MINING COMPANIES' STATEMENTS. TO THE EDITOR.

Otago Witness, Issue 2241, 11 February 1897, Page 18

MINING COMPANIES' STATEMENTS. TO THE EDITOR.

Sib, — There appears to be a law in New | Zealand requiring the secretary of each mining j i company to furnish each shareholder annually, I and also publish in the Government Gazette, a ■ statement of its affairs. ', i During the past week or so I have received ful'y -* s.;-nre of these statements, each purporting inform me of the position on 316t Dtce.::-o"r of a separate compaDy. Each I "solemnly and sincerely" declared 'to ba "a ( true and complete statement of the affairs of , the said company," the secretary adding before his signature : " I make this solemn declaration i consciously believing the same to be true." His signature is duly witnessed by a J P. Now, Sir, thess so-cswlled statements are worae than treeless, as they are misleading ; i indeed, it look** as if they were inttnded to ' mislead. One before me deals with a Dunedin company, in which I &m a director and know its affairs. Ib owes over £500, to which there is no reference. Another Dunedin company* statement does not take notice of the £1000 ■ which I know ifc to owe, and no on. I tend you two out of tho lot. You can test \ their correct&cs if you like at the office of J each. — I am, &c , ) February 5. Shaheholdek. [The schedule filled in is in the form prescribed in the act, but it is obviously defective, as it contains no reference to the actual liabilities of the company, although it requires the manager to specify the contingent liabilities. While, however, the schedule prescribed by the act is strictly followed, it is certainly improper for a manager to "solemnly and sincerely declare" thas this incomplete schedule when filled in "is a true and complete 6fo.te.ment of the affairs oE the said company." — Ed ]