THE GREEN HARP SWINDLE.

Tuapeka Times, Volume V, Issue 237, 15 August 1872, Page 8

THE GREEN HARP SWINDLE.

The Green Harp is the beach claim at Coromandel in which gold was first discovered, six or seven months ago, and round which not only numbers of other claims have clustered, but in consequence of which a large and solid township has been built" Its first experimental crushing of ten tons yielded 110 oz. The shareholders were working men, who stuck to their shares, and accumulated a few hundredweight of rich specimens, which were freely exhibited in their huts on the ground. Besides this, there were 200 tons of general stuff only awaiting the erection of a machine to be crushed. Gold was often seen in this stuff, and judging by the first 10 tons a splendid result was anticipated. There are 5000 shares in the C>mpany, and they were selling at one time at £14 each. Afterwards they fell to £7, and were at that for some months. The New Zealand Company (English) put up a very fine battery adjoining the claim, and after many delays the crushing commenced. Rumors of various kinds then got afloat — the chief being that the richest of the stone had been robbed and privately crushed from time to time. The correspondent of the " Cross " wrote in the ordinary course, and stated the result of the first crushing to be 473 ounces amalgam. Shares fell, and he was freely abused as having interested , motives, for no one believed it possible t»he result could be so small. The Chairman of the Directors, Mr. T. Howe, then wrote to the " Cross " that the statement was true when their reporter was there, but that 1305 oz had since been added, making 17786s in all, from the first 50 tons stone. Confid-. ence was restored, especially as the directors were not selling out. So long as they continued holders, the mine must be right, Imagine, there'

fore, the dismay when it was suddenly discovered that these men had been quietly selling out through third parties, and had not a share left among them. Of course this could only be known when the transfers came- to be registered, as the only name known to the buyer was that of the third party, to whom the original holders afterwards transferred them en bloc. Worse still, however, when the original directors, having thus rendered themselves ineligible, where replaced by others, it was found that there were only 5190z amalgam on hand from the whole of the specimens and 120 tons quartz. Even this amalgam has been found to consist chiefly of copper and lead, with a trace of iron. The net result is HOoz gold, worth, say £300, less cost of crushing, which must be near £100. The balance is all left to meet debts of about £800, and instead of a dividend, a call is inevitable. Shares are down to 10s, but sales have been made at ss. As the original directors and shareholders carefully advised all their friends to buy, the Josers are largely among working men, and others holding only a few shares each, who can ill afford to lose.