The Aroha AND UPPER THAMES ADVOCATE.

Te Aroha News, Volume VI, Issue 309, 20 October 1888, Page 2

The Aroha AND UPPER THAMES ADVOCATE.

' This above all— to thino own self bo true, And it must follow as the night tho day Thou canst not then be false to any man.' — Shakespeare.

SATURDAY, OCTOBER 20, 1888. We presume the majority of our readers will have perusetl with interest the very full report of the proceedings at the recent meeting of shareholders in the Bank of New Zealand, held in Auckland. The state of affairs brought to light by the shareholder's committee cannot but cause a fcpling of uneasiness in the minds of shareholders in other large public institutions, as it would appear that the fact of having accounts periodically audited, by auditors specially elected to the position, and the periodical publication for general information of the affairs of public companies, is after all but a very indifferent and ineffectual safeguard, as at present carried out. That such an utterly rotten state of affairs could possibly exist in an institution such a 9 the Bank of New Zealand, until recently declaring, with almost monotonous regularity, a yearly dividend at the rate of fifteen per cent, is to say the least decidedly startling. One good effect oh at will, we believe, result (although brought about at such cost) will be that it will lead to the shareholders in other kindred institutions, and in all large public companies in fact, instituting searching enquiry on their own account, and refusing to longer rest satisfied with the usual formal statements, submitted by the directors and officials. Anything more grossly mismanaged than the affairs of the institution now referred to, can scarcely be imagined, and one cannot but sincerely sympathise with the unfortunate shareholders, who are thus rudely awakened to the fact that much of their hard earned money —in many instances the careful savings of years of thrift and economy — is lost, and that beyond all chance of recovery. "We certainly think those shareholders who, at the recent meeting referred to, demanded a far more exhaustive and detailed report than has yet been laid befofe them, are quite justified in making such a demand. The whole affair should be now thoroughly probed to the very bottom, and competent independent valuers appointed to go through every security held. Unless this course is adopted, a feeling of unrest and insecurity is almost sure to remain behind, which cannot but most injuriously affect the future career of the Bank j^oth in the Colony and at Home ; and which will also most unfavourably react all round. In fact the commercial credit of the Colony demands that the report recently submitted be followed up by a most thorough investigation, such as shall be satisfactory to the world at large*. If some such course be not adopted, the question will be continually cropping up, which must be thoroughly and satisfactorily answered — Do "we know the worst ? Has everything been now revealed ? The shareholder's committee answer Yes, and they appear to have done their work fearlessly and honestly, and are deserving of the best thanks of the Colony for what they have done ; but it was impossible for them to make that close and searching inquiry into the value of the various securities held, and other matters of detail that is necessary. The business and connection of the Bank is a most valuable one, but it is absolutely essential for its future prosperity that all uncertainty as to its true position be first removed. An effort will have to be made too on the part of our legislators to so amend existing laws with regard to the periodical returns from public companies demanded for publication in the Government Gazette, as shall ensure their being at least approximately accurate, the securities held being set down in accordance with values existing | at the time the return is made.

As referred to in another column, we believe but comparatively few of the outside public fully realise what extensive works are now being carried out at Waiorongomai, in connection with the Te Aroha Silver and Gold Mining Company. The importarco of these works, not only to the district more immediately concerned, but also to the Colony as a whole, can scarcely be over estimated. This Company have in the most spirited, enterprising, and business-like manner, undertaken to provide machinery that shall be capable of treating in the most approved methods known, auriferous and argentiferous ores, refractory or free milling, in fact of every description available; and with this end in view have entered upon the erection of additions to the existing plant that will, it is estimated, involve an outlay of L 20,000 before any returns whatever can be obtained. But more than this — the Company do not intend to confine their operations to treating ore iirom their own mines, but purpose to purchase in any quantity, upon its ascertained assay value, and for cash — ore sent them from any of the surrounding districts, or in fact from any distri£\ The importance to all interested in the mining industry of having a market established, such as this promises to l>e, cannot be over rated. If the plant proves capable of doing all the proprietors appear folly satisfied ife will do, it will mean the inaugurating of a new era of prosperity to the whole goldfield ; and will enable many mines to be j

profitably worked, that without some j such plant, would necessarily remain undeveloped. The benefit that will result too will be felt by rich and poor alike, as the working minor will thus be in a position to take up his small holding on his own account, and find n ready cash market for any ore of value he can break out. Favoured indeed is the Te Aroha goldfield, in having such a plant erected upon it, as there is every reason to believe it will revolutionise the mining industry in our midst, and provide profitable employment to a large population.

There will be the usual sitting 1 of the R.M. and Warden's Court on Tuesday next. We understand that in tho new contracts for Pneroa-Tauranga mail service, it will be stipulated that tho coaches run via Waihi. Mr 11. A. Stratford, late Warden at Thames, now Resident Magistrate at Oamaru, is to be appointed District Judge. Mr J. 11. Walsh, formerly proprietor of tho Owharoa Hotel, anil more recently of an hotel at M.irototo, has purchased tho butchery business of Mr J. Ncal, of Thames. The instructions issued by the Board of Education for the transfer of Miss Lena Gibbons from Parawai School, Thames, to Paeroa school, have been cancelled. Notice is given by advertisement that a number of forfeited licensed holdings at Marototo will be open for occupation after November 21st prox. The Te Aroha S. and G. M. Co., Limited, notify by advertisement that their office is at 75, Queen Street, Auckland. Mr Hanmer invites tenders for draining A notice appears in our advertising columns fiom Mr D. J. Frazer, re the payment of accounts. The Waitoa Road Board invite tenders for various road works. The last Gazette to hand notifies that Mrs Jackson's boarding house, Paeroa, has been appointed a vacination station for Ohinomuii. Friday in each week, between the hours of 2 p.m and 6 p.m., being the time fixed for the performance of vacination. Mr J, S. Buckland will hold his next live stock sale at Waitoa Yards on Friday, 26th inst. The weather for the past week or two has been very fine, enabling the fanners to get well forward with their tillage work, and also being all that could be desired for shearing operations, which are extensively in pi ogress now generally throughout the district. As will be seen by advertisement, Mr J. S. Buckland will hold a special sale of horses and other live stock, vehicles, harness, etc., etc., at Te Aroha on this day week, October 27th. Parlies desiring to dispose of live or dead stock at this sale will do well to forward their entries as early as possible to the auctioneer, so that due publicity may be given by advertisement, etc. We hope to see periodical sales sati&factorilyjestablished at Te Aioha from this out. Amongst the passengers that arrived in Auckland this »veek by the Mararoa was Mr Arthur J. Vogan, a gentleman who delivered lectures in Auckland and along the East Coast Coast upon the subject of "New Guinea Exploration," on his leturn from that country in 1886, which he visited as artist to an expedition sent by the Royal Geopraphical Society of Austra~ la^ia to the centre portion of the " Dark Island." Since leaving New Zealand fourteen months since, Mr Vogan has visited , all the principal gold, silver, and tin fields of Queensland, as special artist correspondent for the Town and Country Journal. Besides bringing back a large collection of minerals to Sydney, which is now in the Australian Museum, Mr Vogan dishot springs several hot springs of some importance, and delivered a lecture before the Eoyal Geographical Society of Australasia, in Sydney, upon these and other thermal wonders of the far north. This gentleman visits New Zealand on this occasion in the interests of a new mining ■journal, the Australian Mining Standard. He is also commisssoned to make a geological and mineral collection illustra-* trative of the mining centres of the North Island for the Australian Museum, Sydney. As this offers an admirable opportunity for a sample of our mineral wealth to be placsd prominently before tho S} r dney public (collections from all the colonies save New Zealand being now at the Museum), we trust mine-owners and others will assist Mr Vogan in his endeavours to make a good representative collection. Mr J. Wiseman has commenced work again on his draining contract on the Lockaby entate, Waitoa. This contract was taken up last spring, but had to be relinquished in the autum owing to the wet weather. On Tuesday night a glare was noticable in the Waihou district, but the cause was nothing more seiious than a bush fire on Mr McArthurs block. A laige area of the bush has been burned, but no damage done. On Sunday morning last, whilst attempting to mount a restive horse, Mr R. Jansen, of Waiorongomai, had a nasty fall, injuring his arm somewhat seriously, and was unable to work during the week. The adjourned meeting of the members of the Waiorongomai Cricket Club and j others interested in the game will be held at Mr Smardon's Hotel this evening at half-past seven o'clock. Amongst the ! business to be transacted will be the election of three captains (forj coaching, etc) and a selecting committee. Shearing has been finiflhed on the Annandale estate, and the shearers, Willis and party, aie at present engaged on Mr Cox's farm, Shaftesbury. Shearing operations will be shortly commenced on the Auckland Agricultural Company's property, Waihou. All the fruit trees in Waitoa district are looking very healthy, and there is every promiao of a good crop this season. A rather severe frost last week did damage to the t^ees, but not of a very great extent. We would remind our readers of Professor Andersons- entertainment at To Aroha (in the Public Hall) this evening. The Professor's entertainments are so well and favourably known, as to need no comment from us. All who attend may rely on a most cnjoj'able evening, and we trust there will be a bumper house.

The progress now being made with the erection of the splendid reduction works at Waiorongomai for the 1o Aroha Silver and Gold Mining Company, is truly astonishing. After an absence of even two or three clays, one cannot help being struck with the additional work done since the previous visit of each week. About fourteen carpenters aro now being ernployod by the contractor (labour only), for the erection of the building, Mr Somerville. The circular saw is kept going from morning to night, it having been found necessary to work overtime, in order to keep pace with the requirements o£ the contractor ; and the whole of the new works are being carried on in a most systematic and business-like manner. Indeed, we believe comparatively few of the outside public fully realise tho extensive works now being carried on in con* nection with this additional plant. Mr Jonathan Brown, a member of the Tauranga County Council, writing to the Bay of Plenty Times, thus refers to the action of the County Chairman in eigning the contract with Mr Gray, for the construe • tion of Thompson's Track, and a discussion that took place with respect to this matter at tho last monthly mooting of the County Council. , , . "What I said was simply this, that the Chairman deserved a vote of censure passed upon him, for, marlc this, not for having caused the person to sign the necessary bonds, but for himself having signed a most stringent agreement the Government had sent along with their acceptance of Mr Gray's tender : that agreement had not been before the Council, audit binds the Council in such a form that not one penny of £1200 can be spent on anything but the actual making of the road. All compensation road fencing, commission etc., must bo paid out of the County rates, and I maintain that the Chairman far exceeded his duty when he signed that agreement, only eight days mark you, before the meeting of tho Council. I consider all claims that can come against "the County in leference to thie road should have been settled before that agreement was signed. It may take all of one year's rates to settle outside claims, and then what sort of a mess would we be in." On Sunday morning last, at about halfpast eleven o'clock, a serious and peculiar accident occurred to a lad named James McKee (about seven years of ago), son of the caretaker at the Hot Springs Domain. The boy, in company with two other lads, was placing on the top of the hill above the domain, and about the time stated mounted a rata tree with a view of obtaining what is known as Christmas floweia. In decending he jumped from die free when a distance of about' four feet from the ground, ana in the fall he was caught under the chin by an upturned branch, which entered the neck on the right side and inflicted a deep wound about two inches long. The little fellow and his playmates -were of course much frightened, and three hurried home as fast as possible, but in tho meantime tho wound bled profusely, and when tho child anived homo he was much exhausted. The lad's father stopped the bleeding by means of sticking plaster, and then went in seirch of a doctor. Dr Cooper stitched the wound, which, although a large one, is not considered dangerous. The child is now on a fair way towards recovery, the stitches having been taken out yesterday.