THE HARTLEY AND RILEY SHARES AND RETURNS. TO THE EDITOR.

Otago Witness, Issue 2407, 19 April 1900, Page 20

THE HARTLEY AND RILEY SHARES AND RETURNS. TO THE EDITOR.

Sir, — In Monday's issue of your paper I notice a letter from the chairman of the Dunedin Stock Exchange. Read between the lines, this letter accuses me of working the dredge for the benefit of the crew, who, he asserts, are speculating in the shares of the dredge. I think my work for the last 20 years as dredgemaster of the' Dunedin and other dredges is surely sufficient denial of this. As regards the crew speculating in shares, I do not countenance it at all. Only one case has occurred, to my knowledge, of a member of my crew using his knowledge for the purpose, and I do not think it will occur again. As for myself, I ihave never held a share in any public company for which I have been manager. — I am. etc., George M'Lay.

TO THE EDITOR.

Sir, — In a recent issue of your paper I notice a letter from the chairman of the Dunedin Stock Exchange, in which he makes a serious charge against the crew of the Hartley and Riley dredge. He alleges that the members of the crew use their knowledge of the gold that is being won to manipulate the share market for their own benefit. This is an unfounded accusation against an honest body of men. The crew are about the only ones who have not made money out of the fluctuations in the price of Hartley and Riley shares. If we wished to make money out of our knowledge of what the dredge is doing, we have had lots of opportunities without taking the risk of the share market; and I have no doubt that those very people who have tried to purchase our honesty are the very ones who cry out so loudly about the crew dabbling in the shares of the dredge. There has been one case of a member of the crew using his knowledge for his own enrichment, but, with this one exception, the only money that the Hartley and Riley dredge has put in our pockets is the wages that we have honestly earned by our labour. — I am, etc., Jxilius H. yon Haast, Winchman Hartley and Riley dredge. Cromwell, April 11.

TO THE EDITOR,

Sir, — In Monday's issue of yoilr paper I notice a letter from Mr A. Herdmann, of tho Dunedin Stock Exchange, which acctises the crew of the Hartley and Riley dredge of speculating in shares of that dredge. There is no denying the fact that one member of the crew has made use of his knowledge to buy and sell, but to condemn the whole crew for one man's doing is most unfair. The members of the crew have not, and do not, tise their knowledge, either to benefit themselves or their friends. If we had done as Mr Herdrnan says, there would be no need for U3 still to be working as dredgehaads, as we would be able to retire on the money which luiaour credits us with having ma<?.§»

Mr Herdman says that we speculate in shares of surrounding claims. We, surely, have a perfect right to do this, as our duty to our employers (the directors of the Hartley and Rilej') ends with that dredge ; and, if we like to risk cur money with other shares, there is no obligation not to do so. Though we have this right, we have more sense than to invest in many of the recently-floated claims in oub vicinity. — I am, etc.,

Harry Graham, Dredgeman Hartley and Riley, Cromwell, April 11.

TO THE EDITOR.

Sir, — I have been waiting patiently for the directors to enlighten {he public re the above, and have come to the conclusion I may wait till Doomsday. What I would like to point out is this, that the directors were quite entitled in my opinion, to sell at £24, but not to preserve a complete silence during the boom, when, a very little information would have saved more than one man from a very heavy loss. The directors are directly responsible for the boom, and more so for the collapse. "Why, I would like to know, did they not inform the public that, the return after the record one was not; going to be equal to it? Why did they not inform the shareholders that the dredge was being moved? One of the dredge hands, it is said, sold his shares at top- price immediately before she was moved. If they did not know she was shifted, then they should have. If the manager shifts the dredge he must 'know that out of the gutter there may be a change, and in a concern like this, where £150,000 capital during the boom was concerned, every move should have been publicly announced, so that any fluctuation in the return would have been understood. One more complaint and I am finished. This week's return is HOoz, and. there is an accident to the dredge. Is this ail the information the shareholders are entitled to? Luckily 'Change is c!oseJ, or there would have been snolher slump for a certainty. I maintain every detail should have bsen telegraphed down, and also exactly when the accident happened, and how many hours the dredgeworked for the liOos, or whether, as lurnour has it, it v.-cs all goi in two days. If this is tiu?, what rtoey it mean? Why, that those whedo kiimv it for .1 fact, l:now that the is on the gold again. f!D-i may gel a big return this week, and can buy at present prices for a substantial tise. For my own p.irt, T feel satisfied that there is fivo t:nic3 more left than has ever been, taken out of the cioira. In conclusion,, I would ask the :-.har.*ho!de~s fo caH an extraordinary minting, nix! whci electing fresh directors insist upon a <vua ll fl<v.t : c.u of 15 share 3, and upon, a clitiinct ii.'jdei».la.i.diig that a plaa of tho cla.m will he rc?pai=d and blocked out, and the position oi Hie dredge and returns telegraphed down daily. I enclose my card. — I am, elc , Dunedin, Arviil 14. Shareholder.