THE WAIHI MINE.

Auckland Star, Volume XLII, Issue 24, 28 January 1911, Page 4

THE WAIHI MINE.

Nobody can complain of any lack cf clearness and frankneae about the report on the Waihi mine funtiehea oy Mr. WiUiame to the directors « tb« company and published dsewhete in this issue. It is quite plain that the outlook is unsatisfactory, that the original high rallies are not being maintained at the lower levels, sad that it is impossible to go on crushing the same average amount' of ore or paying the same dividends as in the past We have no wish to take a pessimistic view of the position, and everybody who has had the least experience of tfiriiiig knows that at any mo ment all expectations may be set at nought by fresh developments in the mine. But; for the moment, what we are now told is quite enough to explain the recent heavy fall in the price of Waihi shares. Something of this eolldp3e is doubtless due to sheer panic; but the facts at our disposal prove with painful completeness that twelve months ago the snares had reached a purely artificial value, euch as could not be justified by the prosperity of the mine. But while admitting thai the directors Slave taken the right cottre* in giving full publicity to this report, we believe that most people would bte glad t6 fchdw when this'iMonnatioTL Was finrt laid before those in control of the mine. Mr. Williams , report is i»6t. dated; but it testifies "that during this last eight months the mine has been under * cloud." Surely we must not infer that the directors knew eight months or more ago all about the "soft decomposed country rock" and the 'loifl stretch of poor country" along one side of the Martha lode. Eight or nin« months ago the shares were quoted up to £9 or more, and every effort was teing made Jjy those interested in. tlie mine to strengthen public confidence in it; and to reassure any waverers who seemed instinctively to scent danger 4} the air. We make no insinuations, lot we have no evidence to go upon. But the directors fcnbW at least as well as anybody else that this is a most eerious business for Auckland, and for Sew Zealand; and a fall of something like two and three-quarters millions sterling in the value of this much-boomed property "within twelve months is a matter of more than private intereet and importance. Therefore we hope that some satisfactory answer will be fdrUifeonUng to the questions already asked by th» chairman of oui Stock Enshange:— When was this report drawn tip, ahS when was it submitted to tlie Waihi directors?