous professjona I. ! lias agreed to give the demonstration on I it- ! The event is looked forward to with i mole than ordinary interest by the golfi ing world generally, for it will tie a fine | feather in Mr Valle's cap if he makes ' good Ids assertion that the teaching of ; tiie triumvirate of famous golfers. Vari don. Braid, anil Taylor is fundamentally : unsound.