FRANKTON BEACH DREDGING COM PANY.

Evening Star, Issue 8566, 13 July 1891, Page 4

FRANKTON BEACH DREDGING COM PANY.

TO THB BDITOB. Sir,—As a shareholder in the above company I, with yonr permission, would draw the attention of my fellow-shareholders to the memo, attached to the last call notice, the pith of which is that the dredge is idle because the owners of the Golden Link claim have declined the proposals of onr directors for farther operations on their claim, and that onr directors have purchased the right to the Golden Bar claim, which they are now having prospected with the intention of working with the dredge. Now, I would ask; why did not the Frankton Beach directors place the dredge at first on the claim that was purchased by the shareholders! before going to the expense of placing tfce dmfce dp % Map Lick claim,' why did nW the du’ebwrs hffv'e a

proper agreement to enable them to work this claim tight out, and not be compelled to atop as soon as they had prospected the olaim free of oharge to the owners ? 1 must say that it seems utter madness to me to plaoe our dredge on the Golden Bar claim, as that olaim has already been tried (with a dredge that cost the Golden Bar Company L 3,600) with the result that the shareholders thought it so good a thing that they went into liquidation, wound up the company, and sold their dredge for L6OO, or about the sixth of what it cost. In conclusion, I strongly advise the unfortunate shareholders to have a meeting called to wind up the company, as 1 am certain that if the directors are allowed to carry on the result will be that after the balance of the capital is called up they will then be forced to go into liquidation, and by taking a firm stand now some small portion of the shareholders’ money will be saved.—l am, etc., Suell Out. Dunedin, July 7.