WAIHI SHARES.

Dominion, Volume 4, Issue 1015, 3 January 1911, Page 5

WAIHI SHARES.

■ c— ~ STATEMENT.BY LOCAL DIRECTOR. ■ (By..Telegraph.—Special. Correspondent.) . Auckland,.January 2. . Referring to'the cable message recording a further fall in Waihi shares/ and tho comment of tho "Financial Times" thereon'; the local director of the Waihi mine (Mr. Chas. Rhodes),' in speaking to a "Herald" representative, stated that there was absolutely no foundation for the statement as to the directors' not publishing progress reports. As a matter of fact, tho Wailii Company published cable's once a fortnight, or ofierier, and-monthly reports with full- particulars of work done at the mine, and in addition to these shareholders were also supplied with quarterly' reports. Through tlio information supplied in tho reports it was quito possible for an engineer to make a model of the mine, and also work out a correct statement of the assays and yields without , even visiting tho mine. This had . been done by the directors in London.' : Two visiting engineers also made a duplicate of some of the mine plans from particulars supplied in the reports.

ill. answer to a question ..as to whether there was anything v;rong in regard to the mine, Mr., Rhodes said that during tho past nine months development of the No. 9 level in the Martha lode had been proceeded with, and- had disclosed the fact that there were only , from 15ft. In 20ft. of payable oro on tho hanging wall of -the lode, the balance being practically worthless. That, position had been reported : from time to ■ time _ during tho whole of that period. -. During the past month Nothing out of the ordinary had happened, and certainly nothing to cause the further big drop of ,-61 per. 6hare which liad taken place. There was no reason in his opinion .why tho company should.'not continue in the position of being able to pay tho usual 4s. dividend. Tn conclusion he said that tho reports from the mine published during tho past ■ten-years gave all the details, both good and bad with regard to the working of the mine. There was no cutting out of bad assays, or putting in of good ones. Ths reports supplied to shareholders showed' absolutely tho true position of the mine.- He said that for some unaccountable reason the. "scare" -at Home seemed to be moro pronounced than over, but Mr. Rhodes drew attention to tho fact that at the present time tliero woro more shares on tho local register than ever before, and more wero still coming out. ' /