THE MOANATAIARI MINE.

New Zealand Herald, Volume XXVIII, Issue 8662, 3 September 1891, Page 3

THE MOANATAIARI MINE.

TO THE EDITOR. Sir,—Alining investments are risky enough even when work is carried on in a legitimate manner, bat when mines are worked seemingly in the interests of a few speculators then it is indeed dangerous for outsiders to out any money in mines so worked. Just look, for instance, at the fluctuations in the Moanataiari Company since it was re-formed. A shrewd man might, have made at least £2 per share by buying when they were depressed and selling each time there was a flutter, but outsiders have been so severely bitten that yesterday when a wire was posted on change announcing 401bs picked stone from the winze just commenced from the floor of the 103 feet level shares did uoi advance, and why '! simply because investors have lost confidence in the management. The report from your Thames reporter published in yesterdays Herald was not very encouraging, as he says, " but very little picked stone is coming to hand," but not one word informing shareholders that the winze had been or was about to be started. The latter would, I suppose, be correct, as your correspondent would certainly have "reported it had he. known anything of it, but it seems the shareholders are not of sufficient importance to let them know what is going on. Taking your report as correct and complete as to the work going on in the mine I decided to sell my shares, which I did yesterday morning. They cost me 12s, and I got 7s less commission. Another telegram came to hand this morning that a further haul of 801b had been obtained, and shares only advanced Is. If the same quantity oi picked stone had been reported from either the Saxon or May Queen' there would have been a run on these shares. I see there were sales of Moanatairis quoted at the Thames, yesterday at 6s 6d and Gs 7d, while those who knew the winze was commenced would gobble them up and want more. The directors are very much to blame for permitting the manager to commence a work of this sort without giving due notice to the shareholders, as it was well known the gold was left under foot, and had it been known that this winze would be commenced at once,, shares would have been as high as they are to-.dav before one pound of stone came out; but that did not suit. Ido not doubt that many a hundred pounds of picked stone will be obtained from this block, and dividends paid, but this knowledge is poor consolation now for A Disappointed Shareholder. P.S.An explanation is required from someone connected with the management. Auckland, August '29.