COOK AND GRAY'S COMPANIES TO THE EDITOR.

Otago Witness, Issue 2467, 26 June 1901, Page 23

COOK AND GRAY'S COMPANIES TO THE EDITOR.

Sir,— At the meeting of the Ngahere Company I was giatified to observe the firm stand made by the chairman. (Mr AY. G. Somerville) in not allowing votes to be leoorded by unqualified shareholders. "When going over the claim I had not seen the prospectus, but until Messrs Cook and Gray can place the property where it is said to be located in the prospectus I shall agres with Mr Somerville in defying the vendors to press any claim against the shareholders. In addition to a demand for a return of brokerage on the shares in several of these derelict companies, on which no payments have been made, I contend an explanation should be reqtiested from the companies' solicitors for propounding articles of association so worded as to admit of votes being recorded in respect of contributing shares on which no money has been paid. Such articles are contrary to common sense. If the piesent law of this country doe=) not protect the investing public, it is high time that drastic amendments were made. Are the various members of Parliament asleep? And do they lealise the importance of protecting their, constituents, who pre all more or less interested? The apathy with which "fche public of this colony allow themselves to be so easily deprived of their hardly-earned savings is astonishing. 1 take this opportunity, Sir, of thanking you for the liberal way m which you have opened your columns to my various strictures, and from the many letters I receive fiom shareholders in remote districts I feel sure the writers also appreciate your kindness. — I am, etc., Hehbebt E. E^ton. P.O. Bos 490. Diinedin, June 20. P.S. — Shareholders will do well to remember that Mr Gray is now clef ending an action in the GoLden Grey Company, in which he alleges misrepresentation against his late partner, Mr Cook.-H. E. E.