LANKEY'S CREEK.

Inangahua Times, Volume VIII, Issue 1299, 19 September 1883, Page 2

LANKEY'S CREEK.

To the Dunedin Shareholders, Tankey's Creek Gold Mining Company, Limited. Gentlemex,— Copies of the Dunedin daily papers of 3rd inst., have reached us, and we find reported another senseless meeting of a few discontented and indignant shareholders, out of sixty-eight shareholders in Dunedin, only twenty appear to have atteuded, and some of them unregistered. Anyone reading the "lachrymose diatribes, bristling with unwarranted and scandalous epithets " indulged in by the immaculate few, headed by the Chairman, and launched, not only against the local Reef ton Directors, but also against the men of the whole of the West Coast generally, cannot fail to perceive the utter absurdity and falsehood of the accusations. The whole of the charges agaiust the Directors evince such a small mind and puerile spirit, only found j amongst whipped children, who try to i evade just and fair punishment for their own indiscretion, by placing the fault on others. These immaculate few are continually whining over the failure of the first crushing of the cement, forgetting that their own contrariness and meanness have compelled us to discontinue further prospecting the ground, and that their attempt at evading just aud fair liability, by witlmlding arrears of calls, has placed the company in anything but an enviable position. The complaint that you have not been made acquainted with the full facts respecting the business and working of the company is utterly untrue, the local management has taken every opportunity to keep the Dunedin Directors fully posted up. It was assorted that information was suppressed, if so, such suppression must have taken place within the charind circle of the immaculate few ; if the report of "Mr Niccoll was smothered, it must have been, done in Dunedin at the instauca of some Dunedin shareholder. Mr ' iccoll was sent up in your interest, and if you did not get a report from him for your money it is entirely your own fault, it is hardly probable that all of you were left in tlte dark, for on the return of your emissary a demand for shares was noticeable. The assertion that another crushing was reported by the Legal Manager at 7dwts. per ton, is without foundation, the telegram dated August 13th reads "work going on, Mine Manager reported Saturday strikiug better class cement, equal seven dwts." There has been but one crushing, and you were apprised of same by printed circular. It was openly stated at the meeting that the venture was started for the purpose of working a swindle, if so, the Keefton people can show clean hands in the matter. It is well-known that not a single local man here had a hand in first promoting the scheme, it was launched' entirely by foreign speculators from Dunedin and Nelson, afterwards, several local men became shareholders during the scrip mania here, but these have evinced no disposition to sneak out of this speculative venture. It was suggested at the meetings held, that the Reefton Directors should be asked to resign, this, in the interests of the creditors and shareholders who have paid up we emphatically decline to do, until the liabilities of the company are paid, when we are willing to retire in a body if requested to do so. It is to be regretted that the action of one of the Dunedin Directors (Mr William Watson), should have thus far, been instrumental in bringing matters to the present crisis, his gross misstatements, and utter disregard of facts with which he was, or ought to have been familiar, as well as his unmanly and uncalled for insinuations, hinting at a systematic falsification of accounts, and a probable iucorrectness of the audited books of the company, must doubtless tend to mislead the majority of your number, and prevented you forwarding your calls. Last month, Mr Watson suddenly discovered it expedient to resign as a Dunedin Director, and sent us a letter dated August 15th, resigning his position, sarcastically regretting "to have to do this, as the emoluments appertaining to the office should justify my retaining same," but, to our surprise, another letter came a mail or two after, dated back August 11th, also resigning his position as Director, "having sold enough to disqualify me acting as Director." Mr William Watson appears to be in a fag as to the shares he holds, he is registered for 1440 ; pays on 84' » ; yet on the 11th \ugust he is supposed to hold something below 25<), the Directors qualification, while on the first September he says he holds 1000. By last mail however he sets this right, by forwarding to the company's office under letterdated September Bth. (the date our advertisement appeared in Dunedin}, scrip for 840 shares, stating in a somewhat innocent and childlike manner " I wish to forfeit my shares amounting to 84 •, to the company, and enclose scrip for same," evidently thinking by this means to evade payment of Iris arreas of five (5) calls, amounting to £51 1' >s. In conclusion we have to express a hope that uninfluenced by the misstatements already made, you will see that it is to your interest to forward your calls without delay to the Legal Manager, (the only person authorised to receive them) and thus prevent incurring law costs and interest authorised under the "Mining Companies Amendment Act, 1883," now in force. We are, your obedient servants D. P. Andeksow 1 Alfr;:d Brown | Thos. Hunter S- Directors. Charles Huxson John B. B.echeJ Reefton, September 14th, 1883.