THE WETHERSTONES GOLD MINING COMPANY

Otago Daily Times, Issue 21773, 12 October 1932, Page 8

THE WETHERSTONES GOLD MINING COMPANY

TO THE EDITOR.

Sir. —The letter by “Golden Opportunity ” would be amusing were it not that the interests of all concerned have to be considered. There is not the slightest doubt that a golden opportunity is provided for the promoters who arc to invest thousands in cash. I ask again, why is the Crescent Company taking more in cash than the capital of the company if the shareholders in it have such faith in it? And why is it being put to the public at all? Are the promoters willing to guarantee that they will wait for their cash payments till the subscribing shareholders have had their money back, and also agree not to sell any shares till then? This would show that they are genuinely confident of success. . .

There was certainly some very ricn ground on the bottom at Blue Spur, and after this was worked out the greater part of the deposit was worked at a loss. The Blue Spur Consolidated paid back only 25 per cent, per share of its capital and wages at that time were only 7s and 8s per man per day. Regarding the capital of the Wctherstones Company, the engineer’s estimate is £20,000 tor development, That is a long way short of £65,000. I would be very sorry indeed to put any obstacles in the way of the public securing such great benefit as “ Golden Opportunity ” suggests it will get, but I am afraid it is all too good to be true. What I have stated above concerning wages is sufficient answer to Octogenarian Employer.”—l am, etc., Pro Bono Publico. [This correspondence is closed.—Ed., O.D.T.]