Poverty Bay Standard. PUBLISHED EVERY TUESDAY, THURSDAY AND SATURDAY MORNINGS. SATURDAY, JUNE 3, 1882.

Poverty Bay Standard, Volume X, Issue 1082, 3 June 1882, Page 2

Poverty Bay Standard. PUBLISHED EVERY TUESDAY, THURSDAY AND SATURDAY MORNINGS. SATURDAY, JUNE 3, 1882.

The South< m Cross Petroleum Company ami their prospects have been the theme < >f much and varied discussion in this and many other parts of the colonies for some time past. The Company is composed of shareholders in all parts ■ of New Zealand, and not a few shares were allocated in Victorian and of her Australian interests. A Mr Feik Jir , who appears to have been afidut Achates to that very pius AEneas, Sir Charles McMahon, invested larpe y in shares in the company, at ver T moderate sum of Is 6d per ska re (we will not be certain as to to the« xact amount Mr Fehon bought or >ld at, but the figures given are end ciently approximate for our present purpose) and being a kind of bear leader and market adviser to poor innocent Sir Charles McMahon, ’vised him to purchase into the same company, and as a favor obliged Sir Ch arles with half of his vested share* at 3s per share. Not for a moment that he wished to make a profit out of his pupil, to whom he stood in the light of friend, philoso-

his sense of the matter as a mercantile transaction, he kindly allowed the shares to be transferred to his fidus Achates at the very moderate profit of cent per cent. The matter was gone into in earnest. Mr Clarke, one of the Directors who went over to Melbourne in the company’s interests, engaged, on good and reliable recommendation the services of a Mr Denies, an expert in the working of mineral oils, to report upon the company’s property. Mr Benies came over, carefully inspected the ground, and furnished a most favorable report, which report we believe to bo the only honest result of Mr Benies’ visit, and the hopes of shareholders were high. Sir Charles McMahon purchased a piece of land at Footscray and erected buildings in which the refinement and general manipulation of the crude material, was to bo carried on, and everything was conleur de rose. In an unlucky moment, Sir Charles McMahon, in the interests (as he alleges) of the Victorian shareholders, with Messrs Jack and Benies as a “ tail ” was persuaded to cross the water to New Zealand on a visit of inspection to tho field of the company’s operations at Rokautuku, with view to the satisfaction of those whom we may term " foreign,” shareholders, who knew little or nothing of the place or its productiveness except what they were told. So far so good. Had Sir Charles McMahon and bis colleagues, Messrs Jack and Benies, rightly and conscientiously performed that duty of inspection for which they allege they were selected, wo should not have had to write this article. But they did not so perform that duty. On the contrary they utterly neglected the interests they allege to have been entrusted them, and pledged themselves to the circulation of deliberately false and malicious reports. On their arrival at the works on tho morning of February 27th, 1882, they examined the boxes and machinery, and some of the party dug paraffin matter from a hole and showed it to the remainder of their number. Sir Charles McMahon turned deliberately away and declined to make any attempt at arriving at the quality or quantity of tho material on the ground. Sir Charles McMahon and his party then rode away, not having made the slightest effort in connection with the object for which they allege they were deputed. The stay of the whole party “ did not exceed half-an-hour, and the greater portion of that was spent in the caretaker’s house, refreshing themselves.” In a very few words they neglected everything that should have occupied their most acute attention, and devoted themselves to whiskey, and on the strength of this inspection I (save the mark) Sir Charles McMahon denounced the whole concern as a swindle. The animus is clearly shown in the fact that when at Tuparoa, previous to the visit to the Springs, Sir Charles McMahon proposed returning without paying that visit, although within six miles of the scene of operations. And so because this speculative knight finds that his friend has “ had ” him, ho vents his spite and malice upon tho undertaking in which that friend has led him to embark. Curious indeed, but nevertheless true. Sir Charles McMahon, a “ corner man ” to the backbone, bites his own nose off to spite his face. Wonderful and fearful fact; astounding among the “ corner’’clique of which this eminent knight is so prominent a member ; he has forfeited his shares, and allowed them to be sold in default, although he could have disposed of them at a fair price. This in an ordinary share-buyer might be looked upon as foolish, simple and suicidal honesty, but in a gentleman of Sir Charles McMahon’s calibre, to whom the mysteries of “ bulling” and “ bearing ” are as familiar as the alphabet of his childhood or tho buttons on his waistcoat, it appears to us to be capable of supporting tho burden of a harsher name. In the words of a man, who, if not quite so honest as Sir Charles McMahon, was well able to portray his character, we must “ write him down an ass.” We might even go further, and say that malicious untruths do not emanate from asses, but from well! we leave that to the public. But if we can pass these strictures upon the ass, what shall we say to Mr Benies ? In our opinion he is unworthy of notice. Iscariot is a noted name among the long black list of betrayers, but it bids fair to be rivalled in these days of speculation. No man can read Mr Benies’s genuine report, and then listen to the malicious braying of the sententious knight, as backed by the subsequent servile endorsement of Mr Benies, without feeling that Mr Benies has acted a double part throughout. Contempt is not sufficient for such double dealing. Punishment ought to follow, but unfortunately he is beyond our reach. If to his pachydermatous conscience the reproach and contempt of the men he has wilfully and falsely endeavored to injure can have any appeal, he won't sleep much at nights, but wo doubt it. May he and Sir Charles bo enabled to stifle their accusing consciences (if they have any) in the delightful odour of oleomargarine, which must necessarily be | existent in their charming retreat at Footscray. A better man has thoI roughly done the work which they maliciously neglected. Mr. W. 11. Lance, of tho Lyttleton Times—a. gentleman thoroughly acquainted with oleaginous country and its working—baa, ou behalf of the Southern share-

holders, paid a visit of thorough inspection to the Company’s ground at Rotokautuku. He expresses himself as satisfied to the utmost extent that the misrepresentations made by Sir Chaki.es McMahon and Messrs. Jack and Benies are material and palpable untruths. He has seen such evidence of the genuineness of the undertaking, the prolificacy of the ground, the suitableness of position, and the abundance of material, as justifies him in giving the lie direct to these misrepresentations of Sir Charles McMahon and his colleagues which have done so much temporary injury to the Company in depreciation of their shares. Honesty is the best policy, although Sir Charles McMahon, and Messrs. Jack and Benies no doubt return devout thanks for being able to do without it ; and the genuine honesty of this undertaking will carry it through, despite the malingering of a hundred irritable and disappointed speculators. One mystery yet remains to be solved, and that is, why Sir Charles McMahon, instead oE selling his shares, which he could have done, forfeited them ? This, we confess, puzzles us ; we can see no other reason than the hope of gratifying vindictive malice ; and even for that we don’t catch an old hole and corner speculator very often forfeiting shares. We should like to hear what S r Charles has further to allege on the matter, always with tho proviso that we are not bound to believe a word lie says.