Trusts.

Manawatu Herald, 10 December 1898, Page 2

Trusts.

A fhur trust has been formed in America with a capita! of thirty millions. This makes n'mp'e reading, but what it may induce is of a

far reacl)m_j .hara.ter. Trusts are an organiz ition for tbe control nf several c irpjration? under one direc tion by the device of a transfer by the stockholders in iach corporation of at least a m<j uity of the stock to a central committee or board nf tru3teps, who issue in return to such stockholders respectively certificateshowing in •>!_ ot that, although th^-y have parted with their Btock and thconritqnent voting power, they aie still entitled to dividends or to Fhare in the profi s — the obj ct tying to enable the trustees to elect directors in all the corporations', to control and suspend at pleasure the work of any, and thus to economize expenses, regulate production, and defeat competition. The position of these Trusts seem rather unstable as it is said to be against the public policy for a stockholder to divest himself of hia voting power and if the combination is shown to be the control of prices and the prevention of competition in the necessaries of life, it is held a criminal act, and a corporation which surrenders its powers to a Trust affords ground for the forfeiture of its charter by tha State.

We noticed in Mr Joe Tos's shop yesterday some splendid samples of new potatoes grown in his garden. The proprietors of the river steamers having tasted of the truits of excursions — or excursionists (?) — are now desirous of extending their business to the best of their ability. Previously they were like fishers — very doubtful of getting a bite. The Whangaroa is expected to leave Lyttelton for this port about Wednesday next, the repairs she has been undergoing through striking the rocks off Kapiti having been completed. A wrangle has commenced over the late Hon. James Tyson's wealth — variously estimated at from four to seven millions. No trace of a will has yet been found. A number of relatives have obtained an order that the Curator of the Intestate Estates shall control the estate until letters probate are applied for on the will being found. Fifteen thousand of the wealthiest Mahommedan inhabitants of Crete have left the island in the last two months. Mr W. Park has been rs-elected chairman of the Palmerston Hospital Board. It is understood that at the next meeting of the Wellington Education Board certain information regarding the amorous proclivities ot a certain country teacher will be submitted. The teacher is said to be o married man, but the familied settlers apparently do not consider he is fit to be entrusted with the tuition of their daughters, and the school in consequence is suffering. — Times. Considering the cricket match last Wednesday at Levin, though the local team were badly beaten, the why and the wherefore for which doubtless there are many excellent reasons — with which the lunch v has nothing whatever to do, there * remains this satisfaction — that as both teams have won a match each, the conqueror must be played off, and at Foxton. Could not the local club work this match up to be of more than ordinary interest, and by judicious cupsot afternoon tea, draw an attendance of the fair sex ? The log which the Borough Council in a high and haughty tone ordered to be removed from its resting place on the bed of the river alongside the wharf, has been removed, and now lies on the wharf for every councillor to run his head against if he so desires. It turns out not to be a disorderly white pine log, but a totara one, which went over the wharf at a time a number were being shipped. The wharf is a far better place for that log than where it was in the river, and the council did quite right in drawing attention to it. Dr Pugh, who is at present in the town in connection with insurance matters, was for many years in medical practice in Westminster, and was a member of St. Margaret's Vestry. This is the district in which Westminster Abbey stands, and Dr Pugh took a very great interest •in that venerable pile. In course of conversation he informed us of a fact little known, that the roof of the beautiful Henry Vll's chapel is built of chalk, the stone mason of the Abbey being his authority, he having stated that anywhere a knife blade could be run into the roof. It has thus been found by experience that chalk stands the London smoke better than any other easy workable stone. The Kurds have committed fresh excesses at Bitlis, a town in Turkish Armenia near Lake Vau. A factory for the production of Bovril is about to be started at Manaia, in the Taranaki district. Mr Whittal, son of a British merchant at Smyrna, has been abducted by brigands while driving in the neighbourhood of the town. The brigands demanded a ransom of £1500, and this sum has been paid and the prisoner released. In all parts of the Waikato the peach blight is worse this year than for many seasons past. A very poor crop is expected. The British Admiralty authorities are, according to the " Manchester Guardian," greatly gratified with a return which has just been prepared in connection with the shooting tests of the last six months. In the view of the experts it established the fact that our sailors are the best naval marksmen in Europi. It may be remembered that both our sailors and marines are in the habit of shooting at a target 10ft by sft, at ranges varying 1800 to 3000 yards, ships steaming the while at the rate of from 10 to 12 knots an hour. It is stated that the results which have been accomplished are remarkable, and place the shooting supremacy of the Aritish navy beyond all doubt.

Mr J. Bull has offered to erect a tempora y bridge at Bulls on the old s : te if tl\ 1 Deal bodies interested would allow hi n to collect tolls on it. Mr Bull wo;! d not be averse to the road being*- n- le across his land as recommended -y the Bridge Committee. The ' ~>unedin Star " states editorially tin- the Hon. John McKenzie, Minister of Lands, acting under m.diea 1 idvice, will retire from politics at the c- se of the financial year. It wi 1 be pleasing for those who appreci ..e a tender goose for Xmas to know t" at Mrs P. Guerin has some fine spe -linens for sale. Mr Henry Border has sold his interest in the Foxton Family Hotel. Mr Hackworth is paying this district a visit, during which he evinces keen interest in rabbits. The school concert is fixed for Wednesday, the aist instant. Tickets have been ordered which will be ready for sale on Monday afternoon. Particulars of concert will appear in future issues. Dr Nansen hopes to visit Australia late next year. ! Reuter's telegram states an ultimatum has been presented to Pekin declaring the French will invade China unless the Szechuana rebels releases within ten days the French missionary they have captured. D. H. Darling, M. Murray and J. Conway were each fined £5 and costs, or 30 day imprisonment at Fielding for trespassing on the racecourse on 30th November. A fire broke out on Wednesday afternoon in an eight-roomed twostory wooden dwelling in Cumberland street north Dunedin occupied by A. W. McDonald, wool scourer. The fire spread to the manse ofthe Pre byterian Church adjoining, and the top story was gutted as well as one room b jlow. McDonald's house was insured in the Standard office for £660, and the manse in the National office for £500. McDonald's . furniture was insured in the South British for £300. Two previous outbreaks of fire bad been discovered on the same day, and information given to the police and fire brigade. The German Emperor in opening the Reichstag, explained the bill to protect industrial labour, and said it was intended to prevent the right of combination / over riding personal liberty and the independence of workmen to earn a livelihood. The Gordon College Fund has now reached £85,000.