LATEST AUCKLAND NEWS.

Waikato Times, Volume XXX, Issue 2464, 26 April 1888, Page 2

LATEST AUCKLAND NEWS.

[by telegraph—owx correspondent.] Auckland, Wednesday. In' the the Police Court this morning a man and woman named Cooper worn fined £5 and £'2 respectively, for drmtkeness and indecency in a railway carnage, on the Kaipara line, on the 7th inst. With costs the thing totted up to £10, a pretty dear drunk. The Bell to-night says the investment of Australian Capital in the mining industry in Auckland lias resulted in a very great advantage to ihe promoters of the mines floated in the Upper Thames district, but will be of little benefit to the community at large. The promoters of the companies have, as it were, coined crold without digging very deep for it and the country instead of being developed as it should be is tied up in the hands of the Australian Companies. For instance the -Mount Aroha Company was floated with a capital of £200,000, out of that sum the promoters received £100,000 and only £21,000 has been set aside to work the mine. If that is not coining money with a vengeance wo don't know what is. Then there is the Marototo mine with a capital of £100,000 of which sum the promoters received £IJO,OOO mil £15,000 is set down for working the property, the rest of the capital, we presnnn. not being called up. Then there is the Broken Hill (Marototo junction) which has a capital of £85,000 and £5,000 to work the mine, the sum of £10.000 has gone to the promoters of the company, and the district has been robbed of that sum. The surplus (Marototo) has a capital of £40,000, of which sum the syndicate who promoted the mine received £30,000, and the remaining £10,000 goes to the working expenses, thus the enormous snmof £275,000 has been seized, and a few pal try sums introduced jo develops our mineral resources. The Australian capital, of which so much was said, is riot the blessing which many are at present under the impression it is. It has placed the mines in hands which will keep it tied up, and keep away all legitimate undertakings.