THE SALE OF THE P. S. PATERSON.

Evening Post, Volume X, Issue 135, 27 July 1874, Page 2

THE SALE OF THE P. S. PATERSON.

The wreck of the p.s. Paterson was sold by auction to-day by Mr J. H., Wallace. ' There was a large attendance. The advertisement stated the sale was of the paddle steamer Paterson, 260 tons, official No. 32,292, British built, schooner rigged, 120 , horse-power, two engines, as she now lies wrecked in the Waitara River, province ' of Taranaki, with boats, anchors, fittings, rigging, machinery, &c, &c The conditions of sale as read, however, excepted "the boats, spars, ropes, steering apparatus, sails, anchors, chains, cabin furniture, cooking apparatus, &c " Mr Hunter, as representing the insurance agents, protested against this alteration. Without the anchors, boats, and chains the vessel would be utterly helpless, and useless to any purchaser. Mr Billings said the alteration was in consequc-nce of telegraphic advices that what was saved from the wreck was advertised for sale at Waitara. Mr Hunter said the object seemed to be to depreciate the value ot the prpperty, and render it valueless to any purchaser. Mr Walter Johnston said he waa instructed to bid for the lot as advertised, and was placed iv a difficult position by the iteration. Mr Walter Turnbull and Mr M. Mosley said that they were similarly situated. Mr John Martin asked if the steam winch were included, and Mr Billings answered in the negative. Mr Wallace then put up the lot as in conditions of sale, and the bidding was started at £1000. Mr Walter Johnston bid £1050 and there seemed a probability of the lot being knocked down at this figure. A message was, however, received from Mr Henderson authorising the sale of tho property as advertised, Messrs Brogden and Son undertaking to make good anything sold previously at Waitara. Under these new conditions a brisk competion ensued, and ultimately Mr Walter Johnston (Levin and Co) was declared the purchaser at; £3,300. It is understood that Messrs Levin and Co were acting as the agents of the various insurance offices concerned.