WAIPU: STEAM COMMUNICATION.

New Zealand Herald, Volume XVI, Issue 5496, 28 June 1879, Page 5

WAIPU: STEAM COMMUNICATION.

■». ~ It having been intimated by telegram that Mr. Lodder, Manager of the Kaiparb Steam Navigation Company, would meet intending shareholders, and receive deposits, a public meeting was called for yesterday evening. Although the notice was short, there wns a good gathering. On the motion of Mr. ; Murdoch. McLeod, Mr. H, Matthe'va occu- * pied the chair. The chairman briefly intro | ' duced Mr, Lodder, who would a<: jwer anr ; \ questions, &c. Mr. Lodder said Iv> company ? ; proposed to place a steam vessel on. the line, ■' on the conditions already notified ; but the ' money must be forthcoming. He had becj instrncted by the directors, who were \relt aware that this was a bad time of the year to get money, to take an acceptance at three ] months, bearing 8 per cent, interest, from ' any settler taking a large number of shares. ] The company were in a good position t financially, and otherwise. It would cost 1 £500 to fit out the vessel. It was proposed originally to call np £3 10s per share, when he joined the company. He was in favour of doing so. Hβ believed in having the money in hand, rather 1 than an overdraft at the Bank. Should i another call be made it would be in two port tlons of 10s each.—ln answer to Mr. Bishop, ( Mr. Lodder stated that the shares of the i company were at par. They should be at a < premium.—The Chairman considered that 1 they were getting the benefit of the ] former work of the company. He ( stated that 208 shares had been taken i up, not including Mangawai. —In an- < swer to Mr. O'BryaD ; Mr. Lodder said 1 the boat would Btarfc in about six weeks, s The contract for alterations, &c, had bisn : let for that time. One week had expired, i They could not run the boat without the J money. The first thing for shareholders was > to pay the deposit. There was no fear of < the company neglecting its duty. For or- I dinary freight the charge would be £1 per i ton. For cattle and wool, he could not say 1 what would be charged. He had strict j orders from the directors to sound the river. I If it was not possible to come. all the way to the landing a large punt would be ] built. The prospeota of the company were ( very good. To Mr. Campbell: Mr. Lodder 1 did not think the whole amount would be ] called up. He did not believe it was intended to make a fresh call at present. I'erhapn, in a month or so, the remaining £1 might be called up. He should like to see one of the Waipu settlers qualify himself as a director, by taking 100 shares.— The Chairman then called upon those wishing to ■ apply for share to come forward and fill ■ up the forma. He also intimated that j now was the time to pay the deposit. ■ Although, as I said, the notice was very j short, and many had come unprepared, , twenty shareholders camo forward and paid - deposits to the amount of £235. The re- | mainder will be paid during the week. I , believe many more than the number of shares , required will be applied for. A vote of j thanks to Mr. Loader and the Chairman, , concluded the business. - [ The fallowing gentlemen were elected officers of thee Waipu Volunteer Cavalry :— Captain, Mr. Paul; Lieutenant, Mr.'G. Ross; . Sub-Lieutenant, Mr. Bishop; Sergeant, Mr, : F. Molloy ; Corporal, Mr. l>. JET. McKenzre ; , Bugler, Mr. H. Jeffries, There ere 50 in the , troop.—[Owo Correspondent, June 26.] ;