THE WAKATIPU AND KAWARAU DREDGING COMPANIES.

Otago Daily Times, Issue 9130, 1 June 1891, Page 4

THE WAKATIPU AND KAWARAU DREDGING COMPANIES.

Sir,—Referring to Mr F. W. Thompson's letter in your issue of this date, I beg to say that I, as another unfortunate shareholder, wrote the directors months ago advising them to at once ; liquidate, and thus save the shareholders something out of the fire, as I was convinced everything would be swallowed up with expenses. However, the directors treated my letters as they have done Mr Thompson's offer, preferring to continue frittering away the shareholders' money, and making calls upon them so long as there is anything to call, and when the law will Dot permit them to force more calls, necessity will compel them to liquidate. As to tbe statements contained in the prospectuses I am fully convinced that if there is any truth whatever in any of, these mining prospectuses it is purely accidental, and I am supported in this statement by the fact of three years' experience of mining ventures which bave been floated in Dunedin, and in no single case has any of the statements in the prospectuses been borne out by experience. I quite agree with Mr Thompson that it is high time the Mining Companies Act of New Zealand was altered, as the public havo been most fearfully deceived in tbe past, as their only source of information to guide them in mining investments is the unreliable prospectuses, and the advice of their broker. It is, therefore, to be most sincerely hoped that the present Government will, without delay, introduce a new and stringent act as regards mining companies for the protection of the outside public—l . am, &0., DunediDjMay 29. Shareholder. % TO THE EDITOB. Sir,—l write to say that I sympathise with the remarks of Mr Fred. W. Thompson in your i issue of Friday last re the above companies. The shareholders should meet, and demand that a stop be immediately put to the daily loss which 'is now being sustained. They will never get a sixpence of dividend till great chaDges and improvements [are made; and there is no word of this. If these companies be carried on as things are, there will be more calls yet, but not a single dividend. Men half blind may see this. The past history of these claims clearly proves it.—lam, &c, May 30. A Shareholder.