THE WAIHI MINE.

Colonist, Volume LIII, Issue 13055, 15 March 1911, Page 4

THE WAIHI MINE.

A DIRECTORS' CIRCULAR,

[United Press Association.]

Auckland, March 14

Local directors of the Waihi Mining Company, Messrs. S .T. George and Charles Rhodes, have issued a circular to shareholders soliciting proxies in favour of electing the present directors in London. Referring to the Wellington Committee's request for proxies in favour of Mr. Tapham, who, it is stated, is not registerer as a shareholder, the circular states that the confidence of the shareholders has been expressed individually and collectivelj' in the present directorate, and the local directors feel confident that the largo body of shareholders who still have confidence in them would regret if at this juncture anything should be done to make the position of the Board still more difficult, or to endanger the re-election of Mr. Mitchinson, the present chairman. They urge that it would be a step full of .risks to tho welfare of the Company and they express themselves convinced that there is no foundation for the suggestion that the directors or the executive have made unworthy use of their information. The writers assert personally that neither of them has benefited by any trafficking in Waihi shares, and that neither has been concerned in any operations whatever in shares since the market began to fluctuate, more than a year ago. Motions are to be submitted at the annual meeting requesting directors to obtain a complete report by a first class mining engineer not resident in New Zealand, upon the whole position of the mine, particularly the methods of working the ore reserves and the management generally; that all reports, cabled or otherwise, be published in New Zealand and London; that the question of leakage of information be investigated; and. that all possible steps be taken to prevent such leakage.