THE AUCKLAND COFFEE PALACE.

New Zealand Herald, Volume XIX, Issue 6422, 17 June 1882, Page 6

THE AUCKLAND COFFEE PALACE.

TO TIIK EDITOR. »Sin, —Every now ami then we aro favoured, through tLe e-dumna of the d-ily papers, with paragraphs relating to thin wonderful enter* prise, hut the nature of the information conveyed from time to time in so vague and contradictory 2*3 to c«eato a fowling of distrust anil dis*:itisfuetion in the minds of many sharoholder* bcaideH myself. First, it w»s to bo a family hotel :md Ooft'-'O Palace on a grard KCile, covering the entiie area of the lease. When, after tho lapse of about six months, tenders' were cal'cd for and wont in, it w»s found that tho cost would be too great. Then we were informed Unit plans weie beinu prepared for a building on a reduced hc»U>, still, however, to include the fainify hotel part of. the scheme. From what I leave be-n able to gather, these modified plana were laid before the directors some few weeks since, when tenders were again invited, and it was decided that the amended scheme Again was impracticable, on the ground rf expense. Now, the confiding shareholders are told that - the original design h:is been abandoned altogether, and that it in intended to eiect simply a cnflVe and chop-house, or something resembling it. Ah a shareholder, I protest against thin course being adopted, and in doing so I know th-it I am expressing the feeling of rainy shareholders besides mynelf, who subscribed on tho distinct understanding that the family hotel was to be the m>dn featuie i?f tho undertaking. It h perfectly absurd to j-upposo that a coifec-room alone ic\ Ihtt locality will pay, taking into

xccGunt the very heavy expenditure in rent, &2., to which the company >-t:inda committed. At all events th it is the opinion of a great number of people who took tthures in the concern, who

mo further of opinion that the plain, sfcrft'.shfcforw.ird course for the directois io puiMie h at once to convene a meeting of the shareholders. When money has been »übscrihed for a specific purpose, it is «.ot only llhj ur.uri], buf ninnifestlj' the only j>roper to do, to the Bubsciibers an -ppoi tuni'v of their opinion.? as to •vhother t-r not i\w cnpit..l shull be diverted irom the o object; or, in other words, as . USslußa ly s'luand'.red. Personally, I shoulil feel disposed to nuppoit a proposition •or Helling .the lease anJ minding up tho company, without further delay, in preference to " thiowinrf (rood money after bail," in tho shape of constantly ocourring calls.—l am, &e., A Shareholdek.