SYDNEY'S NEW LORD MAYOR

Dominion, Volume 11, Issue 80, 28 December 1917, Page 8

SYDNEY'S NEW LORD MAYOR

HOW HE GOT RICH "'EXPERIENCE TEACHES" (By 8.G., in the Sydney "Sun.") S.ydney's new Lord Mayor-elect, Mr. Jo;/nton Smith, M.L.C., is quite an o' ri ginal character, and has had many a i> d varied experiences during the time lie- has been in Australia. Of a genial 1 seasonality, he takes a keen interest in everything that happens up just at the 'moment—whether it be interpreting shorthand notes or examining a I lew rifle just presented to his 11-year-old son, who daily imbibes knowledge at the Sydney Grammar School. Born in London 58 years 1 ago, and having the spirit of adventure keenly developed, he journeyed first to New Zealand, ana arrived in New South Wales

80 years ago. With the cheerful outlook of a born optimist (although he gently disclaims the suggestion), Mr. joynton Smith strikes the casual observer as always coming on top, no matter what might happen. Of a remarkable versatility, he has taken a prominent part in the business, sporting, and philanthropic life of Sydney. President of the South Sydney Hospital, which he founded 10 years ago, he is also a director of the Sydney Hospital and the Wentworth Falls Convalescent Home. The Imperial Arcade Electric Company was cstablished by him, and this plant, which was taken over about 10 years ago, now forms part of the City Council's electric light and power system. This energetic man is also the principal proprietor, of the Victoria Park Raeecotirse, and has been president of the Rugby Football League for a number of years. He.was appointed to tbe Legislative Council about. seven years ago. The V/orld as Educator. Incidentally, Mr. Joynton Smith has decided ideas on .'education. For instance, he says: "I look upon the possession of the faculty of being able (to some extent) \o judge his fellow-men as one of the most valuable assets any man can have , . Whilst a university education is naturally a very fine thing, I have sometimes wondered whether there was not a compensating balance in those men who have studied in the larger university of the world. , There is much to learn if ■■you pause and mark on your way through .life, although probably the financial cost of paying for your experience is greater in the education of the larger university than in the smaller.

' "But the compensating balance to which I referred is that the years the undergraduate lias spent at the University (between 17 and 23), if passed bdmping and shoving his way through the world, may be prolific of greater results in a general business sense. Then, if a man has the inclination to make Tip what he has lost through i.ot attending a university, he may acquire it later in life.. ■ "There is no doubt whatever that between these ages the mind is in Us most receptive state, and the lessons taught in those years must,stand him in good stead at a later period. Of course, I realise that it' is almost next to impossible, say, after 30 for a man to concentrate upon the assimilation of the dead languages; but, after all, it is a moot point (even with some of our leading., professors themselves) as to their utility. But for general learn, ing, those who are ambitious may acquire it at any age. For this reason the continuation schools, originally instituted by the London County Council, and at present in existence' in New South Wales, should be the means of producing loaders of thought and successful business men. It is noticeable when looking round our public life what a dearth of University graduates there is in high places. Betting by System. "A good deal has been said about my connection with racing," smiled Mr. Joynton Smith, "and it is rather interesting to look back and think how it first came about. Naturally, you must begin with a sporting spirit, and this must have been so in my case. For instance, before I was 30 I had accumulated in New Zealand a fortune of £10,000 by dint of hard work and bußiness. I was imbued with the idea of going to England ?nd turning tke £10,000 into millions by-following-a system of backing horses. I carried out my programme with this exception —that the millions are still as far'off as ever they were! "In 1880 (Ormonde's Derby year) 1 began operations under the system, and visited every racecourse in the United Kingdom. The result was that at the end of the season-I had lost £9000 out of the £10,000. Thus I wa9 forced to the conclusion that, though the system was a success on paper, in practice it did not work out. I packed up my belongings and stole silently away to recommence operations iti the money-making art with a nucleus of £1000—all' thai remained from the wreck.

"As the result of this experience I can only say that while systems on paper may look very alluring, in practice they don't work out. Still, as the result of having visited every racecourse in, England, I got tho idea of being interested in racecourses, and the formation of the Victoria Park Racecourse eventuated. This, I venture to say. is one of the finest racing tracks in the world,-so that, whilst I lost my money, myf experience of racing was secured. The Remark Apt, "I remember in New Zealand there was a vory v wealthy man. in Wellington, named M'Kelvie. I supnose he must have Been worth somewhere in the region of half a million. He, was not iu tjio habit ot leaving much of his wealth in the hands of the tailor. He wore an old slouch hat thsft was distinctly oily, and when he walked along the street ho was not the type a confidence man would approach with tho. historic tale, of a rich' uncle in Fiji. "I was strolling behind him one day, nrcomvuiietl In- a voluble American guy, the gct-rich-quick type of merchant, who said to me: — "'Look at old M'Kelvie in front of us. Gee, if 1 had his money do you know what I would do?' "He then wont on to describe some of the schemes he would brine; into being, with the idea of at least trebling the old man's fortune. "I replied: 'Has it never occurred to you that that is the reason yon haven't got it? , , ' "The moral of the story is that tlierp is only one royal road to success, mid that is—hard work and concentration."