THE WHAU RING.

Thames Star, Volume XI, Issue 3455, 21 January 1880, Page 2

THE WHAU RING.

(To the Editor of the Evening Stab.)

Sib,—The holders of scrip in the Old Whau Company, whose shares have been, declared forfeited illegally by the Company, intend proceeding against the directors, and demanding that their names and shares be again placed upon the books of the Company. For years the directors, the principal shareholders, of the Old Whau have been quietly forfeiting shares upon which calls remained unpaid, aud the question naturally arises of those individuals, for their own purposes were justified in forfeiting such shares. By the process carried on, in time the mine would become the property of a dozen individuals, as the shares were not put up to auction and re-sold, but were held as it was termed on behalf of the Company, thereby resulting in anancreased value to the remaining shares. The calls, in the opinion of some persons, were made unnecessarily, and in such a manner the operations of the Company were carried on. The improvement in the Alburnia has given an increased value to the mine, and the shares being limited in number a little over the 1000, the original number in the Company being 3000, the holders by refusing to sell have managed to get the market quotations up to 100s. I am aware that the directors, to keep themselves in the directory, and to qualify them for any honorarium that might be voted, retained only 50 shares each ; of course, forfeiting their shares was "not altogether a loss, as the increased value of those retained compensated them for loss in number. I hope, sir, the matter will be thoroughly tested, for it is only one instance of the way poorer shareholders on the Thames have been victimized by designing directors and managers.—t am, &c, A Victim.