A New Steamer for the Peninsula.

Star (Christchurch), Issue 5990, 27 July 1887, Page 3

A New Steamer for the Peninsula.

A meeting of the inhabitants of Pigeon Bay was held on Thursday evening. Mr James Hay was voted to the chair. The meeting was convened by the owners of the B.s. Akaroa, who were in attendance. Mr Ward, of Kinsey, Ward and Co., was also present. The Chairman, after briefly explaining the object of the meeting, called on Mr J. S. Cameron to lay the matter more fully before the meeting. Mr Cameron thought that the time had come when thei*e were two steamers required for the Peninsula trade, and with this view the owners of the Akaroa had come to see if a Company could not be formed. The amount of capital required would be .£BOOO, which they proposed to raise from 800 shares of .£lO each, the Company to take over the Akaroa and build a new steamer larger than the Akaroa. The value the owners put on the Akaroa, together with the good-will was .£3OOO, and the new boat would cost ,£4OOO. Mr Cameron, in conclusion, stated that he did not think they would have much difficulty in disposing of the shares in town, but would prefer to see them taken up by people on the Peninsula. He would be happy to answer any questions. Mr T. O. Hay asked that the prospectus be read. Mr Ward then read the [ prospectus, and also mentioned that before j the Akaroa was handed over there would I be about .£SOO spent on her in fitting in a new boiler. He thought that there was no risk in forming this Company, as it l was a good trade. He thought it imprudent to j go into detail, but he could assure them that the Aiaroa paid good dividends to her owners. If tho Company were formed, Captain Malcolmsom, of the Antelope, was going to give up his craft, and he would be captain of the new steamer. The Chairman asked if ths new boat could be built cheaper in England than here. Mr Cameron said that it would bo built cheaper, but would npt be delivered cheaper. Mr J. H. Menzies objected to Mb name being used as a Provisional Director. He, however, thought the Company was a good thing, and he would take shares. Mr E. Hay thought that the shares should be .£5 instead of .£lO. Mr Cameron stated that they were quite willing to reduce the value of the sharea to £5. Mr Ward stated that he was going to the other bays on the Peninsula to bring the matter before the residents there. After some general conversation it was agreed to leave the share list open in Pigeon Bay till Saturday. Mr Ward gave each person present a copy of prospeotus with form of application for shares. A vote of thanks to the chair brought the meeting to a close.