BRITISH GULLIBILITY.

Temuka Leader, Issue 1027, 7 November 1882, Page 3

BRITISH GULLIBILITY.

The gullibility of the British public has received another startling illust'atiou in the details of Wain, Wynaad Indian Gold Mining Company's case heard before Mr Justice Chitty. A petition had been presented for the winding up of the company by an unfortunate victim who had been deluded into buying 1900 shares, which he had fully paid up. Since making this dubious investment his opinion as to the stability of the company and the honesty of its promoters had been considerably modified, until he was now convinced that the whole affair had been got up for putting money into the hands of a few unscrupulous and rapacious adventurers. The original contract for the purchase of the mine was mad 3 in the name of a clerk named Garrett, who received an adequate consideration for the use of his name. A week after Garrett agreed to sell the property to a certain Mr Edwards, as trustee for the company, for the sum of £35,000, of which £20,000 was to be paid in cash, and the remainder in fully paid up shares. The promoters then issued a prospectus, which set forth the prospects of the company in the most glowing colors. The flies immediately began to buzz around the treacle-pot. In a few weeks there were no fewer than 54,000 applications for shares in the new El Dorado. At hist the directors sent out one of their number to inspect and report upon its actual condition and prospects. Soon the gulden vision vanished from the wretched victims' gaze. The director returned with the dismal assurance that all they had got to show was a deserted coffee plantation in a place where 300 inches of rain fell in the rainy season, so unhealchy, and 'so frequented by dangerous animals' that the ooolies were afraid to work more than two or three months in the year. There was no more probability that gold would be found there than in any other part of India, and no attempt cculcl be made to work il without a road being constructed at a cost of £50,000. Under the circumstances the presiding judge had no difficulty in persuading himse'f that it would be a charity to the shareholders to wind up the ' gold mine' without any further delay. It is a pity that the harpies who concocted this fraud cannot bo punished according to their deserts.