CORRESPONDENCE.

Auckland Star, Volume XXIII, Issue 4296, 27 February 1884, Page 4

CORRESPONDENCE.

Tho Bay of Islands Coal Company.

(To tho Editor).

Sm,—Permit me through your columns to say a few words to tho shareholders of tho Buy of Islands Coal Co. It is from no desiro on my part to reflect discredit on tho director* of the Company as to the position the (shareholders now find thomselTes in. About a year ago, when the annual statement of tho affairs 'fit the Company was made public, I took the liberty of addressing the Chairman on the subject, pointing out gome facts that were apparent to the most casual observer, such as the expensive operation of boring with tho diamond drill —a tiling seldom or never done in the old coantry on account of the time and expense connected with it; the cost being at least doable. Then tho prospecting by mines where hitches are met with, if |not patent to the miner at first sight, entails otidless outlay, and becomes the fruitful source of depreciating tho reTenue of tho Company by adding to tho oncost and the necessity of lowering wages and raising tho price of the coal, which is now proposed to be done. To approach the Gorernment, therefore, after they hare completed tho railway, so urgently pressed on them by tho Company eomo time ago, and with an increasing obligation to them of deferred payment of royalty, Is most objectionable. Let the shareholders demand a report by a competent mining engineor botoro adding to their increasing obligations, with the prospective eventuality of certain failure and a winding up, so common in the colonies,—l am, &c., John Dbxxison, Mining Engineer.