THE Inangahua Times. PUBLISHED TRI-WEEKLY. FRIDAY, AUGUST 10, 1877.

Inangahua Times, Volume IV, Issue 53, 10 August 1877, Page 2

THE Inangahua Times. PUBLISHED TRI-WEEKLY. FRIDAY, AUGUST 10, 1877.

fIN the face pif an^dmjssion.inade a^short ;time, ago by. our.oontemporary, in. 'respect to the Befiance ! Company, we feann^-marveVa);, th^s. consuming, in-r. |er^st with which, ifa. conductors, view ieyery s .matter' : 'coqnecfce.d l y?;th,,th^. weK [■fare 1 or 'mahagemen^'of'" (Vafc ' spotiesfi' jundertaking/ '%jg.oU]y;>\few ( weeds' iago that w,e incurred- 'the fujleat measure. .of our neiglib^rs'. wrath,' for i^?! n ,g' to 4^ e^l9^ the'! idisinterestedineß8 u qf a,, matter,, connected- with,- that cp'mpany. Ndw^hecauße'.a ; number of ■shareholders in tliei-f'com'pany believ.e that |«heir inj;erests,<ha'v.e : ,'.been unfairly forfeited and illegally- 'appropriated, by fhe.^clirectors, our contemporary^ in anticipation of an earjy judicial enquiry, conceives it to' be its duty to jStand by the noble cause, even at the i^xpeinse of presenting to. thp public ;wjiat we are informed is ,a garbled isftatetnenfc of. the facts iuvolvedV In mentioning the names of the parties •moving, the District Coui-t^ in'tjie Ima'tt'erJ Oiip „ con tern porary , jest^rday '. tn prying stu^ioutiiy om jtl ed the nam ea of tliomas Nihjli and William'- Lynch, whp'are 'amongst the-applidahls, and it ; was stated/ tH^Lt' tW&J overdue caj!,^^ if ' paid, ' w.o'u'id 'a'm'ouat to' ' *j6^4|i;i4s f d preciaely^jif H i^e,,are correctly in'fbrtned, a list furnished, by the legal manager b&lhe time of the first alleged forfeiture, to one of the present appli. cants, Blip wed that the calls owing by

some twenty of the shareholders, including the persons named, only amounted to £150, and significantly enough, upon, that list the names of . two or. three persons, ininaatiely. iden, T; frified with, the. managej^ent pf\fc^ Company were shown p^, thp-'large|t defaulters, and have yei||@tai^ed t|eir interests up to, the. pn^nfc Jime. tglfc; has been suggested fjcfm the same source that the value W the shares ia now 1 probably in excess of the calls ; and setting the shares down at 4a, the product shows j6I4iPO, thus leaving a. cleai^£lQJ3&f^tlie>^pjicants, sup-! posing' their ; cotsplaint to be "well gnqu&ded, The case for .the, applicantswill probably be that, in the first pjace there w,as no forfeiture, arid secondly that the allotjiient w.as illegal ; bu,t it ,is,"impassible .as«*-yet to-foresee what may arise from' the cage, though it h generally-believed that the judicial investigation, now pending wiil bring to light some very interesting facts. About the time of the alleged forfeiture the. name of George Hollingworth app.eatM-as a, : .transferee of 1000 sl^ar.e3 in the Cdinpanyi Ilollingworth is described as ; "-of -Reefton/' but no such, person has as yet been traced : but; as he is said to stand in the relationship of .brother-in-law to Charles Mirfifl, of this tovrn, no diffijeulty is anticipated! in ascertaining his where- ' abou,ts. • Thd affairs of the Company seem, on the whole, to have, become rather awkwardly complicated^ as : owing, to, several shareh.old.ers having parted with their interests, and poss'bly parted with, the shares allotted to them as "forfeited," it' is not easy to see how, restitution,, is. to be, made in the event, of the Court holding that the claim of the applicants is good. As,- however, the sittings of the District Court, are near at hand, for. obvious reaapn,B,we shall abstain, from. rakicg, up the details, and had npt our contemporary's selfish zeal' led him to the error of referring to the matter, should have ,been consent to stand aloof and calmly l survey the uevelopment of, th.c case.