ROYAL SOVEREIGN COLD DREDGING COMPANY.

Evening Star, Issue 11675, 6 February 1902, Page 7

ROYAL SOVEREIGN COLD DREDGING COMPANY.

TO THK KIMTOR. Sir, —Some two years ago I was induced to take up shares in the above-named company on the strength of a prospectus issued, which stated that the claim was " a thoroughly well-tried and tested claim," etc., but evidently the directors of the company did not quite believe their prospectus after the company was Doated, hecause they afterwards informed us that they had arranged an amalgamation scheme with adjoining companies, whereby the Lioness Company's dredge would prospect the Sovereign's claim in due time. So far so good. They also, in circular, intimated that they did not think it would be necessary to call up more than 5s per share; so yon can imagine my astonishment, after paying up ss, to receive an additional call, which was followed up by still another call.

Now, sir, what I object to is this: The company have not moved one step forward, and still wc are required to find money to keep a full set of directors going, besides paying secretaries, etc., as though the whole concern were in full working order, and at the rate of expenses so far, if ever a dredge does get near the claim we will be in the position of not having funds to allow her to work. Seeing that the Lioness dredge hoc so far don* next to nothing in regard to goldgetting, and that the Paul's Beach dredge has done very little better, and as the latter adjoins the Sovereign's claim, I would strongly urge shareholders to attend the meeting to be held at the end of the moath to consider our position.— I am, etc, Cold. February 5.