MANAGEMENT OF MINING COMPANIES AND THE WAGES QUESTION.

Westport Times, Volume VII, Issue 1047, 18 February 1873, Page 4

MANAGEMENT OF MINING COMPANIES AND THE WAGES QUESTION.

; A correspondent signing himself " Scrip" contributes the following practical remarks to the Herald:— It has at hist become a serious consideration how to more economically conduct the business connected with the various companies, and to effect a reduction in the rate of wages paid to miners in this district. It would also be advisable if an effort were made to repair the injury inflicted upon this field by certain gentlemen who have been pitchforked into offices of legal managers by too confiding shareholders, possessing no other reeommedation but that of cheek and presumption to qualify them for the position, and their illmanagement has caused ruination to many individuals who had the misfortune of being shareholders, in their companies. The crisis which now exists is entirely due to the blunderings and incapacity for management of thoso gentlemen, and the district will, I fear, take considerable time to extricate itself from the ill odour it has fallen into in the minds of victimised speculators. While this class of men are permitted to occupy the responsible offices of legal managers, what guarantee have outside shareholders that their affairs are properly conducted, or what import can be attached to information conveyed to them through their managers ? What value can also bo placed upon scrip bearing the signature of those with a propensity to blunder and heraldera of unreliable information? Is it not sufficient to deter capitalists from speculating, no matter how brilliant the prospects of the company ? Until such time as a check is placed upon the ill-manage meat with which some of the companies in this districtis unfortunately afflicted, it is unreasonable to expect the restoration of confidence in our stocks. The floating of Ja mining company is like every other enterprise, as all depends upon the gentlemen brought forward to Conduct itn affairs- to ensure

confidence in ihe venture. I hope by the foregoing remarks that I will not be understood to eondomn or disparage tho entire management of companies in tli 13 field, as such is not ray intention, for I am aware there are gentlemen who have successfully managed the affairs of companies, and who are moat favourably known for their integrity, truthfulness, and disinterestedness. Legal managers should be compelled to render weekly or monthly reports of the financial position and prospects of the company they are connected with, and the forwarding of any untruthful information or the concealment of any matter prejudical to the interests of the company would be probably met by the reward it merited. It is a notorious fact that in the early days of the Inangahua, down country shareholders were liberally bled for the purpose of supporting a lot of idle hands about the claims, and when an inspection of the work was demanded, the manager failed to show anything like satisfactory result for the wages sheet. A determined stand is now made against the reduction of the wages, and the same frothy individuals would bo about the first to accept of the reduced wages if it were offered to them. The working men must see at a glance the shareholders are reluctantly compelled to adopt this unpleasant procedure in order to secure their mine and themselves from ruination. The results from late crushings clearly indicate that the wages lately paid in this district will not warrant the management continuing operations merely for the henefit'ofthe working miner. It is wed known that the rate of wages paid in Auckland is only 30s per week, while at iloas and Kanieri the miners only receive £2 10s. With increased road communication, the reduction in provisions, and the produce grown irrimediately in the vicinity of the reefing district of the Inangahua, all tend to make the cost of living so much cheaper, and at once disposes of the argument of the high rate of provisions. If the mines are to be worked profitably, and the district developed, the working miners must submit to the terms offered and resume work, otherwise their obstruction and obstinacy will culminate in the importation of a second batch of Auckland miners and the defeat of their own ends.