MELBOURNE GOSSIP.

Waikato Times, Volume XXXIII, Issue 2707, 16 November 1889, Page 6 (Supplement)

MELBOURNE GOSSIP.

[l-KOM 01711 OWN C'IIUKICSIVNIiIIVr'!. The commercial developments of the last twenty-five voars have, amongst other | things, tended to inergo a number of small business into one largo joint-stock concern, and to form companies for the carrying out of operations requiring " larger amount of capital than could ho furnished by any single individual. And thero is no doubt that, when conducted with ordinary prudonco aud ability, the co-operative principle is beneficial to the public at large. Tt enables small capitalists to outer into oue or moro trading enterprises, not one of which thoy could have touched single-handed, for one thing from the want of the requisite experience and capacity, for another thing owing to insullicient capital. Success can only be expected, however, when capable men are placed at the head of those gigantic undertakings. Without great administrative capacity, and technical acquaintance with tho nature of business carried on, any such enterprise, whether great or small, must come to grief. Some such fate appears to have overtaken the federal Coffee Palace Company of Melbourne. The disclosures made at the last meeting of shareholders must have been a disagreeable experience to most of them. The reasons are not far to seek. If this compauy was not originally started on the "boom" principlo, the management of its affairs, at any rate, has not been free from the recklessness that is one of the "boomer's "distinguishing characteristics. A palatial and costly structure was erected, which, perhaps, was necessary to attract customers in these days when hotel competition bids for support through the medium of luxurious accommodations. But if the report submitted last week be correct, the costliness of that item appears to havo been handioappod to an unnecessary extent by mismanagement and extravagant expenditure. These charges, of course, may not be fully substantiated by the investigations now going on; still, the shareholders are confronted with the necessity of letting their building to a tenant and of depending upon the rental for their dividends; or iFithey decide upon continuing the business themselves, it is upon the condition that they fork out more money, a-.d depend upon a better system of management for getting it back again. Whichever, courso they decide to adopt will be known in a few days. To those who are genuinely interested in the country's progress it is a relief to turn to the cheering statement that was made to another body of shareholders two days previously. To mention tho house of Messrs Guldsbrough, Mort, and Co Limited is to indicate a fact that forms a prominent feature iu the early history of Victoria. When one reflects upon that statement, has realised tho firm's transactions, and glanced over the premises in which they arc carried on, it is difficult to connect the house of 18S9 with the business started by Mr Richard Goldsbrough in 184(5. That can only be done by reviewing the progressive stages of its growth, and by estimating at their true worth the ability, the prudence, and, above all, the sterling integrity which have entered into all its transactions. The statement referred to does not allude to these matters, nor is it the report of the year's transactions. The shareholders had been called to attend the usual interim meeting, to elect directors, declare a dividend, and for any ordinary business that might arise. For all that, it was hardly possible not to allude to some facts which are suggestive of tho prosperity of the house, and which will bear a word of comment. The chairman (Mr Andrew Rowan) reminded the meeting that when he took a seat at tho board on the 18th December, ISG3, a very severe droughtpievailed, and all the company's securities were suffering iu consequence. Ever since that time they bad continued tosuffer.either from drought low prices of wool or tallow, in short from tho depression in evertbing connected with the pastoral interests. Yet, under all those adverse influences, the company had never paid less than 10 per cent., and on two occasions had been able to pay in addition to that a ■> per cent, bonus. Moro than this, tho best winter that has been experienced for twenty years has just passed, and there is a prospect of higher and more remunerative prices for wool and station produce than has ruled for some time. As an instance of the progress of the house, tho chairman reminded tho meeting that, six years ago, tho debentures disposed of in London, and the cash on deposit there, together amounted to £110,000, the reserve fund to £85,000, aud the capital to £200,000 At the present time the figures stood thus :— Debentures sold iu London and cash deposit £1,700,000 Reserve fund 210,000 Paid-up capital 350,000 Thus we see that, whilst the campany has been paying 10 per cent, per annum, and on two occasions an extra 5 per cent., tho debentures sold in London, and the cash deDosit.s there have been increased by £1,050,000; tho reserve fund has been augmented by £1-2-5,000. and the capital has been raised by £150,000. Under these circumstances there is no wonder that the shareholders concurred with tho chairman when he said he might fairly congratulate them upon the prosperous condition of their affairs. There is a great deal—fir too much— of the ''leave us alone "-hands off" principle at woik in this ultra demoinane colony of ours, iu which Jack avers he is as good as his master, and considerably biiier. This fact is seen iu many ways, 'he lali-st instance being the

" snub " administered by Mr Davidson, of llio Water Supply J)'partment, to Mr Iju BiV'iy, of tiiu Victoria Brewery. The last named gentleman had slated that thoro wero lire-plugs in Melbourne, phicod in tho struct gutters, through which filthy sewage found its way iuto tho mains which su;.ply the drinking water. Whereupon Mr Davidson likewise rmhed into print. Ho did not say that Mr Le Bavoy <!<■•</, but he implied it. No brewer, who drinks his own beer, could staud this. Mr Le Bavoy replied by an uuimplied charge of neglect of duty on tho part of Mr Davidson, and pointed out four of the said pings which wero, so to sav, almost under the official nose. The "result is that Mr Davidson stands convicted of iguorance with respecto u most important part of bis duty. Further result : There will be n general overhaul of the tire plugs. Knowing that such a scandalous state of affairs exists, one is hardly surprised to learn that uG cases of diphtheria iu Melbourne was reported last week, and that every third patient died. There were also 2- cases of typhoid, and three deaths. The Theatre Royal has been crowded every night since " Human Nature " was staged, and the revival of this great spectacular drama is a pronounced success. The completeness of the production calls for special mention, as the management have left nothing to be desired. The scenes representing a military camp in the Soudan, storming of a desert city, and the return of the troops to London, elicit rapturous applause. The drama will run for many nights more. There is no intimation of the withdrawal of " The Beggar Student" from the Alexandra Theatre. " Pygmalion and Galatea" was produced at tho Princess on Saturday night in the prcseuco of a crowded house. This charming mythological comedy was received with great favour, but it cintiot be played after Friday next, as on the following evening " Little Lord Fountleroy" will be staged. "A Fool's Revenge" will be played for the last time at the Opera House next Friday, and on Saturday the 19th iust., Mr Edward Thorne, an American actor, will appear in a new piece, entitled "The Royal Guard;" The h'isk Jubilee singer?' aro giving their farewell season at the Town Hall. General and Mrs Mite, the smallest married couple in the world, are attracting large audiences to the Atheiueuin, and will remain there over Cup week. Professor Kennedy -continues his mesmeric entertain-

incuts at St. George's Hall, and makes his audiences laugh incessantly. "The Congress of Wonders" which was opened in tile Exhibition Building last Thursday, is attracting a large share of public patronage. Next Friday Wirth Bro's Circus will re-appear on the site of their former successful season in Swanton-street north.