GOLDEN CROWN EXTENDED.

Auckland Star, Volume I, Issue 72, 1 April 1870, Page 3

GOLDEN CROWN EXTENDED.

This company's ground is situated on tlio Waiotahi Creek, and from what I have been able to gather, and what. I know of the surrounding claims, it stands a good show for the Mariners' Reef, and others. Within the past three months powerful machinery has been erected, and from what was said at the start of it, the public were led to believe that very little money was due upon it, but I am son*}' to say that yesterday, owing to the calls not being paid, the company collapsed, and the whole of their fine plant and lease of ground were knocked down by the hammer for a mere frifie in consideration of the original cost. It was bought in by ATr 0. Lorenson, ami has again changed hands to Mr. Chapman, who, I believe, id a shareholder, and intends giving the refusal of it to the matiager. Surely there must be something radically wrong)to allow a fine piece of ground and powerful machinery like this to pas;? out oLghe bauds of a large body of shareholdei'jgjor the sake of a i'ow hundreds ? How long is this to last? Why do shareholders, without they intend to go through with it, allow their managers to go to all this expense, and then, almost before the newness is rubbed ofl", it is put up for sale, perhaps at the suit of a £1.0 creditor. The shareholders who very likely were the most eager for this extensive outlay are the very last to pay in their mito to enable him to meet the expenditure.