GREY RIVER COAL COMPANY.

Grey River Argus, Volume VI, Issue 387, 7 July 1868, Page 2

GREY RIVER COAL COMPANY.

(To the Editor of the Grey River Argus.) Sir — Having been favored with a prospectus of the above Qampany, and having compared it with; the -copy appearing in your issue of Saturday last, I am somewhat surprised to find that a large amount of important information has been withheld from the public. In all enterprises calling for public sympathy, and on which such an enterprise as the present one so greatly depends, it is only just that the public should be put in possession of full particulars. As J have, however, already stated, a lajrge amount of important information is withheld, and, might I ask, for what purpose ? In perusing the prospectus I, for one, find it very conflicting, so much so that I would aßk you kindly to grant me some assistance in solving the following : — On the face of the prospectus I find, <{ £2 deposit to be paid on application, a further sum of £Z on allotment, and the balance at intervals as required ; no call, to be made with less thantwo ? " &c, &c. ; but on referring to the Articles of Association, Article 3 reads as follows^ — " Calls on shares of the Company,^ &c. £ , '&b. Now, as I opine, the Articles of Association are those which bind the Company, would it not have been better, instead ofi omitting those Articles, to have, published them ? And what, might I ask, are those shares termed "paid up shares If in whose hands are they? and what have they been allotted to the holders ? One cannot fail to. notice that- the. Articles of Association do not agree with the advertisement appearing . in. your paper, and 93 shareholders -will no .doubt be called upon to sign the Articles, ought you not to have published them, when, not agreeing with the advertisement }■ Aa to the so-oalled paid up. shares, I suppose those are the shares termed promoters shares, but of which no mention whatever is made in the prospectus. Surely an omission of so large an amount, involving nearly one-tenth of the whole capital of; the Company, could not have been mad© purposely! . Then, again, an analysis is given of the coal ; but, as lam led to understand, tfia analysis set forth, is one made by Dr Hector, from coal taken from the mine on the Nelson side of the river, would it not have been better if I am right in my supposition to have stated this fact? Of course, it" might be supposed the seam is the same on both sides of the river, but there is an old adage and a good one, "There's many a slip betwixt tne cup and the lip " — a slip for which promoters, of companies have had to pay dearly ere now. . . ; • ■ Although a most praiseworthy undertaking, I fear it will scarcely, in its present form, obtain the support of an already too susceptable public respecting such •undertakings ; but perhaps you may be able to elucidate those points which appear so vague tome. lam, «fee.;. A Subscriber: