NEW ZEALAND SHIPPING COMPANY.

Otago Daily Times, Issue 3597, 15 August 1873, Page 3

NEW ZEALAND SHIPPING COMPANY.

TO THE EDITOR. Sm-In reply to the letter of Messrs G. G Russel 1 in to-day's paper, I need scarcely say that I had no intention of misstating what actu ally took place at the interview with Mr Russell However, I do nofc wish to quibble over the actual words used, or the impressions conveyed at that interview, and only desired to showWfS about July, 1872, a deputation waited ui)on Mr Russell, to ascertain if any arrangement could be mado .with his Company, with the object of securing lower freights to this

2nd. That on tlie 14th November following our correspondent (Mr Larkworthv) had an interview with Mr Galbraith, for the"purpose of inducing bun to put ou a line of vessels, charging reduced rates of freight, to this port. & The results of both of these efforts to make arrangements were barren.

3rd. That on the 4th September and 14th November m the same year, Messrs G. G. Russell and Co. received communications on tliis subiect from Mr Galbraith (Albion Co.), but, as previously stated, no effort was made by them to induce the Ofcago Freight Association to arrange m a»y fnipe or form with their Company. 4th. That it was not until Februaiy 14th last V • 7m. -nnt hold a meeting to consider the desirability of joining Canterbury. Up to this time we were ready and willing-indeed, I may say, were most anxious—to co-operate with the Albion Co.; but they made no advances, and therefore I regret that the time has been allowed to pass at which there was a good oppor-tumty-bofch parties being willing—to have I -perfected a satisfactory arrangement in regard to a line of vessels to this port in opposition to fc., S., and Co. And, Sir, whether we liave I acted wisely or not in joining the N.Z S Co time alone can tell; but there is now no withdrawing from it, and therefore I hope that all the importers and exporters will join heartily with us, and thus keep in the Colony profit's winch are now carried away. On the 15th inst. the share list will close, and an opportunity.will be lost of obtaining a t par shares winch tliere is good reason to believe will not be got again at this price. Afc the present time Otago has applied for some 5000 shares in this Company, whilst Canterbury will take at least doiinle the number. Now, I must say that as tins city is the chief commercial capital ofthe Colony and the Province which ought to take the lead in this as welt as in other matters, it is to he regretted that the persons interested are not more enthusiastic in a matter of such vital importance to themselves.

A cry has been raised that this is a Bank of Aew Zealand Company, and so forth, and thafc we are trying to throw tlio import trade into the hands of Christchurch firms. Well, Sir, with regard to the first cry, it is fair to state that the bank of New Zealand or the New Zealand Loan and Mercantile Agency Co. did not seek us in tins matter, and that we simply named Mr barkworthy as our correspondent, because we could not decide upon a neutral man to whom

w> abnu uui- power' or . awornoy, iniowrag at the time that he had previously taken a warm interest in endeavouring to break down the monopoly of S., S., & Co. We have large .shareholders who are constituents of most—if not all —the Banks in the Colony, and the Directors will, I have no doubt, be only.too glad to allot shares to the Directors of any of the other Banks,. if they will only apply for "them, therefore it is ungenerous aiid unfair to get up aery of this sort against au institution which simply carries out the business sent to it.

In reply to the second cry, all I can say is. that if the Directors and the Agent to be appointed here shortly—for the management of our own business-by the Otago shareholders only do their duty, Christchurch heed noteven if she deserved it-have any undue'influence or advantage, and consequently, there need be uo anxiety on this account.

Apologising for troubling you afc such length, lam, &c., f.

E. Prosser,

Dunedin, Augusfc 13th,