The Inagahua Times. PUBLISHED TRI-WEEKELY. MONDAY, OCTOBER 6,1884

Inangahua Times, Volume IX, Issue 1453, 6 October 1884, Page 2

The Inagahua Times. PUBLISHED TRI-WEEKELY. MONDAY, OCTOBER 6,1884

Thb Anctiont-prtj and Brokers Act is the title of a lurasure intVO ■'m:ril during the [recent j-'^F.ion of P-M" 1 iii -«; n t by f .h e Hon . MrEe y n ol d «?, .i v v as it propose 1 :: son.n very i>'] ort:-.i.t | alterations of the < -xifctinpr law it i* 1 porhaps well that, iis salient featuH-s should bft known in a distn* t like t'ii r ;, J where, in the event, of its beco llu * liw, its opt ratio n would be iv- io»iiattdy fflt. The fu-sb portion of the ■ Act refers entirely to auctioneers, and • rcy>ealc fourteen rxisting laws volsttif.c; ! thereto. It proposes i ; iat Ee'-i '^i t , MaiT'istratca only should I';iac t: power of granting auctioned k" licensor, applicants for such licenses to jjiva vm less than one months notice. The I'ok 1 is fixed at £'!0 per annum . Any person setting '.ip as an nnivion'-fv ! without being duly licensed so t^ do, to be liable to. a penalty of i'loo. J Licenses to be for one year, from either. Ist J.iunary or Ist July in pholi yeai 1 . Sales by auction not to be eonrfnciod ! hy artificial light, or nffer 5 o'clock! between April and Sppte»nbpv. or 7 o'clock between October and March, except in the case of sales of livestock . and farming implements, which may { be continued for one hour after sunset j for the purpose of concluding such | sale. Account sales to be rendered within seven days under a penalty of j £20. The misappropriation of the ! proceeds of auction sales to be larceny, and the falsification of accounts a misdemeanour. For allowing music to | be played in any sale room ha'? an ' hour before, or during; the continuance j ■ of any sale, except by way of trial, c.c ■ i foi* hokling a sale in an unsuitable i I room or buildincr, or allowiig any i i riotous or disorderly behaviour thenin | a penalty of £10 is provided. A fine of not loss than £20, or more than ! £100 to be indicted upon unlicensed , persons pretending to be auctioneers.; These are briefly the principal features j of the Act, in relation to auctioneers and the provisions it contains in regard to " Appraisers Agents and Brokers,' ; are hardly less drastic. The whole \ Act is to come into tcce on the Ist ; January next, after which ditto, us provided by clause 42 "No person | " shall exercise the trade or business •'of an Appraiser, Valuator, Commis- ; " sion Agent, Land Broker, or Share-; " broker, or act as such, or value or " appraise, or s^ll by commission or j "otherwise than by auction, any | " estate or property, real or per- j "sonal, or any iiitere-ic therein for ■ "or in pxpectation of hire, rew-.ird •'or v;i!ual)le considciution, without "previously having ''obtained a, license "in that behalf under this Act." The 1 fee for such license to he £20 and to be obtained in the same way as an j auctioneers license. The penal clauses J i of the Act referring to auctioneers are j made equally applicable- to brokers and j agents. Auctioneers may act as brokers, valuators and appraisers without taking out a separate license. , Every person licensed as a broker to i keep a book contain ins: entries of all shares sold, together with the price and name of buyer and snller, a copy of j each such entry to he furnished to the ; seller, and, if requested, furnish the j book for inspection. For failing to furnish the seller with such infer- j mation as aforesaid, or for failing to : keep an accurate record of each and every share transaction, with the . name, number of shaves, amount and ; date of sale, or for refusing to furnish : the book for the inspection of the . seller, or who " shall insert in the ; "said account, or in the snid book any ! "false account of the price at which ; " such shares were sold or bought, or i " a false entry of any of the matters " hereby required to b« entered in the •' rfaid book, every such sharebiolor "shall, for every such offence, be •' liable to a penalty noexeeeding or>,0 r >, "nor less than £20, and be disquali- , " fied for ever after acting as a shave- ; "broker in New Zealand." The Aft ■ further provides that no licensed j broker shall keep more than one office ; or place of business. Clause 47 pro- j virles that " no person during the time ; " he shall continue to be licensed as a i " sharebrolcer shall buy or sell any "shares for himself, or on his own "account, except through another " broker, and any person so offending " shall, for every such offence be "liable to a penalty not exceeding! " £I<\), recoverable by any person «• who may sue for the same." Thus it will be seen that should the Act hecome law this session, ns is not unlikely, the business of share dealing will become nnrrowed down to welldefined channels That there is need for some legislation of the kind is undoubted.

The lo^al cridreters will require t>> yo i;«to training without delay as «ilco"»:ly they have beon chullfin^od to play a m.itch early in vhe season with ( : 'roymouth, and ne^uttal-'ums arc proceeding between the (srey and Nela<»n clubs for n ma f 3'i. It is proposed that the Nelson team shall travel overland, playing at "Reef on '•» roit^r. The lo'-;il club will --loct during the current week to fix the dates of the emca^enuMita. At tho meeting of the Parliamentary Debating Club on Tuesday evening list, the discussion was continued upon Mr North's Milling Companies Amendment Act. Clauses T and IT of the Pill having buen passed unaltered, the succerding cla'iau evolved some debate. Clause 111 of tTie Bill making calls when ttruju a debt .".lie to the company, but

allowing 00 days wilhin which proceedings may ho taken i'«ir tin i:- rc-nvovv, ami giving diivji-ii-n i.'so mmv-im i>'" 5- >T-foi tin-^ Iher.i nl any tiM' 1 "icnjiiflur , cluited a good <lo.il "f (tisciis-iioii. ALr Connolly was of o - >ii>iiMi Iliiil it w'nuirl l>n v.vy Much bettor if «lifooii»r3 could Ik; ivstrained f IT' ill ;>l::Iu'ill;4 till! Cre.lit of eo!lip:|.lli<23 t.) a l.irgo extant. It was too "fii'ii thira^o that (lircjior.j b'.'ld I; rjy intoiv.sts in tin; ei'"ft'rii smd railtor Uniii ni.ik-j fills that winill f.ill heavily oi. tli'.'.in -"jlw, i.ay wont to the h&'\\ ;im:l borrower! largely for the erection of machinery, witli tha intention of out of the concern as soon as a favorably oppor' unity occurred. This was one of the great drawbacks of the Hold. Ho should prefer l<> see co> ipauies in all casr 1 : make calls in anticipation of liabilities injured. Mr Chatt' ck concurred that, some check \v;i3 necessary. Mr Sampson pointed out the same thin.'j was done in relation to every industry in the country, and could not be carried on without Dorrowing. Mr Anderson said that if companies \yerc prevented from borrowing the progress of the field would be thrown bitck twenly years. There was not a company in ihe Held owning a . battery which was not indebted to borrowed money. In Mie case of a comply possessing an assured payabb mine it would be madness to await the calling Mp <>f the required capital before erecti;>£ mac'iitiery. Shareholders would be unable t;> most the strain and become frightened io t.mch a mining venture. Mr North pointed out that the law already made pn. vision for what was tunned pre-pay-ment companies — those which could uot incur debt without first striking a call to cover the amoun''. and the unpopularity of the provision was shown by the fact that not a company of this kind was in existence iv the Colony. Mr Pot I a considered thai, the period of 00 day:-, f-.sare w;\3 too lopg altogether, for it mv;ht be relied that shareholders would tni:e tlio full benefit n: it, and suj»<>e.°ted that the forfeiture should be mandatory, >.uu' not left, to the option of the directors. Mr Connolly and Mr Scott agreed that 00 days was too long an interval, w 1 thought that the forfeiture should not be left to the directors who might then 1-e .sictiny and acting wl ile themselves oivii.y t*iree calls each. Mr Cumnriii<;s [ioiu ; e 1 out that under Ihe Act as it stood 1 , •• director was not iuc-.i;>aci!:ited from sitting and acting by the fact of l<ia 1 eui» iv arreas fir culls. Mr North sail 1 1-!i:i.l wis a moot joint which would be very s»l ovtly settled by the District. Court. Ho ar-'Ufil that every act of a director so onvui'*.stanced was illegal. The ]irovi n.m refevred to war? only cont.uv.i-.l in f ; ie rule-* and not in the Act. ilself. Mr Pot Is was !in favor of adui'.ig a faith; 1 ; clau.s> to tha i bill maKii)', Ihe non-payment of calls a ■ special yivir.id of di.v.jualiiicitio 1 ". for li--1 rectors, a>id imiiosjnjj a suiv^t'uitial pen,".liy for any infri>j<;oni nt of the pruvisious. On the n;>>ti<m of th" Premier (Mr Cha' '.ocl ), the clause was altered t > CO d. r «y3, and the forfeiture made a solute wifcho it resolution of the directors. The Bill was hen reported with amendments and leave obtained to sit again. Tim " House " then rose. The Public Works Statement was fully e.cpectcd to b 3 delivered r y the U- n. Mr Richardson' on Fridaj T last, but there is no word of it as yet. It is the general impression iv V.'elli:ij?tnn, that the session will last from three weeks to a month lor.ger, there beit g no intention on ihe part of ihe Opposition to try the strength f the Government. Their proposals will therefore be .yenerally accepted providing, of course, that the Public Works St.^e'.nent contains iii> very sensational proposals. The Bishop of Nelson will reach Reefton from Westport by coach t'.is evei ing, and it is elsewhere annoii.ieed that IJ is Lordship will deliver a lecture to-night in the State School building sul ject -The Holy Land. The lecture will be profusely illustrated, and the effect of the exhibition will bn heightened by the use of the lime-light. The pictures, embracing views of most of the principal places of bihlii-stl and historical interest in Palestine, are highly spiken of, and with a mind freshened by his recent visit to the Holy Land, His Lordship will, we feel sure, make the lecture a most iu'er estini and instructive n'lt. It is unfortunate that the Oddfellows Hall is otherwise engaged tonight' ami to-morrow night, and as Bishop Suterwill leave here to-morrow the Stato School room had to befxod upon, and the use of which was courteously granted. In accordance with the suggestions made by us on Friday last, a communication fnun the chief business people of Tleef. <m wa«. wired tli rough to Mr Menteath M.H.R., on Saturday, urgiiK him to interview the Postmaster General in reference to the through two cinys mail service between Nelson and Greynioiiih. It may be relied 'hat Mr MentuaOi will use his best ufl'oris to effect t.'ie olvjeei. desired. The Tinl-borne claim:i.nt, writing o Mr Quartermaino E:vst, from Portsoa Convict Prison, under date July 24, says his opponents have hal their day and their triumph. He has sufFeml f.>r years but believes his day is to come. His duty to Ood. to his children, and to his friends ami supporters in to live for no other i.vir L >oH(! fiau to Hen- Hs charac'ar and expose the vilhiin w-io have been con.?erne 1 in ihe monstrous conspiracy against him. Tbnna v.b> iimwine that he intends to Bit. down quietly while those who l-ave rol bed and plundered him got off scot free will, ho says, find themselves sadly mistaken. The Timaru Thrall quotes tho following extraordinary paragi-.pb from a Sussex paper received by last mail :— " If the colonists of Australia pis)sist in their demand for the annexation uf New

Guinea., \l v;ill be followed n > V V>.X of Now Zealand. But t'je X'<»: r , o" lie Ih^c >>.l}vnd is now in En;l:-id ';> protect R-^insl his subjects \,q\>,[* mado sluvos by , the Queensland planters," sUid his connlry 1 coniistated by what are called 'laud- j sharks,' men who trade amongst the islands of the South Seas and buy the innocent inhabitants for a few beads or a stick of tobacco, and then seizo their lands." Why do Hop Bitters cure so much ? Because they give good digestion, rich blood and healthy action of all the organs. Read.