MANAWATU PROSPECTING ASSOCIATION.

Manawatu Times, Volume V, Issue 163, 5 October 1881, Page 2

MANAWATU PROSPECTING ASSOCIATION.

TO THE EDITOR Sib, — A few words regarding the above Association would not I think it ont of place at the present time. I have repeatedly heard the questions asked— Why are operations suspended ? What becomes of the funds of the association? Why is go and go not done f &c» Whilst agreeing with those anxious enquiries, that all this is. reasonable, especially coming from outsiders who bold no. interest m the. undertaking, and worse still, I am compelled to say, from some ot^t he sculled shareholders^ who have not paid one penny of, calls since tbe> time they signed the deed of association binding themseives, to pay tbfe| trifljio.fl[ . sura of one shilling per>hare per niontiu. ■ A.B I am a shareholder, and likewif^, P a l»Pg niy subscription Vy.hen, called on, to dp so, I felt it my duty to gain the necessary information as to the reason, for this seeming waste oftimeV and -• presumed mysterious disposal of ;the funds £ and having gained the .-. necessary information, I am m, position, to, enlightenthose interested !;. The'factsare a* follows >THat out of a. share list containing about 120 names* and representing about 800 shares, which!, should represent, an income of £46 per month, the receipts are a little more than, sufficient to "coyer office expenditure, trifling as it is." lam also informed that every, association, registered under the. Mining Companies Act, vriiust adhere, strictly to the following conditions: — To. emjploy a Manager, whose time. has to be. 'devoted during certain days offche week for the sote benefit of the company ; ali<> a registered office m which to conduct the business ; and also, that allnotices of * calls must be inserted for 7 dear days-, m newspapers published m the County, a copy of such notice to be sent by post, or delivered personally to' every share* holder. Thfe all me»ns expenditure. An xious shareholders may well consider thefairnessofmyseM" asda few other*; responding., to: the calls = month after oioju^h-rwhilst they, on. the other hand, . have tp_much to say, m reference tosuspension'of : operations, and' disposal offunds; bavin^ m many instances, not even snhscribgd one shiljijijj towards the undertaking, aithpjigh, their support, aud making, tberosel.ve^ijable by Act, oft t must confess it is badtaste on the part of, those defaulters to. find_ fault, when, they are 1 deliberataly ■placing the Directors, in ia^trying and! responsible, but unsound, position— inde-." ; penitently of the injustice to paying mem*. berß « „Tiw Mining Companjea, Act,l am, 'glad to bear, empowers thp manager to* sue.fpr «JtlaiQce»mcjf calls, ip the, B.M* Court, a course which Xtrujt. will be imV mediately adopted, '»• l!r»m informed) every individual shareholder is responsible-, for the Company** JwbjJUi«a^-^-^aVe*iuiK' idea tbatTo publish the fulllist of de«; faulting shareholders, showing arreart. due, Mjlfojrl4;<laya^fojht local papers, would have a salutary effect, the perusal of the same would be of great use to many, who are anxious to know the whys and; wherefores of- thja. thai and the other;' who smile complacently, whilst hoasting\ of the fa(jt that, they are not' sueh 1 fools, -as to pay their calls, when 'nb'wprk w] done. .They- never once' think how is it' possible do." when suph as them- v " iselVes, 1 will.not give the support promised.^ Before leaving: defaulters, I WQuld rtrnind^ them ofpije fecj—that they are making a grand mistake, '* iHow ready would' theyibe to pay up if good dividends were, ahead -"quite within the bpandsof possi-' bility." To attain that end, they should; faithfully stand by their promises of*iup-port-r-whether^ for gain or loss. At t( have' repeatedly heard, on good authority, .that the county, to be prospected, pre-.. sented ail the features, &c, nece^ary for. 3 a gpod, gold r fipld, we should use every, effort, towards" its developerasnt. I^^th?:ajrectprf w^jl see fit to take. immediate steps to recover all arrears^ dujp, Qther.wise.paying member* vail dropf oS, The,^^ weather is all ihat could be ide'sifed,' i^i3 " necessary to find "means to, commence operaijona at once, -otherwise.. 1 1 have no hesitation m predicting, that . Qntsj4ers'^i| reap. the hfinefi^ during the, qqming summer 6f the * company's re-. : searches to the present, which, will cer-* tkinly reflect no credit on the people oL Talmerßtpn.' l A ( pologising for t'respais-* ing on your valuable space.— l am, &c, "A Pating Shabeholdbb. '