THE SALE Of THE N.Z.S.N. COMPANY’S STEAMERS.

Hawke's Bay Times, Volume 15, Issue 798, 23 June 1870, Page 3

THE SALE Of THE N.Z.S.N. COMPANY’S STEAMERS.

| Wellington Independent, 14th June.J While the Superintendent of Auckland has been lecturing the inhabitants of that province on their want of public spirit, we are glad to -be able to make a comparison in favor of our fellow citizens. By a notice in our columns elsewhere, it will be seen that the New Zealand Steam Navigation Company has been withdrawn from sale, the liquidators having received a private offer which, they have felt justified in accepting. The private offer is from a Wellington company which is prepared to give, as we are informed, the sum of £IB,OOO for the plant. The steamers will thus remain in our waters, and as we learn the new company have also purchased the s.s. Taranaki, they will start with a fine fleet of five boats specially adapted for the New Zealand coasting tiade. We understand that die new company proposes to raise a capital of £50,000 in 10,000 shares of £5 each. It is also proposed to make a considerable reduction in the passenger hires and to try the system of allowing passengers to pay only for the meals they consume on board—a concession which no doubt will be appreciated by many of the voyagers whom necessity and not inclination compels to travel The s.s. Lady Bird having already been sold for £BSO, the property of the defunct company will have realised £18,850, a sum which aided to the balance' of the undivided profits in the liquidator’s hands—allows of a distribution of somewhat less than £3 10s per share to all the shareholders; £1 per share has already been paid by the liquidators, and we understand that the new company propose to accept the old shares at the rate of £2 10s in the purchase of shares in the new company. It is a matter of congratulation that the citizens of Wellington have achie\ ed this success, and it betokens no little public spirit and enterprise on their part, for many of the men who have come forward to support the newly formed company have been considerable losers in the other. It only now remains for Wellington to provide a slip or dock for the accommodation of these vessels locally owned, as well as for those otheis which we hope soon to see plying in these seas.