THE DAY DAWN DREDGING COMPANY. TO THE EDITOR.

Otago Witness, Issue 2456, 10 April 1901, Page 21

THE DAY DAWN DREDGING COMPANY. TO THE EDITOR.

Sin, — In your issue of April 1 you publish a report of the extraordinary meeting of the above company, at which the chairman laid resolutions before the meeting to increase the capital to £7850 by the creation of 850 new shares of £1. I should think that this is pure madness in the face of the fact that the Nugget dredge did not strike payable gold in any part of its claim. This diedge worked close on to the Day Dawn boundary, and as Ihe Day Dawn was floated rot on its own me;;ts, but on the reputation of the Nugget claim, as

'" Contributing Shareholder " stated in your issue of March 9, it would be more to the point to wind ud the Day Dawn Company and not issue moie shares. Now, the Nugget dredge

=truck bottom in varioi.s places, and the rll*^-?r ll *^-? he are given to believe that there were indications of payable gold on the bottom, but this is (ontiaiy to fact, as the bottom pioved a rank; duffei where\ rr shuck. Mo«t of tl> o gold won came from the top layers, but not anything appioachmg to oajablowash. The shareholder" who ga.e such glowing accounts of the Nugget; claim at the meeting must be oiie of the kiiowa'l mining eypcrts that one meets so often i.ewadays v.hen ho compares the Nugget o tha Hartley phA Kiley claim , but he deserves the> credit of being sble to look after No. 1 , as it would rertamly be to his advantage it tho Day Dawn Company bought the tlretlge and rlaint for £?000 c'pih" and 1250 fully pad-up shares. This is a good price for the dredge, as the claim it not v. cith counting m.

Let the shareholders club together a id put the Day Da^n m liquidation before any more good money is — I am, etc., Shakeholder No. 2.

April S,