THE WAKATIPU STEAM NAVIGATION COMPANY.

Lake County Press, Volume VII, Issue 386, 3 October 1878, Page 3

THE WAKATIPU STEAM NAVIGATION COMPANY.

Sir,—l am astonished to- hear tne terms offered by Robertson and Co. for the sale of their old steam barge, for so many years running on Lake Wakatipu, also sheds and jetty, to the above Company, and that they will accept the amount of purchase money in paid-up shares. I am afraid there is something behind the scenes with our Queenstown folks, and would advise the Arrow shareholders to be careful in their consideration ; as we have no inducement at present to increase capital or buy out Robertson and Co. If at any time it i* needed after we place the new steamer on the Lake by ail means do it. But at present there is no necessity whatever for increasing capital, unless to oblige the old Company or give them a big interest in the new one. There is quite a circle of friends working hard for it in Queenstown. In conclusion, I hope to see a good meeting of shareholders and the capital remain as it stands.—l am, &c, Small Shareholder. Arrow, September 26th. Sir,—Being a shareholder in the "Wakatipu Steam Navigation Company, Limited, I, as well as its other members, have received a circular from the Directors calling a meeting of shareholders, in Queenstown, on the 7th inst. The' < bject of the meeting is to consider an offer, which has been made by Messrs J. ~W. Robertson aud Co. of that town, to sell us the old Antrim, with the sheds and jetties, for £3,000, on terms and conditions which, it is said, if accepted, would prevent opposition by that Company. One of these conditions, however, I fear, would imply investing the vendors with an undue share of voting power in the new Company, which would probably be the means of defeating the chief object for which it was formed, viz., low fares and cheap freights. That our Directors should have entertained their proposal, and, consequently, caused the shareholders the trouble and expense of dancing attendance at that meeting, is beyond my comprehension—it being 6o glaringly absurd. One glance at Messrs Robertson's proposition. I think, will be sufficient to convince any ordinary business mind that it would be a ruinous affair for the young Company. The matter stands thus . —The new Company, wnich embraces both the wealth and influence of Wakatipu, is principally composed of the merchants, bankers, agriculturists, and squatters in the Oounty. It will, therefore, I presume, beable'to command the goods traffic on the Lake, and the handsome and commodious new steamer, recently ordered at a cost of some £6,500, and which is to be built to run from 13 to 14 knots an hour, will, unquestionably, secure the mails and passengers. What, therefore, need we fear from opposition ? I answer nothing; because,, the shareholders being themselves t te shippers, will not emproy an opposition vessel, whilst travellers will never think of taking passage by that comfortless old slow tub, the Antrim. Our new steamer, I believe, of 120 tons burthen, will be more than equal to the trade for many years to come. He "ce, for this, and the reasons above adduce.], I maintain that the old Antrim w< uhl be a u>ei.'ss and profitless piece

of costly property to the Company. Having no employment for her she would soon become a rotten hulk, thereby causing us a total loss of £3,000. Rather a modest sum, to be sure to begin with, eh ? We shall not need her. Shareholders will therefore, if, they value their money aßd interest in the Company, do well, before setting out for the meeting, to examine their pcckets carefully and see that thev are securely buttoned j otherwise, I warn them, there will be people there who will not] nolens vo\ens r scruple to empty them. A. sly manoeuvre has been devised to fleece the young Company of its power and capital; an old sprat has been dexterously cast to catch a splendid young mackerel; but, it wont wash. Apd now, sir, permit me, through the medium of your useful and plucky little journal, to advise my fellow shareholders to appear inpropriapersonce, or else give a legally prepared proxy to some one to act and vote for them at the- aforesaid meeting - r and there and then, shew the promoters, the aiders, and abettors of this ruinous proposal that they are not only determined to stamp out this incipient atteniptsto destroy the Company, but are also determined to teach, them, for their future guidance, that they shall neither be led like lambs t> the slaughter nor like bullocks to the yoke.—l am, &c. NONELTJS. Arrow, October Ist.

Sir, —I notice that a meeting of shareholder* of the Wakatip Steam Navigation Company is called to consider the Directors' recommendation to increase the capital of the Company, with the object to buy out Messrs W. J. Robertson and Co. Ido not write this with a view to influence the proprietors in the matter, knowing they are alive to the necessities of th<) case, and have sufficient of that needful commodity called common Bense to think and act for themselves. My object in writing you on this subject is to endeavour to arouse them from that lethargy they are supposed to be found in. I think this will be sufficient, and the results may be safcdy left with themselves. I cannot, however, allow to pass unnoticed what, to my mind, appear* to be the presumption of the Directors>in calling together the proprietors to consider a proposal which, I understand, was only carried by the casting vote of the Chairman, and then only after every influence was strained. I would like to ask what object can be served beneficial to the proprietors when the Direotiora resort such measures in trying to gain such, an end. Can there be any reasons kept in the back ground which it is desirable the proprietors should be kept from acquiring a knowledge of ? However, Adhuc sub judice les est. Argus,