BRITISH GULLIBILITY.

Inangahua Times, Volume VII, Issue 1196, 17 November 1882, Page 2

BRITISH GULLIBILITY.

» ■ The gullibility of the British public has received another startling illustration in the details of the Wala Wynaad Indian Gold Mining Company's case, heard befort Mr. Justice Chitty. A petition had been presented for the winding up of the company by an unf ortune victim who had been deluded into buying 1 600 shares, which he had fully paid up. Since making this dubious investment his opinion as to the stability of the company and the honesty of its promoters had been considerably modi- ■ fled, until he was now convinced that the whole affair had been got up for putting money into the hands of a few unscrupulous and rapacious adventurers. The orignal contract for the purchase of the mine was made in the name of a clerk named Oarratt. who received an adequate consideration for the use of his name. A week afterwards Garrat agreed to sell the property to a certain Mr. Id wards, as trustee for the company, for the sum of £35,000, of which £20,000 was to be paid in cash, and the re mainder in full paid-up shares. The promoters then issued a prospectus, which set forth the prospects of the company in the must glowing colours. The flies immediately began to buzz around the treacle-pot. In a few weeks there were no fewer than 54,000 applications for shares in the new El roraclo. At last the directors sent out one of their number to inspect the mine and report upon the actual condition and prospects. Soon the golden vision vanished from the wretched victims' gaze. The director returned with the dismal assurance | that all they had got to show was a deserted eotteo plantation in a place were 300 inches of rain fell in the rainy season, so unhealthy, and "so frequented by dangerous animals " that the colics were afraid to work more than two or three months in the year. 1 here was no more probability that gold would be found there, than in any other part of India, and no attempt could be made to work it without a road being constructed at a cost of JE 50,000. Under the cir-

cumstances the presiding judge had no difficulty in persuading himself that it would be a charity to the shareholders to wind up the " gold mine " without any further delay. It is a pity that the harpies who concocted this fraud cannot be punished according to their deserts.