Received 7-11-92
Answered. 14-11-92
Lancing
22 September 1892
My dear Chris
You will no doubt have heard by cable – long ere this reaches you, of the attempt made by Tasman and ???? encouraged by Murdoch’s good opinion of the Moonstone lease ???? put a company in the float. More I can’t tell you now how it ???? to take, but I think it will be ????.
I have consented to go on the directorate more with the view of giving your friend a help and you as well, than from any profit in prospect. It seems to me the loan the Moonstone’s leases are valued at in the prospectus issued is large compared with the values it and all your other leases on the field are shown at in your reports and papers. The Moonstone P C and block are quoted at a low value, but as Murdoch says the claim so as to develop its value, rests with him in his management to show its worth. The success of this scheme would open a wide road for other similar to get a good place on the London market and if they could be placed at moderate values would float readily as there is a great want of new outlets for money, which is ????.
I think you have a chance of doing some good for yourself during the next twelve months, especially a plentiful fall of rain comes this season, enable your batteries to crush.
I don’t know how Tasman and Stormont regulate their business as between themselves and you. I am not in the position to ask them, but I suppose they give good equal benefit of the production etc as they themselves ????. If they don’t act on the straight, you would not go on ???? them further, as you are responsible for their acts ???? from a fair distribution of profit in any such enterprise. I don’t know what they retain as promoters’ shares – I suppose enough to give them and you a good return for the promotion etc. I imagine you will get the best of the affair.
???? ???? ???? ????
???? ???? it is more than doubtful if the mine ever pays dividends of any consequence on ₤35,000. However I will hope that it will do so. I trust its floating may enhance your interests.
Should any good scheme appear in the near future please don’t forget that I am not overburdened with wealth and would be glad to share. Keep me posted up.
Your letter to Archie of 1 August came on the 19th inst. I sent it on to Glasgow and got it returned for me to read yesterday – returning it that morning. He is writing and will give you his own views. He cannot leave the company now, and may as he will tell you, be sent as Chief in the Gulf of Ancud which arrives at Liverpool today. In any case he must make another trip by his return if you so indicate. I would arrange with the company for leave, say for nine or twelve months, and he would find a place for him on his return, if he did not choose to stay at Croydon.
If he once was there with things prospering, he would not be likely to clear out in a hurry. He is not the right sort of man for the place and has ability enough to turn his hand to anything. You would very soon find that he would be as good a help as could be got apart from his being a brother and reliable.
Noel, Reg and Coral are attending school at Brighton. The boys are doing well and both are stout and strong. This climate suits them. Noel is going to be a big fellow. They are all going to start evening class at the Technical College at Worthing after their school hours at Brighton which in the boys’ case are rather long. They are studying short-hand now and Noel is well up in it.
The papers will tell you how various banks of deposit and building societies have been closing their doors. Some must collapse from unreliable investments and in most cases mismanagement. But this will not affect the well managed institutions of the country.
I have only had one interview with Murdoch. He seems a reliable sort of man.
I suppose you know his reputation on the field as a miner. If the Company goes and you are made legal manager, you will have to do your utmost to make it a success.
I am rather busy today, may add a few lines to this tomorrow from town.
Yours affectionately,
Jas. A. Elmslie