CORRESPONDENCE.

Auckland Star, Volume II, Issue 594, 5 December 1871, Page 2

CORRESPONDENCE.

[We are not responsible for our Correspondents

opinions. 1

NONPAREIL MEETING AND DIREO-

TORS' AC 1 lONS. To the Editor of tho Evening Stab,

Sib, —In answer to " Jerry's " letter of yesterday, relative to myself and the late Nonpareil meeting, allow me to inform him that I did not say the report was *' highly inaccurate," but " slightly inaccurate," as the letter addressed to the Star on the 2nd will prove. And had "Jerry " made enquiries, he would have fouud such to have been the case. For my own part,' I should have cared little for the report of the meeting so long as I knew the result was right, only that there are several Mr. E. Wood's in . business here, I thought it would be detrimental to them in a pecuuiary point were it reported that they moved in the mutter — calling upon the directors named to resign. "Jerry's" letter is certainly very cutting ! One can hardly bear to read it, const eriug how one feels after being so unmercifully treated by the directors before,--as he puts it in liis tunny production. I can oniy account for poor "Jerry's " bark iv thinking that he got the advice, he says " I so much wished for," and got bit in the transaction. I (suppose he was au especial friend, and now says, " O ! save us from our friends ! " It would take too mt_rh of jour space, Mr. Editor, to reply to all the insinuations spoken of by ' Jerry.1'

But what I would say to the directors of the Waiteiuata is, why not sink thi shaft 400 or 500 feet deep, and prove the ground? Surety the shareholders would not object to pay a few thousands iv calls to carry out that work, when the mine is represented as such a valuable property ? Instead of that, it. appears to me, that they are more desirous of obtaining the results of the Nonpareil crushings to develop tho watery Wuitemata. I am astonished at their wishing to divide such a prize as they represent it to be —and would have us believe. What a liberal spirit displayed in theory; but, practically, the reverse. Why did not the Nonpareil directors register their Waitemata scrip in their own name, instead ot putting them under '*. ■ •■«' if _ friend?

Were th-y thiuking ».. .... . n calls ?or did the whole transaction appear too dirty for them to be mixed up in it ? or did they not wish to appear in the foreground until such lime as their obj ct was attained? I leave this for he consideration of the Nonpareil shareholders, and to act as tbey may think best iv the matter.

What I would wish the Nonpareil shareholders to note is the relative values of the Waitemata and " Ceutrals" in tho market, ami what they hnvr hifk._ for some time pnst— orip from 7s. to KJ. (.' i., Luc o her from £2 to £3, about equal uu ii'->«rs in each claim, but the lower-priced one holding moro ground,— so that it i* not ground that commands the price, but ultimate prospects.

Had the Nonpareil director* been wishing to benefit tho Nonpareil shareholders, why did thfly not purchase about the same number of Centrals as they did of Waitemata-? If they had done so, with a thought of amalgamating, I do think there would not have been a voice raised against it, but all won id have .been in favour of it, and it would have added to the credit, of the directors, no- only as directors, but as speculators, displaying an amount of foresight which every man ought to possess who undertakes such duties.

It was a pity, a id a great loss to Nonpareil shareholders, that "Jerry" did not, "ou behalf of the directors," prove to demonstration, tliat it would be advantageous to Nonpareil shareholders to amalgamate with the Waitemata. Instead of directors merely saying that they would amalgamate in an individual sense, but yet would not recommend it, as directors of the Nonpareil, not even supporting their ideas of amalgamation with one fact or argument that would lead us to beii.vo it would be beneficial. The facts elicited at the meeting all tending to prove to Nonpareil shareholders that their interest would be quite as *-ell guarded and managed by gentlemen who did not hold such large interests in the Waitemata in the name of another. Hoping, Mr. Editor, I have'not trespassed too much on. the space of your valuable paper,—l am, &c, C. Wood.