OTWAY PLATINUM COMPANY.

Temuka Leader, Issue 2171, 5 March 1891, Page 3

OTWAY PLATINUM COMPANY.

Melbourne February 24. Last Thursday the shares of the Otway Ranges Proprietary, commonly known as the Platinum Company, had a fluctuating market, resulting in a heavy fall. Open ing at 555, they sold down to 233. Afterwards, on an announcement that a meeting of the shareholders had to be adjourned for a week owing to the absence of Mr Pounds, a panic look place, the shares falling to 3s 9d, but recovering co Bs. The Company was originally formed fifteen moniha ago to develops a supposed coal seam at Colac. Mr Pounds, a mining expert, sent to report ou the coal reported that the niioe was rioh in other metals, aod in a crucible test he had diecovered platinum. The public rushed ihe shares, which were £l, paid up to 15s, and they rose to £35. Mr Cosmo Newberry, Mr Reginald Murray, aod Mr Danvers Power, tested the ore independently, and reported that platinum did not 6xiet, and a fall in the price of the shares followed. In consequence of Mr Newberry's report Mr Pounds threatened a libel acton for £25,000. Mr Pounds then suggested the treatment of ore on a large scale to restore public confidence, and contacted to carry this out, If be was successful in obtaining platinum in certain.proportions he was to receive £IOOO cash and 2000 shares in the ..Company. He erected furnaces in South Melbourne at his own cost, and on Thursday afternooD it is alleged told the Directors that the whole thing was a success, and that they were millionaires. They were to meet him at eight o'clock at the works to receive the bullion. The Directors kept tha appointmeot, bnt Mr Pounds did not, and has not been seen sioce. It has transpired that he did not bank the bullion and the matter has been placed in; the bands of the detectives. The shares fell to 2s, bat th-y have recovered to about 10s.

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