MIRANDA COAL COMPANY.

Thames Advertiser, Volume VII, Issue 1868, 3 October 1874, Page 3

MIRANDA COAL COMPANY.

To the Editor of the Thames Advertises. Sie, —I noticed in the Gftliamatown tolegrams published in last night's Auckland Evening Star that Messrs Friend and Dr. Lee, directors of the Miranda Coal and Mineral Company, had called a meeting in reference to that company; Iconsider that it is only fair that the Gra- ■ hamstowri people should be aware 'how the directors of this company hare endeavoured to dupe the public. I think you. will agree with me that when a body of directors issue a prospectus of the company and solicit the public to purchase shares, that they should state fully the terms on which the. property is to be obtained by the company. These directors endeavoured to conceal the fact from the public, that they had allotted themselves some three thousand £1 promotion shares as against one thousand five hundred £1 shares, and. £1,000 in cash paid Mr James Foot for the property, and when asked for information by me they refused to afford me such information, and referred me to their agents. I find on inquiry that my - surmise was correct, that' these directors' were elected for a term of years, and had

allotted themselves three thousand shares —10s paid up Bhares—as a reward for lending their valuable names as directors of the company. I enclose two letters which I wrote these directors (through the columns of the Star), and the reply of Mr A. F. Friend, on behalf of the directors, and will fell obliged if you will publish them, with this letter in your valuable paper. —I am, &c, Thomas Polson. Newton, Auckland, Oct. 1,1874. [The letter referred to has appeared in our columns.]