Perseverance Dredging Company. TO THE EDITOR.

Otago Witness, Issue 1934, 19 March 1891, Page 13

Perseverance Dredging Company. TO THE EDITOR.

Sib, — I notice in your mining notes in to-day's paper a statement that the Perseverance Company at Waipori is to be made a going concern. By whose authority does your correspondent make this statement ? The directors are pledged to do nothing at present, and cannot give an order for a dredge without the shareholders' sanction, as decided at the last meeting held. Your correspondent has no right to make such a statement until the shareholders have decided the matter themselves. And why should they set about making it a going concern ? Because, forsooth, the adjoining company obtained good returns from a piece of ground which escaped attention when the flat was formerly worked by hand labour. Bah! Is that- any reason why such a piece of ground should be found in the Perseverance Company's claim? Surely not; and further, nothing the Waipori Company h»B yet shown us, by a long way, warrants the Perseverance Company to proceed. As one of the larger shareholders in the Perseverance Company, I am decidedly against any such action, and am fully convinced the shareholders will best consult their pockets by insisting on the venture being wound up rather than be the means of throwing any more money into the great sink of Otago dredging company failures. A bird in the hand is worth half a dozen in the Waipori bush in this case. Stick to your money, Perseverance Company shareholders, or insist on those who would compel you to go on with the venture against your will returning you your share of the cash at present in hand, and on their relieving you from further liability in a gamble with which you wish to have nothing further to do. — I am, &c, Dunedin, Marph 11. Caution.