BLACKMAILING NEW ZEALAND INDUSTRIES.

Temuka Leader, Issue 1209, 26 July 1884, Page 3

BLACKMAILING NEW ZEALAND INDUSTRIES.

It is about time (says the London correspondent of the Auckland Star) some steps were taken to curb the rapacity of a section of city men (most of them AngloColonials) who make a large sum of money by levying ‘‘blackmail” on the promoters of New Zealand enterprises. Chief of these worthies is a well-known man who himself floated an undertaking of the first magnitude some years ago. In all land speculations this person’s good word hss become a matter of absolute necessity, for though his assistance by no means ensures success, his epposition is unquestionably fatal. This has been proved sgain and again. Some years ago the chairman of a most powerful laud syndicate, backed up by a great bank, resolved to defy the champion mailer. The latter is a strictly religious and highprincipled person, who would scorn to take advantage of anyone; therefore when asked about the new land company lie (apparently) confined bis opposition to shaking his head and looking volumes. The effect of these processes was, however, marvellous. With the brightest prospects conceivable the speculation fell quite flat. Neither the Public, the Press, nor the Stock Exchange took kindly to it. The promoters were aghast. They went to Mr X (as I will call him), and threatened exposure. He smiled blandly, and asked why they should expect him to give a favorable opinion about land of which he knew nothing, and in which he had no interest. “But,” quoth the angry promoters, “ our lots absolutely adjoin those you made so much out of two years ago.” “ Just so,” replied X, “that is why I think you would hare done well lo consult me about the matter beforehand ; I should then have been able to advise speculators conscientiously, whereas now I find myself obliged to tell all comers I can give no opinion on the matter.” The promoters went away sadder but wiser men. Nothing could be done in that particular matter, for X is not a man who can be openly bribed, but the next land “spec” they were mixed up in they ensured his co-operation. On another occasion the founder of a special settlement recognised the value of X’s assistance, and offered him a lump sum of £SOO. for it. When he found this was the outside amount for which the company could be drawn, X refused the terms and quietly damned the whole concern. “It was not,” he told a friend subsequently, “ worth my while to mix myself up in such a scheme tor three times firo hundred pounds. Hsd they offered five thousand I might have thought about it.” At the present time Xis negotiating a heavy “ black mail ” with the representative of a North New Zealand Land Company. The latter had completed a capital bargain with a London bank, and was on the point of receiving a deposit, when X interfered, and whilst admitting the excellence of the vendors’ land, and acknowledging that the price per acre was most moderate, threatened to overthrow the whole arrangement unless handsomely “ squared.” In addition toX, there are a number of lesser “ sharks” (Bank managers, financial agents, and brokers), who fasten on to colonial promoters and bleed them assiduously. The influence of all such is, I am told, purely negative. They may, probably do, injure, but they can’t materially assist yon. The best way to put an end to the system would be for some promoter, having floated a company, to relate his “ black-mailing ” experiences, and give X and Co., the publicity their good works deserve.