THE OPHIR WATERWORKS COMPANY

Otago Witness, Issue 1981, 11 February 1892, Page 14

THE OPHIR WATERWORKS COMPANY

TO THE EDITOII.

Sir, — About three years ago the prospectus of the Ophir Waterworks and Hydraulic Mining Company (Limited) was issued to the people of New Zealand with the usual amount of " puff " (accompanied with a glowing report from some great mining engineer with half the alphabet at the end of his name) assuring investors that there never was anything like it placed in the market, and that anyone who was wise enough to invest his money in it would soon be as rich as' Croesus. The amount of capital was LIO,OOO in 20,000 shares of 10s each, 15,000 of which was offered to the jjublic. The company was floated, most of the shares being taken up, directors appointed, notices of calls sent to the shareholders until five calls were paid. The directors then thought it advisable to send another engineer to inspect the route of the ■water race, before calling for tenders, Mr L. O. Beal being chosen for this •work. Mr Beal's estimate was L 20,000, the engineer's estimate on the prospectus being LSOOO only— a small difference of L 15.000. The directors of the company then called a meeting of the shareholders, when it was decided to wind up the affair, as there was not sufficient funds to undertake the work, Mr Callender being appointed liquidator. It is now two years this month since that was done, and the unfortunate shareholders have never y.t had a single penny of their money returned — never even had a balance sheet sent them, to show what has been done with all the jnoney subscribed. Surely, Sir, we are at least

entitled to that. Trusting someone else will take this matter up, — I am, &c, Palmerston, February 4. Shareholder.