The Taranaki Herald PUBLISHED DAILY. WEDNESDAY, JULY 10, 1889.

Taranaki Herald, Volume XXXVIII, Issue 8520, 10 July 1889, Page 2

The Taranaki Herald PUBLISHED DAILY. WEDNESDAY, JULY 10, 1889.

We have not heard the last of the late land speculation mania in Melbourne. Company after company has been wound up, and many of their unfortunate shareholders have had to seek the protection of the Bankruptcy Court. One of the largest of these financial companies, and which at the time whs considered the Most successful, was the " Mercantile, Financial, Trustees, and Agency Company." This Company had a wonderful record during the boom, and actually paid a dividend of 50 per cent, to its shareholders about a year ago, and set aside a large Bum as a Dividend Reserve Fund. Its latest repoit, however, shows how vast the change is in the condition of affairs, as i(, contains the the announcement that £350,000 is to be transferred to a suspense acconnt, in order to meet any possible losses arising from the depreciation in the value of the securities held by the Company. The Argus thus recapitulates the Company's series of operations, which it declares are unexampled ia the history of any large financial institution, viz :—(1): — (1) An issue of 100,000 shares in Deoember, 1887, at a premium, amounting to £25,000 ; (2) an issue of 200,000 shares in June, 1888, at a premium, amounting to £625,000; (3) a writing up in December, 1888, of the share capital by £225,000, largely at the expense of premium ou the last issue; and (4) a writing down in June, 1889, of the reserve fund by £350,000 to meet possible losses. The startling character of the writing down will be seen when it is stated that the profits (exclusive of £35,000 written up on properties) nominally made by the Company during the four years it has been in existence, have amounted to £339,486, or £10,514 lesß than the amount of the loss as now anticipated. The Argus goes on to Pay :—: — " Whatever may be the explanation of the course pursued by the Directors, it is pretty clear that the Mercantile Finance, Trustees and Agency Company ia responsible in some measure for thft munufacture of an altogother unwholesome period of inflation and reckless speculation, and its concerns are, therefore, of direct interest to the public." It can be seen from tlin above that the directors have lost a sum exceeding all the net profit since the society was in existence — a period of four years ; whilat it has its capital evidently so locked up in land that its pouition is for from satistactory. Thia ■hows the necessity there is for cuution on the part of persons when there is any wild speculation going on, for tho result is sure to be a lobb to those who take part in the Bcrafnble for wealth. The rainfall in town last month for 24 days was 13 - 7 inches, as compared with 442 incheß in Juno, 1888, while in June, 1887, for 22 days, there were only 5-56 inches, and in June, 1886, for 24 days, there were 826 inches. From these figureß it will be seen that the rainfall for last month was exceptionally heavy. A newspaper man has discovered that only two amongst 482 sailors were named " Jack," and in all his talk with them he never heard one Bay " shiver my timbers," or "daßh my toplighta." If he were to listen to the conversation of a sailor on the stage, " Bhiver my timbers " is pretty much nil he would hear him say. Once only did a head-master attempt to stop an eight which he heard was to row up to Surrey ; this was Dr Keate, and he was bo finely hoaxed that he never even made a fecond attempt. Hearing that an eight was to go out on a certain day, he threatened to expel anyone who should take part in the expedition, and then went for a walk along the towpath to waylay them. There issued from the Brocas a crew of watermen dreßßed like the Eton eight, and wearing masks over their faces. Crowds of people followed to see what would happpn. Koate caught them between the Hopes and shouted, " Foolish boys ! I know you all. Lord , I know you. A , you had bolter come ashore. Come here, or you will all be expelled " Tho boat, however, pursued its course. Several of the masters followed on horseback, and tho ruse was not discovered until tho crew disembarked and took off their masks with a loud " Ilurruh 1" Koate was furious, and vowed that there should be no Easter holidays unless the boya who had been hooting him behind hedges gave themselves up, and some twenty viotims were accordingly awished.