BLACK WATER RIVER GOLD DREDGING COMPANY.

Greymouth Evening Star, Volume XXXI, 17 December 1901, Page 4

BLACK WATER RIVER GOLD DREDGING COMPANY.

{To the Editor.) Sib,— Mr. A. C. Broad has issued a circular to the shareholders of the Blackwater Eiver Gold Dredging Company embodying a number of damaging statements. lam informed that Mr. A. C. Broad came over here in the earlier part of this year and carefully inspected the Blackwater Eiver claim. On getting back to Greymouth he is reported tv have bought up all the shares he could lay hands on—some of them at a premium. lam also told that he left instructions to secure a claim for him on the terrace overlooking the Company’s claim, and that this was done. How is it then Mr Broad’s opinion regarding the claim is so changed and that now he “ is strongly of opinion that the interests of the contributing shareholders will be conserved by liquidation, for the claim (if a payable one) will require an expensive dredge and be a very costly one to wort on account of the timber.” Mr Broad has not visited the ground since he bought the shares ; so that he has no more knowledge of it now than he had then, and dredges have gone down in prices very considerably. Any number of dredges suitable to the Blackwater ground can be picked up cheap now. However, we know as much as Mr Broad does about the Blackwater River property, perhaps more ; but certainly enough to stick to it till we get our money out of it again in dividends. And Mr Broad’s opinion or statements about it are valueless over here. The directors will probably send us a circular in reply to Mr Broad’s soon; and I think when it comes we will see that this statement of the Company’s affairs is incorrect. We West Coast shareholders want to see a strong suitable dredge put on the claim, and if Mr Broad would undertake to stir them up in Dunedin in that direction, I think he could rely on getting most of our proxies. But we dont want to be bluffed out of our money by liquidation. I am, etc. — Subscribing Shareholder. Greymouth, 14th December. [A wholesome respect for the law of libel compels us to excise a sentence or two.—Ed. E, S.]