ALBURNIA G.M.Co.

Thames Guardian and Mining Record, Volume I, Issue 85, 17 January 1872, Page 3

ALBURNIA G.M.Co.

To the Editor of the Thames Glaumax,

Sir, —As a shareholder in the Alburnia, I was pleased to sec you had taken notice of the proceedings of the directors, and commented on the call of 13s Gd that they have made. I quite agree with your article, and think if some measures arc not taken the company is most likely to find its way into the Official Liquidator’s hands. Now, Sir, would it not be better to make a call of say 7s Gd per scrip to pay off the liabilities. After that, let the capital of the company be increased. The mine is undoubtedly a good one, and by proper management ought to be able to not only pay working expenses but also dividends. In June last a dividend of 20s per scrip was paid, and on the payment of which the shares rose in value very much, but since then they have gradually decreased, and now stand at about £4 less call. Since then another dividend of 10s per scrip has been paid. Now comes a call. Why was it that these dividends were paid at that time ? Could not the management have foreseen that, they would have to incur liabilities for machinery, and have retained at least the last dividend to pay for the same. What I ask is to become of the company’s property after the ,£SOO is spent ? I think that the shareholders should convene a meeting to discuss matters before it is too late, for I firmly believe that if something is not done soon this valuable mine will pass from their hands.—l am, &c., A Shareholder. Grahamstown, January IG, 1872. «.