FIRST CHANCE DREDGING COMPANY. TO THE EDITOR.

Otago Witness, Issue 2524, 30 July 1902, Page 25

FIRST CHANCE DREDGING COMPANY. TO THE EDITOR.

Sib. — In your Saturday's issue you rernari that *" the return must be gratifying to those shareholders who had sufficient enterprise to take up shares in the new company and thu3 enable the claim to be exhaustively tested. ' In to-day's Times you further remark that " those who did not take up the new shares •will doubtless ba disappointed." I was present at the last two meetings of the old company, at both of which a certain shareholder tried to get the management to explain why so much time and money were being wasted in trying to get gold in the upper half of the claim. Mr Kyle informed the meeting that he was convinced that good returns would be obtained towards the lower end. Why was the dredge not sent there at the beginning of the winter? If it had been it is quite clear that liquidation and heavy loss to many shareholders would have been avoided. To induce shareholders to take an interest in the new company a bait of one fully paid-up share was offered to every one who took up one contributing share, which means that shares cost 10s each. Had the company power to give away 3500 fully-paid shares '•> I understand it is not legal, aud if those who did not apply for shares were to meet and take joint action they might still have a further chance to retrieve their losses. — I am, et"., July 23. ExTEHriusE Disappointed.