THE The Thames Guardian AND MINING RECORD. WEDNESDAY, JANUARY 17, 1872.

Thames Guardian and Mining Record, Volume I, Issue 85, 17 January 1872, Page 2

THE The Thames Guardian AND MINING RECORD. WEDNESDAY, JANUARY 17, 1872.

At the District Court yesterday, in the Coek-a-Doodle case, an application for a winding-up order, his Honor Judge Beckham made the very sensible remark that the “ Directors should not have allowed the Company to get so much into debt. The liabilities, it appeared, were over £.‘500, and it did not appear that anything had been done to get in the calls.” To this Mr Piessc, the applicant, replied that repeated efforts had been made to get in the calls, but the people had not the means to pay, and were not worth suing. We certainly agree with Mr Beckham that it would be very much better if directors and managers would not allow companies to get into debt, as they are in the habit of doing. In many cases a manager makes a good thing out of a claim by keeping it going, of course with the co-operation of the directors, for weeks and weeks after there is not the least chance of the shareholders getting anything. We do not say that this is the case more particularly with the Coek-a-Doodle than with many other claims, but Mr Beckham’s observations are not only pertinent to this mine, but to many another which is being ruined by bad management, and arc worthy of the general attention of shareholders throughout the field. In very many instances shareholders arc almost powerless, and arc totally in the hands of directors and managers, who may or may not abuse their trust. That a very gefieral distrust is being felt at the way in which numbers of mines are managed is very evident, and it tends to retard investment and legitimate speculation. At this moment shares arc going down in the market in companies who have valuable properties, which ought to yield good dividends. Careful management and avoidance of debt are <piite as essential in carrying on mining business as in any other calling. It will not do to calculate upon a “ rich find ” being met with all on a sudden, as is too often done, and then when this lucky event does not come to pass, the management finds itself over head and ears in debt: but instead of stopping, it is the common practice to go on still deeper into the mire, until no other course is left but to wind up. Now, we think in very many eases it would be a much wiser course to pursue to meet the difficulty at once, and wind up whilst there is something to be saved. Certainly the amount of debt in the Cock -a - Doodle, which formed the subject of .Judge Beckham’s remarks, is not a very large one, but the same argument will apply in all cases, be the amount much or little, and we hope it will lie carefully weighed by all directors and managers, and by every one having an interest in the welfare of this Coldfield, in which category is included everv individual resident here.

The preliminaries are now all completed preparatory to the establishment of a Municipality at the Thames, and we may look upon it as all hut an established fact that in a few months time the Thames will be formed into a Corporate Borough in accordance with the provisions of the Act. Although, however, we consider the establishment of a Municipality here all but a certainty, it will be well, in view of a possible counter petition from Parawai, to obtain as many signatures of inhabitant householders to the petition as possible. The obtaining these signatures is left in very good hands, viz., in those of the secretaries of the Kauwaeranga and Waiotahi Highway District Boards, with the assistance of All* Goodall and Mr Duke. The legal part of the business is also entrusted to to one of the best men that could have been selected for the purpose, for Mr Tyler is not only an able lawyer, but has been instrumental in establishing more than one municipality. If there be no opposition on the part of the Government or the Superintendent, which we not anticipate, it will not he long before the Thames has made another important stride in its onward progress. We hope the residents at Parawai will not stultify themselves by opposing the movement; but even if they do, the very small minority which they form when compared with the (Shorthand and Grahamstown ratepayers, will have no material effect upon the petition, except as regards themselves in being cut off from the great advantages which are sure to result from the union of flic several Thames townships under one head.