CORRESPONDENCE CONDENSED.

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

CORRESPONDENCE CONDENSED.

One of the Victims sends us a long letter in which he discusses the affans of the Shotover Dredging Company, and deals in no measured terms with the directors. He says that from April to September m last year this diedge was getting only about half working expenses, apart from the secretary's salary, directors' fess, etc. Between two and three months befoie they closed down some of the directors told the shareholder " they world close dowa next week if the leturns weie not better, as they would, and could, sell the diedge for about what it cost, and the shaieholders would then not, lose more than about 33 m the pound." This expressed resolution had the hearty concunence of the.shareholders. This went on week after week, pnd they vere always going to close down next week. At last, towards the end of September, they stopped woiking the dredge, but too late to secure the sale of same to advantage; they had certainly let their opportunity pass by , but they did not forget to call up more cash just a few days before closing down. Shareholders were then told that another and a good claim could soon be got to put the dredge on. Then, much later op, they weie told a suitable claim had not been obtained. Then more months went by, and they were told an option had been secured on the West Coast ; and so nearly nine months has been '" messed " away since closing -down, secretarial saJary, directors' fees, dredge caretaker, and other charges all the time going on. Now the directors have only discovered that by the company's articles of association they are precluded from working e'sewhere than m Otago, and the company must first liquidate, and this after all this humbug and eating up of the capital of the shareholders. However, to a large" extent the shareholders have themselves to thank for this sort of thing, for if they will not attend the meetings and so help to look after their own interests they must suffer accordingly.