Commercial Morality in Melbourne.

Wanganui Chronicle, Volume XXXI, Issue 11356, 22 January 1889, Page 2

Commercial Morality in Melbourne.

A Melbourne correspondent write? :— A disclosure which resulted from a reoent meeting of shareholders in tne Land Investment and Building Society of Melbourne, Limited, is rather inclined to shake the faith of people in the public companies of this city. From his own statement it' appeared that Mr E. Skinner, the managing director of the company, sold to his own company, for £700 'an acre, certain lands of which he himself conjunction with Mr W.H.Lewis, a co-director, bad previously; besome possessed for £600 an aore. ; These, gentleman were thus in the agreeablo position of being both vendors and purchases at the same time, a position which they were able to torn to account to the extent of something over £4,009. Upon this faot becoming known to the shareholders, action was at once taken by them,, with: the result that the gains bo were refunded.; This reveals a very unsatisfactory stpte of things,' and there is not the slightest donbt' that the mannner in which the recent land sales have been conducted gives additional proof that the moral tone of commercial; oommunity has been sinking lately, I: hav.oit.on the most reliable authority that! more than half.of the land sales which have : been carried on by the leading auctioneers: of the. town have been ' bogns ones, and that the latest purchasers of allotments, have been simply swindled out of their; money. Auctioneers and vendors have; engagedfboth ladies and gentlemen 'at 'pro-; feßsional fees to attend the sales and run, up prices, it.being quite immaterial whether) any lots were knocked down to them.' If; they were, the hired bidders would, with great gusto, write out cheques, before thej .public, and hand them in to the auctioneers'; clerks as deposits. They would, of oonree, • be quite valueless, and as soon as the sales' were over would be, torn up. In ono in- j Btanca that I have been acquainted with a sale that was supposed to have realised 1 £20,000 only , represented legitimate transactions to the extent of £2000, and it was on this that the auctioneer.) were paid their commissions. In some instance where syndicates were vendors the men included: in them would aot the part of professional' bidders, and wero well recompensed if they managed to sell even a few sections at^about treble their value. Such sales it is which have caused the land fever, and ' it is as well that; the bauks, by their resolute j action in refusing to accept land any longer as security, have been the means of in-; ducing, a return to the normal condition! of things. The bank authoritea only lately ' became enlightened as to the real position of affairs, and it was the result of a meeting of them that the renewal of bills conueoted; with', land purchases was generally re- E fused '. ' ' ■ ■ ' j

Wolfe'sl Schnapps, we.\ safest, purest! and beet of ita kind in the