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UNKNOWN, Issue 7975, 2 August 1889
Something like .a temporary settlement has been effected in the bu-dtiesa of this unfortunate company. But it is not regarded as anything more than of a_ temporary nature, the general belief being that the Colonial Bank, which has made heavy advances, will eventually step in and take over the property. I give you this merely as the opinion of some well-informed shareholders, and cannot say how far it may be correct. There is a certain number of the shareholders who have altngetner lost faith in the concern, and 1 should say they will not touch gold mining again for some time to come. ” I told you many mouths ago of certain important changes that were to be made, and, as you can see, all my predictions have been fully verified. The local directorate, as I told vou would be the case, is broken up, and Mr J. C. Brown is gone—dismissed from the company’s service. You can have no idea of the feeling that exists against Mr Brown. The shareholders to a man, and the directors every one, condemn him in the strongest language. So do-all true colonists litre who wish well to New Zealand. 1 understand that some distinguished officials in New Zealand, whose names were down in the prospectus as the authors of certain letters in that document commendatory of the Blue Spur Mines, have been written to, and their explanations have not tended to increase Mr Brown’s reputation for truthfulness. The substance of their replies is that they did not know the parties to whom they were writing, nor the csr their letters were put to, and regret their share in the ill-starred business, “All very good,” say the shareholders, “but what about our money? The man whose fictitious statements imposed on us is indigent, otherwise ive should have proceeded against him long ago.” On the other hand, everybody knows now the kind of treatment which Sir Walter Buffer and his fellowdirectors have received —that they, in fact, like everybody else, were grossly deceived. When Sir Walter Buffer first took Mr Brown in hand ho was played out among tho moneyed people; lie had oven at that early stage made a terrible mess of the business, the consequence being that nobody would touch the properties. Well, his piteous appeals to Sir Walter, and his plausible stories and his misrepresentations, all combined to influence him, and he drew Mr Gisborne into it, and so tho thing got a standing and a name; “ and now,” adds Sir Walter Buffer, “ before the man got as far as San Francisco, on his way to New Zealand, I discovered that lie had deceived mo in the matter of loading, and I regret I did not then drop him like a Hot coal,” But nothing can exceed the tones of indignation and contempt with which Dr Cameron speaks of him. Now, what ] wish to remind you of is that all these are men of light and leading in financial circles here, ami that it is in their power either to injure or advance the interests of your colony to an extent you can hardly imagine. Indeed, 1 am in a position to state that the Blue Spur fiasco lias already inflicted serious injury on your colony. Among some of the shareholders there is a belief that now that they have got rid of Mr Brown there may possibly be some return from the mines. 1 have heard the new manager, Mr Jackson, spoken very highly of, and there is every confidence in his ability and integrity. —‘Tnapeka Times’s’ London correspondent.
UNKNOWN, Issue 7975, 2 August 1889
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