The Globe. WEDNESDAY, AUGUST 26, 1874.

Globe, Volume I, Issue 74, 26 August 1874, Page 2

The Globe. WEDNESDAY, AUGUST 26, 1874.

It appears that the astute speculators of Ballarat are beginning to think that they should be included in the number of people who are so vigorously trying to get their hands into the treasury chest of New Zealand. Our telegrams on Monday give a report of a meeting, that for sheer unadulterated impudence seems to us to be hard to beat. The shareholders in the Tookey mine met, and resolved to increase the present capital of the company by forty thousand pounds; and the means by which they are to do this are perfectly legitimate, the capital being raised by the issue of twenty thousand new shares of two pounds each. So far, so good, but the report goes on to tell us that it it was resolved " That the " Tookey Company, in conjunction " with the United Pumping Associa- " tion, borrow fifty thousand pounds " from the New Zealand Government, " and the Tookey Company give a " mortgage of fifteen thousand pounds " as their proportion of the loan, but " no security to be given which would " have the effect of creating " any liability to shareholders." This proposal fairly staggers us; what in the name of fortune has the Tookey's done, that it should be selected to receive a loan from the Government ? During the time the mine has been worked, it has never borne a good name, and the transactions in the shares of the Company have been very extraordinary ; moreover, it must be remembered that the suspicious dealings in these shares were traced home to a certain individual, who was supposed to be deeply interested in the future fate of the mine. The shares were puffed up in every market of the Australian colonies, and at one time rose to an entirely fictitious value, partly owing, no doubt, to the wonderful yields then being obtained from the Caledonian. The shares sank again however, and at last the Tookey's fairly stank in the nostrils of sharebrokers, and other frequenters of the " verandah." This attempt seems to us to be a desperate effort on the part of holders of Tookeys to force the shares up in the market again, most probably for the purpose of selling out at the first convenient opportunity. We cannot see, however, why these gentlemen should expect to get a loan from the Government, more especially under the conditions mentioned in their resolutions. If there is any fair chance of the mine again becoming a paying property, they could get any amount of money that might be necessary for the continuation of the workings, in the legitimate manner. There are invariably men to be found in the Australian colonies, who are only too glad to invest in any bona fide gold-mining operations that may be brought under their notice, and men of these class would not hesitate to invest their money in Tookeys, if they had not already been sickened by the operations in the share market, in connection with this notorious mine. Failing to get the money in the ordinary way, the Company are to apply to that Government that seems to act as a milch cow to adventurers of all descriptions, and the New Zealand Treasury is to be asked to lend a large sum on the mine, with the proviso that the shareholders are not to suffer if the operations do not turn out well. This really means —Let us have the money ; if the mine turns out well, we will repay you with an average rate of interest, and pocket the remainder of the profits ; if it turns out badly, you will have to stand the loss, but then of course you can afford that, as the New Zealand Government have so much money at present, that such a trifling sum will not be missed. We trust that a vigorous stand will we made against this audacious and monstrous proposal, and that the Government will not go into the business of patching up mines with an indifferent reputation, or there is no knowing when these applications for help will cease.