THE MINING AND DREDGING INDUSTRY.

Greymouth Evening Star, Volume XXXI, 9 July 1901, Page 3

THE MINING AND DREDGING INDUSTRY.

(To the Editor.)

Sir, —All who have a real interest in gold dredging and mining as anindustry and investment must be highly gratified to obrerve in Lord Ranturly’s address to the House of Representatives attention is drawn to amendments required in the Mining and Companies Acts such as those I recently framed and forwarded to the Government. I hope in each district the constituents will at once impress on their members the urgent necessity for prompt action, the present vague and slipshod laws affording every facility for unscrupulous men taking advantage of a highly credulous public. If members (who have shown disgraceful apathy on this subject) will as they should, watch the interests of their constituents, such amendments will be speedily passed as will prevent—1. Large sums of commission being obtained on derelict and more or less “paper companies’’ floated on air, and kept alive for the sole benefit of tho promoters and vendors. 2. Promoters’ or bonus shares from being sold until a dividend had been paid from genuine profits and not out of capital, and to prevent any benefit securing on such shares of liquidation. 3. Articles of association being so worded as to allow votes to be recorded on “ dummy shares.” 4. Directors from receiving fees and striking calls and invoking tho law_ against shareholders at a time wb™ the directors themselves are in arrears.

Admittedly further capital is urgently required. Once convince people in the Old Country that a genuine attempt is now being made to free New Zealand mining from the land sharks and vultures who have during the past two years plundered the public and seriously injured the credit of the colony, and Home capital will come in readily. I am sending copies of the letter to the Governor, the Premier and members of both Houses.

It seems passing strange that it has fallen to my lot (a new comer amongst you) to call attention to, and then fight single handed against such a state of affairs as now exists.—l am etc., Herbert E, Easton, Dunedin, July 8,