THE GENERAL GRANT'S TREASURE.

Otago Daily Times, Issue 15301, 15 November 1911, Page 4

THE GENERAL GRANT'S TREASURE.

Sir,—Referring to j-our reporter's interview on the abovo/subject with 'Mr May, managing director of tho' Soremen Salvago Company, of New York, I should likjo'to state a few particulars tliat may bo of intercut to. tho publie, as evidently tiioy wera overlooked by Mr May during tho interview. Tho company, of-which Mr May is described as. managing director, has a proposed capital of £30,000. in 30,000 eliarca cf. £1 each, of which lie holds 20,000 and Captain Soronson 10,000, and 1 , so far as.oan bo elicited from inquiries made, tha intention of thc«o two pentlomrn is to disposeol omno 600 of thow shares to raise capital to carry out tho project. .This will put •tho vendors on quite a snug footing; with a five-sixths interest, while tho contributoriea* will havo ono-sixth of any booty recovered. This ,is scarcoly in accordance with Mr May's statement to your reporter, but that is the manner in whioh the position was <frccribcd by Mr May at a recent publio meeting What is going to happen if tho contributing capital is insufficient! I? Mr May going to guarantee tho b*k anco?. •.-In other words, what amount of | contributing' capital nr Mr May putting into tho venture?

' • Captain Sorensen says that about 33 jears ago ho visited tho sceno of tho wreck in :the Ilinqmoa, but tho boat could not approach within two miles of the coast lino on the side tho wreck was on. It is said when tho masts of tho General Grant struck tho cliffs, a mass of rocks camo down on tho dock. Who knows but that in 30 odtf years thousands of tons of rock may haTC beoomc <tislodi>od and entirely buried tho wreckcd' ship, or tlio coast lino may bo so altered and disfigured thnt to prospect for and locato tho wreck from tho cliffs ilwvo may piovo a sorry undertaking I Mr May says, "Wo have information tnat bullion to tnc valua of £150,000 to £1,000,000, formwl a part of the carßo." Mr May failed entirely to convincc these present at tho meeting that ho had any such authentic information, and I must confess that his theory relating to tho valtio of the cargo is of a beautifully optimistic brarnf—quite Americanised indeed, but evidently not in great demand in New York. _ It Is interesting l to noto that Mr May is going to tho islands to ascertain tho length of cable required. Could not Captain Borenson's memory bo trusted to give the approximate height of tho clilfs within a few hundred feet? Thorn aro many interesting points in connection with Mr May's statements I should like to criticise, but regard for your spaco forbids — I am, etc., Solo.