The Croesus Mine.

Otago Witness, Issue 1892, 15 May 1890, Page 15

The Croesus Mine.

The following letters have appeared ia the Daily Times : —

TO THB BDITOB.

Sib,— Several (shareholders in the Croesus Gold Mining Company have suggested to me the propriety of requesting that a general meeting of the shareholders be called as speedily at possible to inquire into the reason why it should be necessary to make further calls upon the shareholders, seeing that 20,000 shareholders raised 2» on each share aud a considerable quantity of gold has already been got. It now seems as if a collapse had taken place. As a shareholder I think I have a right to know the reason and the necessity for making further calls, and whether there is any reaionable prospect that they will soon be discontinued, and that the one just made will be the last. To free themselves from the suspicion that the shareholders' money has been uselessly frittered away, or that the failure to obtain remunerative results is perhaps attributable to other causes I would rather not refer to, I think it is high time a general meeting of the shareholders be called to consider their position. They own a mile of gold-bearing reef ; the concern has been a long time in a position to get stone and gold ; why is it not paying ? I question very much if publicans, storekeepers, and brokers are the best parties to manage such companies, and before naying more calls I desire to know whether the end "of it will be profitable, or whether my money is to be tossed away.— l am, &0., Dunedin, May 10. D. A. Graham.

TO THE BDITOB.

Sib,— Before Mr D. A. Graham calls hia meeting of shareholders he should pay a visit to the ground if he would know how the money has gone over the Croesus mine, or else send some one there who can estimate costs of machinery and earthwork. Let him examine the race, the battery and buildings, the apparatus at the mine, and the work that has been done in the mine. Ido not say that the result will be satisfactory, and possibly it may be far otherwise. Let him particularly notice the engine at the head of the mine, ascertain its cost, whether it is suitable for the work of driving a beam pump, or whether it is being fast racked to pieces ; whether the manufacturer who supplied the engine got all the money charged for it ; whether ' the price was reasonable, and whether any large commissions came out of it ; how it ib that with all our boasted experience in mining works a simple pump cannot be put down decently and the manager has to spend weeks of his time in caulking joints and at last the pipes have all to be taken up as unsuitable. Approximately I beileve that the money expended has been as follows : — Subscribed by the public on shares ... £2000 Value of gold obtained ... ... ... 1700

rent liability

It is the opinion of many practical miners that the mine might have been made to pay, and if Mr Graham pursues the investigation I have indicated, hu will probably find out why it has not done so.— l am, &c, May 13. Stop the L

iBAKAGES.