THE Otago Daily Times. THURSDAY, JUNE 27, 1872.

Otago Daily Times, Issue 3242, 27 June 1872, Page 2

THE Otago Daily Times. THURSDAY, JUNE 27, 1872.

The arrangements for the contemplated sale of the property of the Dunedin Waterworks Company to the Corporation do not appear to be progressing in a happy manner. A majority of the shareholders who were present or represented at the recent meeting affirmed in favour of a sale at a

price which they undeistaucrtonc)e~M~ ceptable to the Corporation. But the majority was not a very large one, and even should they have the legal power to enforce their decision, in spite of the protest of the malcontent shareholders, there appears to be still a rock ahead, of a different character, on which the negotiation may yet be shipwrecked. It cannot, however, be accepted as at all certain that even a much larger majority than that which has declared in favour of the sale can carry out their purpose in spite of even a small number of objectors. Joint Stock Companies are subject to a great number of disabilities which do not attach to individuals or private partnerships. Very few things can legally be done by them for which provision has not been explicitly made in their Ai-ticles of Association ; and the Courts of Law have not shown any tendency to interpret these Articles or the Statutes which regulate the proceedings of these Cony. panics, and confer on them such rights as they do enjoy, in a liberal manner. The Dunedin Water "Works Company was constituted for certain specified purposes, and the sale of the Works, either to the Corporation or to anyone else, was certainly not one of these. The proposed sale is a very legitimate thing, desirable in the interests of the public, and, as we think, by no means a bad arrangement for the Company itself, against whose monopoly a strong set of public opinion has arisen. But. it does not by any means follow as a matter of'course that it is on that, or any other account a legal thing, so long as a single shareholder in'the Company refuses to consent to it. In the case of a private partnership, such a transaction could not be effected in face of a point blank refusal of one of the coproprietors to join in it; and so far as we can see, the whole tendency of the Statutes which affect Joint Stock Companies, and the whole tendency of judicial decisions on points of law connected with the affairs of such Companies, has been, in favour of preventing a majority of the shareholders from overriding the wishes of even very small minorities, in regard to any point as to which such minorities have not explicitly or implicitly, by accepting the Articles of Association of the Company, consented to be bound by the acts of the majority. Hence it may very possibly be that a single malcontent shareholder may interfere to prevent the sale of the Water Works altogether.

The simplest and best plan to settle I matters between the citizens of Dimedin and the Company, would, under existing circumstances, be for the former to appeal to the Legislature of the Colony to interfere on their behalf. When the public desires to acquire property which belongs to private individuals, it may be taken for granted that the public interest is at stake, and in such a case it is clearly the place of the Legislature to interfere in order to conserve that interest. It may be doubted whether it would not have been better if the negotiation between the Corporation and the Company had taken this form from the first. Amajority. of the shareholders may not be able to make a sale of the Company's property, but they would have been quite able to restrain the Directory from spending the Company's money in opposing any Bill which might have been introduced into the Assembly in the interest of the Coi'poration. In the absence of such opposition, and still more readily if the approval of a majority of the shareholders could be demonstrated to the Legislature, there would be but little difficulty in obtaining an Act of Parliament which would render the sale compulsory. From what we see of the position of affairs, we think it very probable that this course, which might have been taken in the first instance, will have to be adopted in the end. We shall, on public grounds, not be at all sorry to see the Corporation driven to it. The purchase of such a property as that of the Dunedin Water Works Company does not appear to us to be altogether the sort of thing to be managed by a series of negotiations whose sole object is the

discovery of the middle point, beyond which, neither party can be drawn. The Corporation may be amply justified by the facts of the case in taking it for granted that the Company's property is all in sound and efficient condition, but it has not taken the necessary steps to satisfy itself and to satisfy the public mind that such is the fact. Moreover, the calculations by the aid of which the price now spoken of is supposed to have been fixed upon, appear to us to be of a very vague description. We do not say that the compensation which would be accorded to the Company, in the event of a compulsory transfer of its property to the public, would be less than the price which the Corporation proposes to pay. But we will venture to say, that it is just as likely that it would be less as that it would be more. Money may be very plentiful just now, and investments scarce, but no one believes that any company of private investors would give this price for the Company's property. Moreover, there would be this advantage connected with a sale upon an award of competent assessors, that the public would be enabled pretty clearly to understand upon what grounds it was called upon to pay such an amount of compensation. The public would in such a case have some certificate that it was getting value for its money, that the woi'ks and mains are in a creditable condition, and that the ratepayers are likely to save in one way what they will have to pay in another. The Resident Magistrate was occupied for several hours yesterday in hearing a case brought against the Secretary of the Com. mittee of the recent Tradesmen's Races. It was virtually an appeal from the decision of the Stewards upon the protest lodged by Mr Gourley, the owner of the third horse in the Birthday handicap, against the payment of the stakes to the second horse, Saladin, on the ground that the latter had been led away ~tronrths-?fialfi3j)efore the jockey had been declared weight. The Stewards upheld the protest, but Mrßossbotham, Saladin's owner, was dissatisfied with this decision, and brought an action against the Secretary for the recovery of the stakes. The. action, to a certain extent, is a friendly one, as the Stewards consented to waive all technical objections,in order to have the question tried upon its merits. After hearing a great deal of evidence, the Magistrate decided that a breach of the rules had been committed by Saladin's jockey, and confirmed the decision of the Stewards by giving a verdict for the defendant.

The chief business done at yesterday's meeting of the Wastelands Board was the authorising of the sale of about 4000 acres of land in the Hawksbury district, on the application of. Mr John Douglas, and of the lease of a run of 5500 acres on the Motatapu. The question of the proposed sale of land in the Waikouaiti district to Messrs Gellibrand was referred. to the Government. Elsewhere we give a detailed report of the proceedings.

A ketch of very strong build is now being built by Messrs Campbell and M'Donald, ship-builders, Pelichet Bay, for Mr Robert Andrew, who intends that she shall replace the William and Mary in the coasting trade. The new boat is of six feet draught, has a keei of fifty-six feet, is sixty-six feet overall, and of about thirty tons register. She is now being prepared for caulking, and will be launched, it is expected, in about a month.

The Rev. Mr Roseby, pastor of the Congregational Church, presided at the sixth of the United Evangelical Services, which was held last night in that Church. The meeting was addressed by the Rev. Drs. Stuart and Copland, and the Rev. Messrs Gow, Williams, and M'Naughton offered up prayer. The last of the series of services is to be held this evening, in the First Church. (Rev. Mr Sutherland's), when addresses will be delivered by the Rev. Messrs Gow and Williams.

A special general meeting of the Citizens' Cricket Club was held at Watson's Royal Hotel on Tuesday evening. There was a fair attendance of members. Mr G. W. Geddes, the chairman, stated that the meeting had been called to take some steps to get the ground put in order for the next cricket season. Several members stated that unless something was done to the ground, it would be dangerous to play on it, as it was so uneven. The Treasurer reminded the members that there was no money in hand. After a long discussion, it was resolved that the ground be put in order, and the money raised by subscription among the members of the Club. A subscription list was at once opened, and £6 10s collected. The tenders for making the ground were opened, and that of William Hendley accepted. Since the Club has been formed, it has expended on the ground alone nearly £100. The new piece of ground will be about forty yards square, and when finished, it will be a first-class piece of cricketing ground.

Larrikinism of the lowest type has broken out on the Main South Road, the scene of operations being from the Saddle Hill tollbar to the village of Green Island, and the actors a band of young ruffians. The present phase of the outbreak is lying in wait for travellers, and pouncing upon them unexpectedly, laying on frequent blows, to the detriment of the countenance. Several persons have been attacked in this manner. On other occasions, the young wretches utter unearthly yells and noises, or knock at the doors and windows of houses, disturbing the inmates. The members of the band are strongly suspected, if not recognised, and persons travelling at night in future in that direction contemplate arming themselves with revolvers.

At present, the Main Road to the Dunstan, via Shag Valley, after passing the site of the old fluming of the Shag Valley Water Company, goes over Swineburn Hill near the summit, and descends to the valley of the Swineburn by a steep, crooked, and dangerous track, which has never been., formed or metalled. The work of forming au entirely new line from the fluming already mentioned, by the valley of the Swinebnrn to the Kyeburn, has been lately commenced by day labour, and is to be completed by contract. The new line proceeds down what is known as the gorge of the Swineburn, crossing that stream at a low level, and continuing towards the Kyeburn, which it also crosses at a low level, and joins the present track, or main road, at the foot of the ridges at the spot where the road to Naseby diverges. The creeks are to be crossed with good safe fowls, with easy approaches to them. Portions only of the new line require to be formed, the other parts being favourable for traffic in.

their present state. A considerable portion of the worst part of the line near the fluming will be metalled, and the other parts being over shingly formations will not require metalling in the meantime. The gain by the new line will be in the easy inclines, no part being steeper than lin IG—one part being so flat as lin 1071, and a great portion being about linlf 0. Tenders for the completion of the work have been accepted, namely— one from Mr Thomas Heffernan for £408 9s 4d, another from the same gentleman for £303 9s sd, and one from Mr Daniel M'lntyre for .€ll4 3s. The work is to be completed, according to the contract time, in about five weeks from this date.

From our Auckland correspondent we hear that news from Fiji to the IStli May has been received in Auckland. The opposition to the Government continued strong and armed, but the planters who happened to be in Levuka held a meeting denouncing any further iirmed opposition, and a large body had been organised to keep the peace. It is difficult to see why this course has not been taken before, as an opposition of the kind organised in Levuka must inevitably, if carried on too long, degenerate into lawlessness, and be disgraced by some of the more reckless who would be attracted to its standard. Another collision between the Settlers' Protection Society and the Government had been narrowly avoided. Mr Thurston, the late consul, had joined the Government, and H.M.S. Cossack was lying at Levuka, investigating the charges made against certain labour vessels—one of which (the Carl) she had seized and sent to Sydney with the crew, for trial. So long as the question was, whether the settlers should be ruled by a few white men pulling the wires, and backed by a vast preponderance of Fijian force, the resistance offered was intelligible. But now that the settlers have secured a free Legislature, there is no object in continuing the resistance, and nothing to be gained that might not be better gained by peaceful and regular means. This perhaps is what the deputation, of planters, waiting on Captain Douglas, of the Cossack, meant when they told him they had approved the proceedings of the Protection Society hitherto, and that it had done good service, but they were anxious now for the recognition of the Government by England, so that its authority could not be disputed. Much bad blood seems to have been created by threats or demonstrations of Fijian force, but this will pass with time, and the great majority of the residents are evidently determined that their interests shall no longer be imperilled by its existence.

The late fall of snow on the West Coast is stated to have been the heaviest known there since the goldfields were opened.

Wellington is now free of Mormons- The Nebraska on her last trip took away the few then remaining in the Province.

Auckland has had a touch of the coal famine which has recently prevailed in so many of the ports of New Zealand. The Herald reports that coal has been so scarce there, that there was "hardly a ton to be got in the market."

Mr Charles Webb, of Dunedin, is endeavouring to establish a Building Society in Greymouth.

Jam and sauce, bbtlTsata to be excellent, are being manufactured from dock leaves in Auckland.

The Greymouth Masons have received a dispensation for a Mark Masonry Lodge from Lord Leigh, Grand Master of Mark Masters of England and Wales.

The plant for the Wellington water works is expected to reach Wellington from England before the end of the present year, and by the end of February it is hoped the town will be supplied with water.

The weathercock policy of the Wellington Independent is thus happily expressed by the Press, in a recent article :—"We foretell with perfect confidence that if Mr Fitz herberfc, succeeds in ousting the Fox-Vogel Government, and establishing himself firmly in their room, the Wellington Independent will become his organ. It needs no gift of divination to foresee this, nor shall we claim the event as any particular proof of sagacity. For such has always been our contemporary's practice. His political creed is' invariably that of the Ministry for the time being. There never was a Government which he did not support while it was in power, and desert the moment it fell. The self-reliant policy of Mr Weld, the assistance-from-the-Impe-rial Government policy of Mr Fox, the war and conquest policy of Mr Stafford, and the progress and public works policy of MrVogel, have each in succession found in him an enthusiastic champion. But his advocacy never lasted an instant beyond his patron's tenure of office. And just as he left Mr Weld for Mr Stafford, and Mr Stafford at a day's notice for Mr Fox, so we are persuaded that, if in the coming struggle fortune favours the Opposition, he will change sides with the nsual facility, and that Mr Fox will in his turn be abandoned for Mr Fitzherbert."

Mr Caldwell's last annual report (published in the Daily Time 3of June sth) regarding the state of the Dunedin Gaol, is very favourably reviewed in a leading article in the Australasian of the 15th June. In the course of this-article'our contemporary remarks : —" It is creditable to the practical good sense of the people of Otago, and to the intelligence of the governor of Dunedin Gaol, Mr James Caldwell, who was formerly a warder at Pentridge, that fche experiment of rendering a prison Belt-supporting has been courageously tried in that city; and, it is gratifying to add, with complete success. If we mistake not, it was commenced two or three years ago; and we may remark, in passing, that it has exercised no appreciable effect upon the local labour market, and that at the present time the rates of wages paid to artisans and operatives generally in Dunedin are somewhat higher than those current in Melbourne." After stating that the " broad result" of the work done is an excess of earnings over expenditure of £443 11s 9d, the Australasian concludes as follows : —" Similar results, we are aware, have been arrived at in some of the prisons in the United States ; but here we have an institution, belonging to a British Colony a few days' sail froui 'our own shores, where the experiment has been fairly tried and has been fully successful; and none of the Australian Colonies ought to be above profiting by the example thus set them by the gaoler at Dunedin."

The adjourned annual meeting of the Otago Acclimatisation Society will be held in the City Council Chambers at 2 o'clock this afternoon.

A meeting of the Provincial Grand Lodge of New Zealand, S.C., will take place at 5 this evening.

A meeting of the Dunedin Society for Investigating Spiritualism will take place in the lower hall of the Athenaeum at 7.30 this evening, when the- President, Mr T. Redmayne, will deliver Ms inaugural address.