Untitled

New Zealand Times, Volume XXXIV, Issue 5586, 22 February 1879, Page 3

A novel case (says the Economist) as to the liability of directors has been decided By ViceChancellor Bacon. The North and South Woolwich Subway Company brought an action against a Mr. Pym, lately on e of its directors, to have him declared a proprietor of shares iu the company. Mr. Pym had acted as a director and had received directors’ fees, although he had never applied for shares, or had shares allotted to him. The Vice-Chan-cellor held that by acting as a director Mr. Pym had made himself liable to be entered on the register as a shareholder to the extent of a director's qualification, and ordered him to pay a call that had been made.

The Tuapeka, Times of Saturday says “ Prospecting is being continued at. Wetherstones with unabated energy. The more recent success of the Wetherstones Company has stimulated the holders of other claims to increased activity. In one or two of the claims certain Dunedin shareholders who purchased for purely speculative purposes are becoming a drag upon the claims in which they hold some interest. It is difficult, we are informed, to get even the small prospecting calls from these individuals. The sooner the companies concerned can shake off these encumbrances the better for these claims. It is certain so long as they ’ are associated with them there will be no chance of the claims being developed by machinery.” The Victorian land tax (says the Otago Daily Times) is essentially a class tax; it is not levied on the capital value of the land, but on the sheep-bearing capacity, and all estates within an area of 640 acres are absolutely exempt. We consequently find that out of a population somewhat exceeding 800,000, this tax is paid by 937 individuals—of whom, indeed, 41 individuals own one-third of the whole taxable area. Not only are estates up to the area of 640 acres free, but exemption is allowed to the value of £2500 on the gross value of_ every estate, thus placing the character of the impost beyond all question whatever.