THE WAIHI MINE.

Marlborough Express, Volume XLV, Issue 65, 17 March 1911, Page 8

THE WAIHI MINE.

MR RHODES IN REPLY

[press association.]

AUCKLAND, March 17. Mr Rhodes, local attorney for the Waihi Company, replying to the statements of the Wellington shareholders' committee, says that not even once has an official statement issued by the company been erroneous. Official statements have been ■confined strictly to facts or to announcements of the Board's policy. Captain Williams' opinion as published regarding the prospects of No. 10 level does not state any fact but merely an opinion, and even that opinion may be confirmed as a fact. Referring to the lapse of time between the directors' announcement of a reduction of the output and the publication, Captain Williams' report foreshadowed a further proposed reduction.

Mr Rhodes says that the experience of No. 8 level had shown that ;great caution was necessary in placing a value ou any particular level before it was fully opened up. It 'was not until towards the end of 1910 the opinion took definite shape "J the minds of the management that No. 9 level was undoubtedly far below the value of any level above. On receipt of the said information from Captain Williams and fuller knowledge of No. 9 level, the Board considered that the policy of the company would be "better* conserved by commencing at once to reduce the tonnage instead of waiting a year to do it The returns of £68,000 per month could be maintained for 1911, but in that case the position for. 1912 might be-,•prejudiced, hence the Barer method adopted by the Board ior the coming two years.