THE N.Z.S.S. COMPANY.

New Zealand Mail, Issue 360, 4 January 1879, Page 8

THE N.Z.S.S. COMPANY.

TO THE EDITOR OK THE NEW ZEALAND MAIL. Sir, —I perceive with regret the New Zealand Steam Shipping Compiuy 13 to be wound up. The liability of the company, stated at £38,000, includes £17,000 shareholders' capital, but none of the shareholders expect to get more than £4 or £5 for bis £lO share, the company having divided £26,000 of Uuion teamship Company's stock when theN".Z.S.S. Company sold the Wellington, Taranaki, Ladybird, and Phoabe to the former campany. This is what the directors probably refer to when they speak of the " anomalous posicion in which the company is placed." Of course, having divided £26,000, they cinnot expect the stock to be other than nominal with but four small boats—the Rangatira, Manawatu, Jane Douglas, and Stormbird. After the sale to the Union Company the words " limited and reduced" ought to have been added to the style of the company, with a reduction of the shares from £lO to £5, to correspond with the diminished assets. The Union Company is practically a Dunedin company, and everything required that can be bought in Dunedin is purchased there, Wellington is running a race with Dunedin for commercial supremacy, and th ■ winding-up of the New Zealand Shipping Company will be a nail in Wellington's coffin. The late Hon. W. B. Rhodes advocated some time ago the winding-up of the company, but a small shareholder (the writer) got the resolution rescinded, and he now tells the mercantile community they will bitterly regret it if they allow the local company to come to grief. The remedy is to reconstitute the company, with new blood in tlie directory ; the present shareholders to surrender shares for £4 shares, the steamers Huia and Tni to be invited to join on equitable terms, and a couple of new steamers purchased (of the Taupo and Hawea stamp, but faster and better built). It is absurd to expect tho directors to earn a dividend on £lO shares when more than all the capital was returned to the shareholders, and therefore to continue calling the company's capital at £17.000 only misleads the public.' The wholesale traders of Wellington are interested in the matter, and if the four small boats get a new domicile they will richly deserve the reward of their apathy. —I am, &c, Grey-street.