BEAUMONT AND TUAPEKA WATER RACE CO.

Tuapeka Times, Volume VII, Issue 360, 30 May 1874, Page 2

BEAUMONT AND TUAPEKA WATER RACE CO.

{To the Editor,) Sib, — As a shareh older in the above we, I am now stormed by manager Jfo. 3 and I threatened -with a summons for calls due. What am Itodo ? I h&xe £ried to sell ay shares — even offered them as a gift, bufaiWo" no purpose. I invested in the speculation on the representation that three calls would mate the work a reproductive one, an-l was assured that all the calculations had bcon correctly computed, and that a good speculation -was offered to the public. But I find manager No. ' 1 defunct, after his hand wrf played out. No. 2 was appointed, and in' tended giving it a fair trial. He called an extraordinary meeting of the shareholders at the Company's office. The time of meeting came round, when manager No. 2 and some of the most interested ' of the shareholders, viz., the fully paid up ones might have been seen up one street and down another in the greatest possible fuss to get shareholders to roll up. A meeting was then held, when it was shown, in the clearest possible manner. that the means at the disposal of the present Company were totally inadequate for tie wort — indeed, it was shown that, supposing the whole amount of each share wag called np, and the G-overmnent subsidy expended on the work, the wholo amount would not complete the race beyond the Beaumont Saddle, if it would carry even so far as that. This was a very cheering .report — was it not. Sir r after being deluded into the snare in .which I, with others, am now placed. ' In addition to this, it is very questionable whether" the race will bo any good on the Tuapeka River if ever it should be made so far. I, should lit* to be informed who is responsible for the slowing accounts that were so falsely laid be* fore the public, when the scheme was orignated. My humble opinion is that a company that requires to summons its shareholders for ita call* must be a very rotten > concern- indeed, and the sooner it winds up its affairs the better. — I am, &c., Limited Liability