STEAM NAVIGATION.

Evening Star, Volume VIII, Issue 2192, 17 May 1870, Page 2

STEAM NAVIGATION.

Yesterday afternoon, a number of gentlemen had a conference with Me-sra Allan and Dimmer, members of the Wreck Recovery Company, who came down with the Taranaki to superintend the completion of her repairs, in reference to the formation of a new company specially for the interproviucial trade. Mr Prosser was in the chair, and several gentlemen interested in the New Zealand trade were present. The object of the meeting was briefly stated by the Chairman, who introduced Mr Allan. Mr Allan stated that although his object in coming to Dunedin was not tq form a company, since his arrival here it had struck him that it was possible to organise one in place of the N.Z.S.N. Company, of which he was secretary. In his opinion, if the assets of that company had been taken at a fair valuation, it would have paid a dividend ; but they were working under such adverse circumstances that it was impossible to carry on with certainty of success. A capital of L 50.00') would be necessary. Many of the shareholders in the old company were willing to transfer their shares to the new on equitable terms. He was informed that the Napier people would take some shares. In Auckland Captain Daldy would endeavor to place shares, and he did not doubt some would be placed in Taranaki. He thought there should be 10,000 shares at Lo each. In reply to Mr Davie, who asked if it would be possible to buy a portion of the assets or the company —say the Taranaki, and to work her with the Wellington, Mr Allen said unless the company received an offer eipial to their idea of the value of their property, it would be sold by auction, when the assets would be sold separately. In reply to Mr Turnbull, Mr Allan said about LI 0,000 had been subscribed in Wellington, but he had no doubt L.‘i. r i,ooo would be raised in that Province, Auckland, Otago, Canterbury, and Napier. He suggested that if the licet of boats of the N.Z.S.N. Company were dispersed, merchants would be at the mercy of one company. He did not hold out a prospect of extraordinary dividends, but he considered it a matter of necessity. After some further conversation, Mr Davie movel —■“ That this meeting is of opinion that it is desirable to form a company for the purpose of buying the assets of the N.Z B.N. Company, now advertised for sale, also the 'Taranaki, and that with that view a capital of LSO,Qi)O he raised in 10,000 shares of L 5 each, and that a committee, consisting of the gentlemen present, be appointed to canvass the City to ascertain how many shares could he disposed of, and to report to another meeting.” The motion was seconded by Mr CAMPBELL, and carried. In the evening a dinner was given to Messrs Allan and Dimmer by a number of gentlemen at Mr Murray’s rooms, in Rattray street. Notwithstanding the short notice, it was placed on the table in very excellent style. About thirty were present; Mr T. Birch, Mayor, was in the chair ; and MrJ. Prosser was croupier. After the usual ceremonial toasts had been disposed of, Mr Allan’s health was drapk, and in reply he gave some interesting particulars concerning the successful raising of the Taranaki. He said they were not engineers by profession ; the company had no experience in such enterprises, In consultation with the late Mr Balfour, he had pointed out that he could not liud an instance of raising a vessel from so great a depth. But the obstacles were surmounted by the exercise of common sense and perseverance, and none could he more surprised than himself and partners that success had made them famous. There were only seven in the company. They were not sanguine of success. He did not so much attribute their success to engineering applications as to steady perseverance and selfreliance. It was done entirely by Colonial labor. He made reference to the advantages of reviving the company, and expressed the opinion that a reorganisation must not he regarded so much as a successful speculation as to serve mercantile purposes. Mr j Allan expressed asti ; ni.shn,fnt at the progress of the Province sinc\ by last visited it, many years ago, when he lost his hoots in an endeavor to pass along one of the principal streets. Alluding to the lunch on board the 'Taranaki on Saturday, he wished to acknowledge the liberality of the Harbor Company i in giving free passages to the invited guests. It was not the wish of the directors of the Wreck Recovery Company that this should be dope ; but the Harbor Company bad very handsomely refused to receive anything for their passages, Several gentlemen afterwards alluded to the necessity for a new company bohm formed, to enable the merchants of Dunedin to meet the competition of Melbourne. The more serious talk was'interspersed with occasional songs j and a very pleasant evening was spent.