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THE BLUE SPUR COMPANY.

[From Our London Correspondent.]

London, March 29,

The attempt of the directors of the Blue Spur Company to raise a small sum to temporarily prevent the mortgagees in New Zealand foreclosing on the property has failed totally, only L 1,350 having Been subscribed, whereas it was agreed that L 4,000 would be the least that would be of use, The directors are scarcely surprised at this, as they felt themselves that paying the L 3,000 demanded would be merely putting off the evil day for twelve months, and not really materially improving the condition of affairs. They are now trying to induce the shareholders to pay of! the entire mortgage at once and release the property by raising L 25,000 of debentures at 25 per cent, discount, and in order to show his confidence in the excellence of the property, fairly managed, the chairman (Sir W. Buffer) offers to put in L 5,000. It is, however, extremely doubtful whether the money will be raised. The shareholders appear to have utterly lost confidence in Sir Robert Stout and his regard for their interests. The mildest thing said is that they trusted in your exPremier’s name, and position, and statements ; and that they have found themselves deceived, Mr Howard Jackson’s letter, read out to the emergency meeting, stated that when he went to the mine and looked into things, he found to his astonishment that though the company had been in operation twelve months, no books had been kept, not even a letter-hook; in fact, save the bank pass-book, there was literally nothing to show what the incomings and outgoings had been. The sensation caused by the reading of Mr Jackson’s letter was naturally immense. The chairman stood up manfully for Sir R. Stout, but in vain. Ever since the meeting letters—couched in unequivocal terms, and many of them boldly alleging serious charges—have poured into the office. One indeed was so specific that the chairman felt he ought to forward it to Sir R. Stout, and did so. The writer, on learning of this, said bis letter was dashed off in anger, and withdrew the most objectionable allegations. Should the worst happen, and the English shareholders find themselves losers of the mine and some L 30,000 in cash, and all within twelve months, the outcry will be something to remember. One irate shareholder openly declares “skinning alive" will be too good for some of the parties concerned in this eventuality. The shareholders have not so far attacked the directors, whom they seem to consider simply dupes. The following circular, addressed to the shareholders, speaks for itself 8 Victoria Chambers, Victoria street, S.W., 28th March, 1689. Sir,—Since the general meeting on the 15th inst., it has become apparent that in the opinion of the shareholders generally a payment of L 3.000 to secure only a temporary arrangement with the vendors is not satisfaotoiy. In this view the chairman (Sir Walter Buffer) concurs; and I am directed to say that if a vigorous effort is now made to raise the full amount authorised at the general meeting—namely, L18.7W, by the sale of debentures of the value of L 25.00 the chairman will himself take debentures to the value of 15,900, on the same terms as the other shareholders. Since the date of the meeting a confidential report has been received from the inspector (Mr Howard Jackson) to the effect that in his opinion the consolidated mines represent good value for L 90.000. If this be so, it seems only playing into the vendors’hands to let the property slip. And Sir Robert Stout telegraphed on the 27th inst.: “Hope arrangements made. Remit or foreclosure.”

I shall he glad to know from you by return of post whether you wish to participate in this issue, because our time expires on 3rd proximo. —I am, etc., W. B. Fabian, Secretary.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/ESD18890514.2.15

Bibliographic details

THE BLUE SPUR COMPANY., Issue 7906, 14 May 1889

Word Count
647

THE BLUE SPUR COMPANY. Issue 7906, 14 May 1889

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