THE QUAYLE COLLAPSE.

Auckland Star, Volume XX, Issue 100, 29 April 1889, Page 5

THE QUAYLE COLLAPSE.

MB QUAYLE EXPLAINS MATTERS.

At the winding-up meeting of the Quayle Company on Thursday week the Chairman explained that £64,439 capital (tho Company only asked for £57,000) had been subscribed, and things were going quite prosperously when some damaging statements appeared in the press. These were not at once contradicted by tho vendor, _.nd had created such distrust amongst tho shareholders that the directors thought it beat on the whole not to go oh, but to return all the money. In this desire they had been met in the handsoi.c.t svuy by Mr Quayle, who had no wish to press the property on unwilling buyers.

MR QUAYLE:S BONA FIDES

Mr. Robson : I have represented Mr Quayle in this matter from the outset, and should like to say a few words bofore you adopt this resolution. In the first place, I say—and I am quite sure the solicitor and the directors will confirm me when I say it—that there has been tho utmost good faith on MrQuayle's part from the commencement. (Hear, hear.) He handed over the whole of the title deeds, gave the directors all the information in his possession and placed himself unreservedly in their hands. The reports he obtained were not anonymous productions; they have been verified by experienced mining engineers. You have Mr Henry M. Smith, authorised mining surveyor of the Thames goldfield, and Mr Jas. M. McLaren, who was for 15 years the Government Inspector of Mines (there are no better names ia the colony), and the property has also been reported upon by other experts. You have to weigh these reports, gentlemen, against anonymous- contributions to the papers, which we know to have emanated from a man who wa3 interested in this mine, and who tried to squeeze Mr Quayle out of it. That is the long and tho short of it. After the statements made it was only right that the directors should call you together to let you decide whether you prefer to have the Company wound up, and your money back, or to re-purchase the property. At first it was said that there were no lodes at all; no ore of any description ; that all the lodes in the district had been abandoned; that a syndicate had refused to have anything to do with it, and that Mr Quayle bought it for £2,000.

MR QUAYLE MAKES A STATEMENT

Mr Quayle: As the proprietor of this mine, I may perhaps be permitted to say a few words. 1 have had this mine examined thoroughly by; the best experts in New Zealand, and. it has been proved that the mine is a good one. A tunnel has been driven 160 ft upon gold-bearing ground, and it is found to be of free milling nature. Another tunnel has been driven 60ft.—.8ft. wide of quartz -the finest quartz I have ever seen. 1 have been through nearly all the mines in the district, and have never seen better free milling ore than I saw there. It assayed lozl2dwt from the very worst parts of the mine ; and I am quite certain that it would run 2oz clear pure gold to the ton. Because.a man happens to bear me

' A LITTLE MALICE, and brings forward all kinds of damaging statements, it by no means follows that the property 'is worthless. I had a contract with this .man to purchase the mine, and signed an agreement to buy it for £16,000, and I was to pay £8.000 for my half-share of the mine. In consequence of certain matters coming to my knowledge, I beganto be suspicious about bim, and upon making inquiries I found thagi he did not pay anything like that for the property. The miners told me that he did not purchase the mineatallbuthadmerelyobtainedtherefusal of it. I therefore asked whether the option was on or off", and was informed that the time had elapsed, and they were opemto sell the mine to anyone who would buy it. I then bought it, and this man has followed me to England and has done me this damage. He commonced an action against me in Auckland for not fulfilling my contract with himaridthuspreventinghimfrora purchasing the mine I foolishly paid him £620 to cancel that agreement, as I was anxious to get to England and that action would have caused me six months' delay. If I had gone to law. with him he would not have got a penny, lam sure. I am very sorry that all this has happened, -■"do not care who goes out to examine the mine—l will prove that it is a thoroughly good property, and all the miners arid competent judges in tho locality say it is the best mine in the district. lam sure it will run 2oj. to the ton, and perhaps a great deal more. (Hear, hear,}

A FAITHFUL FOLLOWER OF THE

EXPERTS,

Mr W. R. Fitzgerald Moore (director): As many of you may be aware, I have been connected with mining for a great number of years. I know Mr McLaren, Mr Henry M. Smith, and Mr Pond, and all I can say is this, that I would follow them in a venture to-morrow. If I were wanting men in New Zealand to examine a mine, I would appoint these three men, and would follow thorn implicitly. Mr Bush and myself have proved that by the amount we have put in with the shareholders of this Company.

Mr Quayle : Mr Parkes, who has just returned from New Zealand, and who is a metallurgist.of great notoriety, has assayed the ores in our neighbourhood, and perhaps, as he is here, he will say a word or two about them. AN INDEPENDENT OPINION. Mr Parkes : I have spent nine months in the neighbourhood, and it has been a great delight to me to ascertain the value of the mineral properties. I have assayed about 50 samples, and have found from _ox up to H7oz of gold, and 3,0000z0i silver, to the ton. These, of course, are exceptional samples; but all round the country is metalliferous, and that this is a good mine I have no doubt. (Cheers.)

Mr Raphael: As I understand, you are giving us your general experience of the neighbourhood—not of this particular mine?

Mr Parkes: Exactly,

THE BEST MINE IN THE NEIGHBOURHOOD.

MrQuayle: This mine is considered to be the best in the neighbourhood. I shall write out to New Zealand and get reports from influential men there, and shall send them to the mining and financial papers, so that you may see them for yourselves. The mine which Mr Parkes assayed from is the Maritoto proper, which is only half a mile from my mine. The Chairman : I am sure we are all delighted to hear such a favourable opinion about this mine. I only regret that at the very first note of danger someono did not come forward and re-assure us, and prevent our shareholders from feeling that doubt and dissatisfaction which has been spread amongst them. The winding -up motion was carried unanimously, and the proceedings then terminated.