COMPELLED TO DISGORGE.

Dunstan Times, Issue 823, 25 January 1878, Page 3

COMPELLED TO DISGORGE.

(Bruce Herald.) “Si quid novistis reeling istis, candidus imperil; Si non, his utere mecum," which may be freely translated, “If you want to bo cleverer than anybody else keep your own counsel, and if you have a hornet in the swim with you do not irritate it. Rule him not ; but if you have a trick that is better that mine, kindly impart it.” The force of this time-worn observation has lately been brought home to a certain reverend gentleman living within a radius of sixteen thousand miles of Dunedin. Some time ago ho was a shareholder in a company nbw'in process of liquidation, all its rights, titles, and interests having been disposed of. Great difficulties stood in the way'of the transfer of the company’s property, many delicate negotiations went bn, and shareholders had misgivings, doubting that the sale would be a satisfactory one. At many meetings was heard the voice of the reverend gentleman, persuasive and bland, arguing that for the general good of the whole shareholdry the sale would he all that could be desired. In the votes of an enthusiastic gentleman of religious disposition, who, to use a colloqualisra, swore by the paison—his parson—the desired majority was obtained, and the sale accordingly took place. Sbon a circumstance came to the eats of the religiously disposed gentleman, which we believe actually caused him to be profane—it was that his leverond friend had received L 25 more for each of his shares than anybody else, being in all a tidy little sum of LI 100. The fact was a well kept secret for two months, but a row taking place, somebody, who was exceedingly hasty, bad the bad manners to split on the reverend. The next stage of the proceedings was a meeting of the shareholders of the old company. The meeting was largely attended ; on the demerits of the transaction everyone present was unanimous ; a | legal opinion from the most profound mein- | her of the bar in Lawopolis was read which | fully bore out the cohclusion of the meeting; | and. it being found that law coincided with equity in the case, it was resolved to take | immediate legal proceedings. A latvyer’a ! letter was at once sent to the reverend geu- | tleman, who, in sporting phrase, evinbed a | decided objection to “part.” Ho suggested i arbitration and such like His proposals would not be listened to, and the shareholders would not be satisfied with less than his handing over unconditionally the whole of what may by cuphonism bo called the special bonus. The amount has been handed over, but the reverend gentleman will have the slight satisfaction of receiving the pro rata on his own shares, less the amount of legal expenses. Out of a cool thousand and more ho will receive about LIOO. The matter is causing the greatest possible amount in ecclesiastical, political, and newspaper circles. The unexpected final dividend warrants will he issued to-day or to-morrow. Wo are glad to hear that at least one amount of it, totalling a few pounds, will go to the Benevolent Institution.