CORRESPONDENCE.

Auckland Star, Volume II, Issue 570, 7 November 1871, Page 2

CORRESPONDENCE.

[We are not responsible for our Correspondents' opinions.]

THE CALEDONIAN. To the Editor of the Evening Stab.

Sir, —In the interests of the shareholders in tho" above I company, I would wish to draw attention to a resolution pas-ed at a meeting of the directors held yesterday, at which I understand it was decided by them. " That the ' register' shall not bo open to inspection for the "future." Consequent upon which resolution, refusals have already been made by the legal*manager,- and that in the face of clauses V.~_and XX. of the "Mining Companies' Limited Liability Act," which distinctly state such " book or books shall at all times be open, iree of charge, for the inspection of creditors or shareholders," find further gives the right to any " past shareholder for a period of three months after he shall have ceased to have been one.'" Without at present entering into the motive which has induced the directors to take such a step, -I would like to know whether such an arbitrary and unjust act is to bo allowed to pass unchallenged by the shareholders, and a statute set aside by » simple resolution of a body of gentlemen. It so, the death knell, will be sounded to mining speculation on the Thames, and a few monopolists wiU reap the exclusive benent of the many thousands which have been invested .by a too confiding pubh«. I would suggest that a meeting of sha. re' holders in the rCaledouian will be held, wita a view to expose the action taken by; tlie directors, and to test the matter in. a Court of law. It is high time something were done to restore public confidence, in not only jM Caledonian mine, but tho field generally. There is scarcely a public company iniWUlOtt tlie law is not, overridden by the acts of those who manage them. I would suggest, m conelusion,.that fa subscription list be opened w defray any expense! attendant upon t-ne ■sftileinenr.Of a question, which, if-alh.wed w pass unchallenged, will deprive us of W* 'little 'confidence.and security .*e may M» hitherto felt in'the legislation' (such as«»J secured to us. —I am, &c, ...... • '£.