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THE MINERA MINE. The Mining World contains the following. letters with reference to this mine—the result of the article which recently appeared therein, and which was published last week in the Guardian:— Sir,—I think several of the suggestions contained in your leader last week on the affairs of the Minera Mine oughfc to be pressed home upon the directors by the shareholders, and that a strong representation should be made to them to have their reports sent out like those of all other decent companies. I say a strong representa- tion advisedly, for a mild representation is not likely to wake them out of that sort of Rip Van Winkle sleep in which they have been so long indulging. The chairman, to judge by the report sent me, does not seem to have thought it worth while to address any observations to the meeting, and such reporting expressions as "hear, hear," and" cheers," are conspicuous by their absence from all that appears to have been said and done. A string of resolutions appear to have been passed, but one looks in vain to see a chairman's speech. His senti- ments upon the company's business, his views upon its past prospects, and its future hopes are not to be found. So far as his individual views are concerned there is no evidence forthcoming as to what they are. I myself should like to have seen some expression of opinion as to whether he thought the board had fairly earned their fees whether the meetings were in future to be called in some civilised town accessible by railway whether the royalties are likely to be reduccJ-a most important point, for we seem to have been labouring chiefly for the benefit of the lords of the soil—whether the reports are likely to be issued before the meeting instead of after it as in all well-regulated companies, and whether there is any chance of reducing that heavy expenditure which, figuratively speaking, is taking the skin 'off our backs and mopping up nearly all our surplus profits. But the chairman appears to have been dumb, and, of course, a dumb chairman means a dumb captain, and a dumb secretary, and a dumb lot of shareholders. It does not seem to have entered into their minds to ask the why and wherefore about the mine, or even to ventilate some of the points so well put in your original leader. There was surely matter for discussion in that, if in nothing else. But no, the shareholders seem to have answered < to the line-" Come like shadows—so depart." I do not care where or when the next meeting is held but I have almost savagely made up my mind to go and see the functionaries of this singular mine. I want to see how the meetings are conducted and to hear for myself any observations which may fall from anybody. I want to see the languid chairman and his lethargic colleagues. I want to see the secretary. I want to see the salaried officer, of the company who moves a resolution for the remune- rations to his employer—the directors. I want to see how the auditors are elected, and I want to see how the directors look when they declare the munificent dividend of eighteenpence a share I know the expenses of such a journey are great, I know the way is long, I know the wind may be cold, I know the chances are a hundred to one that it will rain all the time, I know the recesses of Wales are not easily reached and I know that advancing years render such a journey perilous, but, sir. curiosity, which first brought sin into this world, is likely yet to lead me to Minera, for, as I said before, I want to see this nonchalant board of directors, who conduct the proceedings of this mine more like ancient Britons than like men of business, living, moving, and having their being in this nineteenth century of grace. Trusting I have not too much trespassed on your space,—I am, &c., A CURIOUS SHAREHOLDER. SIR,—I am very glad to find that you are doing the shareholders in Minera such yeoman service. The management is far from satisfactory, and the share- holders are treated with an indifference that is not respectful to them. When I received a notice asking me to attend the meeting in what you fitly term "the recesses of the Welsh hills," all I had with it was a balance sheet, which, 'as Lord Dundreary would say, "no fellah can understand"—at least, I couldn't; and I can only hope when next the directors put themselves in communication with the shareholders it will be in a way that somebody can follow them and grasp their meaning. The report of the directors and the report of the mining engineer (Mr. Taylor) have reached me, and, as you said last week, on one essential point they are distinctly at variance. Which am I to believe ? If I am bound to make my choice, then I pin my faith to Mr. Taylor, though I should hardly have done so had the directors treated me with the ordinary courtesy which boards of direction usually evince towards their shareholders.—Yours, &c., INDIGNANS. SIR,—" Every little helps," and I think there are two points suggested by your remarks last week, that the shareholders should not allow to drop. The first is as to the number of directors. Is it necessary to have so many ? Would not half the number do, and of course half the fees. The second point, as on the royalties, which are simply squeezing the life-blood out of us. Now, at a time when landlords everywhere are reducing their rents and royalties, can nothing be done for the poor Minera shareholders, with only eighteen-pence a share to the good after paying expenses. I really cannot understand what the directors can be about. It is possible that they can have taken no action in this matter. I hope that something will shortly be done in this direction, and also to reduce the number of the directors and their fees. A good working board of three members would be far better than the present one which, I am coming to think, is more ornamental than useful.—I am, &c., September 11th. ALPHA.

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