Talisman Dredging Company. TO THE EDITOR,

Otago Witness, Issue 1916, 6 November 1890, Page 12

Talisman Dredging Company. TO THE EDITOR,

Bra,— lt is no utmbt a matter of some surprise to many shareholder* in the above company that, although the doings oi other dredging com' panics are occasionally spoken of in the daily papers, there is seldom any mention of the Talisman Company, and it is quite time the directors took some steps to .enlighten those interested.

So far back as the end of April it was under' stood that within six or eight weeks from that time the dredge would be at work. Six months have now elapsed and still we hear' nothing. Some bungling has, I am told, landed the dredge in a hole that it will take weeks to get out of at a very heavy cost. Who is responsible for this mistake ? It would be interesting to see the minutes of the directors' meeting-! in order to iiod out how they take such blamiers, and whether they have taken at ops wnfah will prevent like cosfciy occurrences iv the future. Auoiheif thing that wants looisiuf; into is tbe «all list, i»ud the bimk account. It may be safely said fciiab calls are largely in arre.-.r, aud, if so, the bank aceouob is probably on the wrong side. This is a mafclrr that very intimately concerns all those who have paid their calls. It means that because some shareholders have not paid them interest has to be p&id ia> the bank. If this loss fell only on those who are in arrear at would not matter, but it does not.

I would very much like to have the following i questions answered-: — 1. What is the present position of the dredge, «nd when ia it reasonably to be expected that she will be on the claim proper? 2. Who i» responsible for gettiDg the dredge into its present position]' •S.'To *bat extent are calls m arrear, and does tne company ever accept » bill in payment for <a %th regard to tbis question of awewvlaoftllß,

there is no doubt whatever that seotion 9 of " The Mining Companies Act Amendment Act of 1890 " is a very judicious enactment. The carelessness exhibited ia collecting and enforcing payments of calls in mining ventures in New Zenlaud is simply > isgraceful. Tbe knowledge of this fact acoouuts without doubt for the reckless way in which meu in receipt of salaries which will hardly keep them, go in for large holdings iv companies and thereby accept respons.bilitics which i they know perfectly well they can never dis- ■ charge unless- the shares rise in value or the concern becomes dividend-payiDg. We are apt to forget what such an action amounts to. It is -nothing more or less 'than -fraud. If a company, in which a certain number of< »>uch I men have holdings, is wound up, we know that the other, shareholders' uiust suffer, and that probably creditors will also. I blame the managers of the companies for the large arrears in calls. -They are almost invariably brokers, and when it comes to a que&tibn of pushing men for overdue calls, their first question in, "If I push thid man, will my I business as a broker suffer ? ". and if the answer is " Yes," that man, jou may depend npon it, will not be worried much for the call.— l am, &c, Dunedin. November 4. Roslyk.