NABOTH'S VINEYAED AGAIN.

Observer, Volume 4, Issue 91, 10 June 1882, Page 195

NABOTH'S VINEYAED AGAIN.

The extraordinary .statements detailed in the following paragraphs have, reached us , from the South ; and the quarter from whence they come is so reliable that we are disposed to think that they may have a substratum of truth. It is well known that a certain great land scheme has been, so far, a success for the promoters. After a long period of suspense, and a large expenditure of money, the prize was gained, and a "big thing" secured. Two gentlemen of ability and experience were sent Home to float a company on the English, market, and, from the latest accounts, would appear to have succeeded in accomplishing their object. One of the resident directors of the company in London is the senior member of a firm which can date its existence back for about half a century, and whose business operations are carried on in various parts of the world. Possessed of great wealth and influence, and bearing the reputation, deservedly, of being a shrewd and straightforward business man, he was requested to act as the London director, and lie consented. The selection was a judicious one, and a better man could hot have been chosen to protect the interests of the company,. as the subjoined statement would tend to show. -* Our Southern correspondent states that one morning there^ entered the London office of this director Mr X, a gentleman whose name has been identified with some of the prominent financial schemes in New Zealand, and. who has occupied some positions of responsibility in the Colony. The following colloquy ensued : — IMr X : " Grood morning, Mr — — . About this land company. I must have an interest in the concern, you know." " Certainly, Mr X ; how many shares will you take in the company?" " Oh, you misunderstand me. I must go in on <• the same terms as yourselves, the original' owners. I think lam entitled to this. I have done more for New Zealand than any other man, and am still doing a great deal for the Colony." " But really, sir," said Mr , " I do not see that those are sufficient grounds for your making this request, and as managing .director ,here, I must certainly decline." — - — ■ — ♦— The refusal appeared to -surprise the applicant, and he made some remarks which the managing ! director understood to imply that the Bank with, which the land company was doing business wonld next day demand the immediate payment of the overdraft. But so far from being alarmed by this suggestion, the resident' director remarked, " Ofy indeed!" and drawing out a cheque he rang the bell for a clerk. "Take this down to- the Union Bank," he said " and get it initialled." The ? ; cheque was for £47,000, and was drawn ■•on!.- the;; senior member's own private account;, Pres^tly ■ the clerk returned; theVcheqne^ was dep6site^ to" the> credit of the land company, and the -overtfriiffh - paid!, Now for the sequel. . ■"■'■••':"""■■.",

"It was a bold shot," says our correspondent, " on the part of the enterprising New Zcalander, but he rather overshot the mark— a case of being ' hoist with his own petard,' in fact. The reprisal came sharply and swiftly as by a stroke of his pen the managing director transferred the account from the Bank of ■ "to the Union Bank of Australia. A current account of £-17,000 to £50,000 is not a trifle, nor by any means to be despised." It is just possible that our correspondent may have been misinformed as to the details of this extraordinary affair, but doubtless the shareholders in the Bank referred to will be placed in full possession of all the facts 'at the noxt half-yearly meeting.