New-York tribune., 1900-12-09

e1N-1-4.6 1llNotkeo tract in question
the large area in which ore bodies Of value NAV
While it is true that the results Of n. present
that the ore shoots have decreasas y Z s6 6
value LneTe T od rs ore bos pr96ability Of re-
OF the workings In mining districts poor zones
eontinFency Of such conditions should aivaSs be
provided for BY extensive deyelopments in advance
company, this important preeaution has been reg
al what depth the desired Improvement in the veins
indics lions upon which 10 base prediction in this
1pon any Horizon n nify yo9P ne
! have stated in my cabled report that two
First-The appropriation Of all net earnings Of
S,tIYs ~ the property being subordnated 70 this
end The adoPtsion! Of IL this policy would almost
ations within little more than year, unless ad-
second-The reduction OF dividends TO the amount
Of $3.50 and the expenditure OF the balance OF
The net earnings 10 the vigorous development OF
yTOi I stTrongiy recommend to you the adoption OF
the Latter course. which although the prospects
cannot be stated more conhdenty than have in
from a mining and and from financial STANDPOINT.
especially when me tptrs 5 OF Ine prop
tenpated BY THIS course s The sinking so 9f The
lateral exploration below the rich area embraced
within '6s nppey I horizon in the remainnr unppos
pected territory. The extent Of explorations in the
| 5eveionments during the progress of the work
| Verv respectfully, JOHN HAYS HAMMOND.
/ Mr.. Hammond has many personal friends and
clients among the shareholders in the mine. and
thew requested him 10 take the place OF chief
consulting engineer. Mr.. Hammond stipulated,
/ boyvever that he would have nothing TO do with
the company until the shareholders were in
formed as 10 the true condition Of the mine. This
was done and Mr.. Hammond has accepted the
place which will not. however. interfere with his
engagements in South Africa or elsewhere.
In view of the fact that since the publication
OF his report criticism has been freely indIlged
in on both sides OF the water rejecting the
! honesty and integrity Of purpose Of the English
/ Board Of Directors, Mr. Hammond furnished
copy OF the following letter that he had re-
Gently received from member Of the Board as
proof Of the candid. courageous and open man
/ ner il which the directors were facing situa-
/ ton for which they We're in way personally
responsible:
s.rattoq,s Independence. Limited.
No 5 Prtnces-st' London, e G ooo
Dear Mr. Hammond: Lord Chesterfeld has asked
70 @ 70 yog 4 his B9mS So 5 T Ss1ns as %y .ysepted
the post Of consulting engineer TO strattons 1nde-
We togethsI with the public have naturally, re,
oe Of the nine now in progTess Win not conTm The
estimates lately made Of the existing ore reserves
ample and regular that we had no conception but
had been verifed and that past work has been dis
graceful has added 10 our sense OF ignorance as TO
the real position Of affairs and anxiety learn
I the whole truth from you
The points upon which especially seek enIght-
1 enment
First-As regards the explored portion Cs) The
quantity and quality Of ore remaining exposed by
T the existing workings: % the probable additional
quantity which will be added by developments 10
he carried in the above ground, and the nature
particulars OF such developments; (c) the prob
ability OF the continuing payable below the
ninth level and any indication Of its value.
Second-As regards the eighty acres uneXplored;
(al your views the probable value, from such
data available and from the record OF the
adjoining properties: (b) the nature and character
Of the Developments you propose TO be carried out
this portion (c) the probable date al which such
developments will result in winning
Third-To what extent, II any, do you anticipate
that the output will he restricted In pursuing the
vigorous policy Of development you foreshadow-
FOurth-An estimate OF the cost OF such work
Fifth-The probable revenue Of the mine for the
next twelve months available for dividends.
I do not know how far you viii be able 10 reply
10 the above category Of questions. but as the
previous statements 10 existing reserves
now discredited, we are anxious 20 reassure
shareholders al the earliest possible date Of the
general and prospective value Of the mine. II you
are able hope you Will be, 10 express a favor
able opinion.
Trusting you are now IN good nealtn, remain,
very truly yours. r. >. u DRURI.