NEW ZEALAND STEAM NAVIGATION COMPANY.

Hawke's Bay Herald, Volume 13, Issue 1064, 9 July 1869, Page 2

NEW ZEALAND STEAM NAVIGATION COMPANY.

We have noticed, from time to time, the negociations in progress between Mr. Martin, on behalf af the Circular Saw Company, and the New Zealand Steam Navigation Co. The offer of Mr. Martin is £21,000, for the vessels and plant of the company, which would be equal to about £2 10s. per share, or about 25 per cent, .of the paid up capital. This offer remains open subject to the final decision of a meeting of shareholders, to be held on Tuesday next, and the general feeling in Wellington seems to be in favor of winding up the company on those terms. Shareholders here, in Taranaki, and other parts of the coast, do not, however, take this view. They greatly fear the monopoly which would exist upon the close of such a. transaction, and look forward, in [this event, not merely to a diminished number of visits from the coastal steamers, but to an increase in freights and -passage money. The Napier shareholders are especially interested in this matter, seeing that the steamer for which they paid between £9000 and £10,000, and for which they have never received any return whatever, is now about to be quitted at a valuation of some £3000. They accordingly held a meeting a few days ago, at which the following resolutions were unanimously adopted: — 1. That this meeting is of opinion that it will be against the interests of the Shareholders in this Province, that the property of. tho New Zealand Steam Navigation Company be disposed of on the terms mentioned in tho circular, the offer being quite inadequate. Should the boats pass into the > hands ofthe proposed purchasers, a monopoly would be created detrimental to the interests of the shareholders, and to tho commercial interests of the placo. 2. That the shareholders of this provinco consider their interests will be best served by reducing the capital of the New Zealand Steam Navigation Company (Limited), from £10 to £4 per share, and continuing tho service as at present. The present economical working ofthe company's affairs assures the shareholders that the company will pay a good dividend if the reduction of capital be adopted. , 3. Thafc the co«oporafcion of tho countiy shareholdere bo invitod to carry out tho resolutions of the meeting, and shareholders, if not able to attend the meeting in Wellington, are requested to give proxies to represent their views. —We believe it is the intention of the shareholders- of thia province, representing about 1000 shares, to urge tbis view of the subject upon the attention of the general meeting. In this they will be assisted by the Wanganui and Taranaki shareholders, who will ba equal sufferers from the contemplated monopoly, and are equally interested in prolonging the existence of the old company.