UNKNOWN

Auckland Star, Issue 66, 19 March 1900, Page 2

UNKNOWN

(To the Editor.)

Sir, —It must have been something of an eye-opener to those shareholders in this company who gave their powers of attorney in answer to Mr Edward Anderson's circular to see the use that had been made of them. Carlyle says that most men are fools. Many of the Talisman shareholders must sorrowfully admit "that the sage was right. Some of the more candid will in their own inner consciousness admit, despondently, that they individually know one fool. Clause 4 of the circular referred to says: "No change in the constitution of the company to be made without consulting colonial shareholders." That gave shareholders such a sense of security that they parted with their votes, and the votes so obtained were used to make such a change as will change their shares in the proved Talisman mine into shares in the purely speculative amalgamated company. Birds in the hand for birds in the bush. It is absurd to say positively that the Talisman reefs run through the properties which the promoters of the scheme are so 'anxious to see incorporate with the Talisman at such an enormous cost .to the latter. Look at the Woodstock, so close to the Talisman, that the two mines could be worked from the same headings, but the Talisman pays the Woodstock does not.

It was insinuated in the cablegram announcing the amalgamation that the new company would take up at par all shares from dissatisfied shareholders, -which with the dividend to be paid would make the shares worth about twenty three shllings per (share. Shareholders who trust to that vague insinuation are likely to be deceived, but if it keeps them quiet until the promoters have completed the transaction, itwill, like clause 4 in Mr Anderson's circular, have served its purpose.

There may be time yefe to defeat the scheme if those shareholders who are opposed to the amalgamation will communicate at once with Mr L. D. Nathan in answer to. Ms advertisement in the "Star" of Tuesday, 13th inst.

COMMERCIAL MORALITY