JONES'MOKAU PROPERTY.

Taranaki Herald, Volume XLIII, Issue 10111, 18 September 1894, Page 2

JONES' MOKAU PROPERTY.

• ALLEGED TO BE SEIZED BY A LONDON LAWYER. The London correspondent of the N.Z. Times writes :—: — It is a long timo since Mr Jones deemed that he had discovered a Golconda in tho " black diamonds " of the Mokau River, and endeavored to enlist the sympathy and " utu " of N"ew Zealand capitalists in tho development of those enormous coal resources. But almost from the outset misfortune has dogged his footsteps. Some time ago the business got into trouble and was sold by auction. It was bought in by a London lawyer named Flowers, who, Mr Jones says, was acting as his agent and trustee. Then to prevent tho property falling into the hands of tho mortgagee the lato Sir Frederick "Whitaker, who was then Attorney-General, inserted a clause in a bill dealing with native lands, preventing any person taking absolute possession of tho Mokau coal lands until tho native interests therein had been individualised and a certificate of titlo issued. So far this has not boon dono, and tho title may be regarded as in suspension. But a fow weeks ago a most extraordinary position was taken up by tho lawyer who had advanced money on the property. Ho had, it is said, .sent out an expert to examine it, and was satisfied that it was worth a much largor sum than the amount which had been advanced. Therefore, when Mr Jones wrote to him on the subject of the advance, the lawyer put forward a claim to £1000 for interest in addition to the principal, £1000 more for professional services, and twothirds of the value of tho property remaining when these amounts have been deducted from the total value of the property, thu other one-third to go to Jones, if ho t>hould succeed in forming a company to take over the lien upon it. Naturally, Jones demurred to this proposal, and took counsel with Sir George Lewis on the situation. Jones now contends that Mr Flowers can only hold the property as trustee for tho client (Jones), and must relax his hold upon it as soon as the principal sum of £10,000, with reasonable interest, is repaid. Mr Flowers' answer to this is that the property is absolutely his, and that he means to stick to it. Jones threatens to apply to tho Court for an injunction, and if successful in that will endeavour to float a company to pay off tho lion. Ho professes to be sanguine of success, but it is possible that he may have overlooked certain legal difficulties which stand in the way. Mcanwhilo tho mortgagee) holds nine points of the law, and it will go hard with a lawyer if ho docs not find some legal wan-ant for the tenth.

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