THE QUAYLE COLLAPSE.

Te Aroha News, Volume VI, Issue 364, 1 May 1889, Page 5

THE QUAYLE COLLAPSE.

MR QUAYLE EXPLAINS MATTERS. At the winding-up meeting of the Quayle Company on Thursday week the Chairman explained that £64,439 capital (the Company only a^ked for £57, 000) had been subscribed, and things were going quite prosperously when some damaging statements appealed in the press. These were not at once contradicted by the vendor, and had created such distrust amongbt the chareholders that the directors thought it be.^t on the whole not to go on, but to return all the money. In th'b desiie they had been met in the luindsomcab way by Mr Qnaylo, who had no with to press the propeity on unwilling buyers.

MR QUAYLE'S BONA FIDES. Mr llobson : I have represented Mr Quayle in this matter fiom the outset, and should like to say a few words before you adopt this resolution. In the first place, I say — and I am quite sure the solicitor and the directors will eonfiim me when I say it — that there has been the utmost good faith on MrQaayle's part from the commencement. (Hear, hear.) He handed over the whole of the title deeds, gave the directors all the information in hispossession and placed him&elf unreservedly in their hands. The repoi ts he obtained were not anonymous pioductions ; they have been \eriiied by experienced mining engineers. You have Mr Henry M. Smith, authorise:! mining surveyor of the Thames goldh'eld, and MrJas. M. McLaren, who was for 35 years the Government Inspector of Mine& (there are no better names in the colony), and the property has also been leported upon by other experts. You have to 1 weigh these reports, gentlemen, against anonymous contributions to the papers, which we know to have emanated from a man who was interested in fchib mine, and | who tried to squeeze Mr Quayle ' out of it. That is the long and the short of it. After the statements made it was only right that the directors should call you together to let you decide whether you prefer to have the Company wound up, and your money back, or to ro- purchase the property. At first it was said that there were no lodes at all ; no oie of any description ; that all the lodes in the district had been abandoned ; that a syndicate had refused to have anything to do with it, and that Mr Quayle bought it for £2,000.

mkTquayle makes a statement. Me Quayle : As the proprietor of this mine, I may perhaps be permitted to say a few words. 1 have had thi3 mine examined thoroughly by the best experts in ISTewZealand, and it has been proved that the mine is a good one. A tunnel has been driven 160 ft upon gold-bearing ground, and It is found to be of free milling nature. Another tunnel has been driven 60ft.— 48ft. wide of quartz— the finest quartz I have overseen. I have been through nearly all the mines in j the district, and have never peen better free milling ore than I saw there. It j assayed loxl2dwt from the very worst parts ' of the mine ; and I am quito certain thab'ib

would run 2oz clear pure gold to the ton. Because a man happens to bear me

A LITTLE MALICE, and brings forward all kinds of damaging statements, it by no means follows fchab the property is worthless. I had a contract) with this man to purchase the mine, and signed an agreement to buy it for £16,000, and I was to pay Jt'B.ooo for my half-share oi bho mine. In consequence of certain matters coming to my knowledge, I began to be auspicious about him, and upon making inquiries 1 found that) he did not pay anything like that tor the property. The miners told me that ho did nolpuicha.se the mineatall bubhad merely obtained bho refusal of it. lcheretoreasked whether theoption was on or oh", and was infoimed that the time had elapsed, and they were open to sell the mino to anyone who would buy it. I then bought it, and this man has followed me to England and has done mo ithis damage. He commonccd an action against me in Auckland for nob fulfilling my contract with himand thus preventing him from purchasing the mino I foolishly paid him £620 to cancel that agieemenb, as 1 was anxious to get to England and that action would have caused me six mouths' delay. If I had gone to JaAv with him he would not have j_ r ot a penny, lam sine I am very that all this has happened. I do not caie who goes out to examine the mme — I will prove that it is a thoroughly good property, and all the miners and competent judges in the locality ay it iy the best mino in the district. I am sine it will run 2oz to bho ton, and perhaps a great deal j more. (Ileai, hear.) i A FAITHFUL FOLLOWER OF THE i EXPERTS.

Air W. K. Fitzgerald Moore (dheotori : A-. ninny oi you may be aware, 1 have been connected with, mining tor a great number ot years. I know Mr McLaren, Mr Henry M. Smith, and Mr fond, and all I can say is this that 1 would follow them in a veutuie to-morrow. Tf I were wanting men in Now Zealand to examine a mine, 1 would appoint these three men, and would follow them implicitly. Mr Bush and myself have proved that by the amount he have put in with the frbnrcholdeis of this Company. Mr QnayJe : Mr Parked, who has just returned lrom New Zealand, and who is a metallurgist of great notoiiety, ha.s assayed the ores in our neighborhood, and perhaps, as he is here, he will &ay a word or tivo about them.

AN INDEPENDENT OPINION. Mr Parkes : J hu.\e spent nine months in the neigh bout hood, and it has been a i^ienb delight to me to aseei bain the value of the mineral properties. I have assayed about 00 samples, and have found iiom io/, up bo llloa of gold, and 0,0000/ ot silvov, to the ton. Thete, of couise, aro exceptional samples ; but all round the eountiy is metalliferous, and that this is a good mine 1 have no doubt. (Cheers.) Mr Raphael : As I understand, you are ghinrj no your geneiul experience ot Ihe neighbourhood — not of this particular mine? Mr Parkes : Evactly.