THE GREY RIVER TUG COMPANY.

Grey River Argus, Volume XXIII, Issue 3609, 19 March 1880, Page 2

THE GREY RIVER TUG COMPANY.

[to the editor.] Sir, — I feel sorry to be obliged once more to ask your indulgence for a small space in your Dewspaper, but feel it my duty to reply to Mr Nancarrow respecting the Tug Company. I would suggest that the Company being a joint stock one, and consequently private property, and in no way belonging to the public, that any attempt at setting a value on its assets, is as impertinent as it would be on my part to value his private business. He presumes to value the tug at L4OOO. This, I maintain, is not correct. Without going into what we conceive her value, the fact exists that she cost the Company here (having been purchased by Mr M. Kennedy on their behalf) L 7841 5s Bd, and that two years ago she wtis thoroughly repaired at Dunedin at a cost of L 3794 17s 2d. His statement that she paid 80 per cent, of profit is incorrect, under any circumstances, for the total amount received by shareholders for seven years was 30 (thirty) per cent, for the whole period, and not per annum, the shareholders at the same time being their own underwriters. I imagine from the result of the interview that the transparent attempt to ring the Government into interfering with private enterprise in their interest, was clearly seen through by the Hon. the Minister of Public Works. I am, &c. , G. W. Moss, Manager Grey River Steam Tug Company, Limited. Greymouth, 18th March, 1880.