GREY CONSOLIDATED COMPANY

Greymouth Evening Star, Volume XXXI, 5 October 1901, Page 2

GREY CONSOLIDATED COMPANY

The following letter has been forwarded ;o the Dunedin directors:

At a meeting of shareholders in the above company, held on Monday at Ahaura the following resolutions were passed: “ That it is the opinion of this meeting that an injustice is being done to the shareholders of this Company' by the manner in which the company’s ground is being worked. “ That the amount of ground treated is totally inadequate and out of comparison with the power and capacity of the dredge, and comparing with other dredges of far smaller capacity -and power, is treating considerably iefis wash ; and it is very evident that, the results obtained by the dredgemaster pp to the present proves that the ground, when measured and estimated at per pubic yard, is payable.

“That this resolution be read at a meeting of your directors, and we sincerely hope you will give our request due consideration. .

“The sbaroho’ders herein represented havb closely followed the work done by this dredge since its commencement, and have opportunities of comparing such work with lighter dredges working bn similar ground, and think it highly desirable that some change -should be made. As it is very evident if this course is not adopted that the shareholders have put their money into this company as an investment will have very liitle hope of getting their money back.

“In Mr Kyles report ho mentions that the dredge should progress at the rate “while working narrow” two chains per week. This is not being done or anything like it, hence the poorness of returns.

“In conclusion we would respectfully ask you to comply with our suggestion, appoint a thoroughly competent dredgemaster to report on the working and management of dredge at a very early date.”