VINCENT EXTENDED.

Otago Witness, Issue 2433, 31 October 1900, Page 21

VINCENT EXTENDED.

TO THE EDITOB. Sir, — I aim a shareholder in the above company, and have just received a proxy form, which I would like to send to some shareholder in Dunedin opposed to the increase of capital. If the claim is as good a3 represented let the directors do as many other companies have done — pay ofi the small debtor balance oiit of the first gold recovered. With anything like ' luck we ought to be free of debt in one month after starting operations. I would be glad if any shareholder having my views wou^tt communicate with me. — I am, etc., 1». Stbanaghan. Chriatchurch, October 23. THE LAST CHANCE HYDEAULIC SLUICING, ELEVATING. -AND DREDGINGCOMPANY. TO THE EDITOK. Sir, — At the meeting of the above company, held on Monday evening, Mr Harty said it was. a grave discourtesy to the Dunedin shareholders that those in Alexandra snd Oamaru should put them to this trouble and expense, and then. not attend. As one of these shareholders, I " would ask Mr Harty if there would be the slightest use of our attendance when our proposals would not be entertained until all our calls were paid. Now, I shall give him my - reasons for not paying 'my arrears. As' far as I can learn this is the position of the company : Capital, £12,000; paid to vendors, £3300 in - cash and 3300 paid-up shares ; preliminary and office expenses up to date and calls which will not be recoverable, £1500 ; leaving the sum of £3900 to buy a dredge. Now, can Mr Harty tell me where a dredge is to be procured for this sum? I notice, further, that Mr Karty. although he says the company ought to be started, would in the meantime confine their operations to sluicing only. I should like to know how Mr Harty proposes to make the sluicing pay. "We have Mr Smith's statement that there are eight years' profitable work in sluicing. Now, to get the amount invested back without dividends, the company will have to earn a clear proßt ot £1000 a yeer. Mr Smith also state 3 that the dredging claim will take eight .years to work out. "We will now see how this will work out. The dredge will h?ve to provide a clear profit of £2150 to repay ike cost of dredge (£6000) and pay a dividend of 10 per cent, per annum on the whole capital of the company. This includes £2000 extra capital to provide the dredge. I think when the directors look at it in this light they will come to the same conclusion as the writer: tlrnt the boom was the cause of this company ever being floated, and the wisest thing now would be tcr wind it up. — I am, etc., Habd Facts.