THE Wellington Independent Tuesday, September 2, 1862. OUT STEAM NAVIGATION.

Wellington Independent, Volume XVII, Issue 1761, 2 September 1862, Page 2

THE Wellington Independent Tuesday, September 2, 1862. OUT STEAM NAVIGATION.

It is with a feuling of sincere pleasure, that we direct the attention of our fellow colonists, to tangible evidence of the development and progress of our adopted country, in the fact that a New Steam Navigation Company is on ihe-point of being established amongst us. Before entering into a consideration of the present undertaking, the prospectus of which lies before us, it may be well to cast a backward glance at what has already been done iv thesame direction, and briefly to chronicle the history of that other Company, whose early struggles, and ultimately successful career has already closed by the effltixion of time. No longer ago then, than five brief yeais, we can remember how irregular and protracted were the opportunities of communication be tween the various settlements throughout these Islands. Mails were despatched by sailing vessels, passers to and fro, had perforce to adopt the same means, and a trip from one end of the Island to the other was almost as formidable an undertaking, and infinitely more so iv rexdtious delays, than in those modern days is a voyage to the Mother country. At this period the Wellington Steam Navigation Company was ushered in to existeiu c. In August 1857, the undertaking was set afloat, and with infinite perseverance and pluck, the early promoters of the scheme contrived to get a capita! subscribed, sufficient to enable them to purchase the steamer " W'»nga Wonga," for £3,800, and the hulk Caledonia, for a sum of about £100 more. The proposed capital at that period was only £5,000, and even that was not fully subscribed, as from the data in our possession we are led to believe that tho bona fide amount was £4,410 In the fust year however.ol its existence, timely aid was afforded in the shape of a subsidy of £2,500, and the second year's operations were also helped by the smaller sum of £1250. Thus supported through its infancy the undertaking advanced steadily in its c.ireer of fast increasing usefulness and importance, until May 1860, when a must unfortunate check occured by the steamer striking on the bar at Wanganui, a circumstance which slopped her running for six months. That misfortune, however was overcome, and the services of the vessel being urgently required at Taranaki, Mr. It. J. Duncan proceeded to New Plymouth and with business skill and promptitude effected an arrangement with General Prntt. for the conveyance of troops, between that place and the Waitara; which resulted in such advantage to the Company, that from that time the clouds of early difficulties were dispersed, by the bright siushine of a dawning prosperity. The service between Wellington, Picton, and Nelson, was next undertaken and soon afterwards the Storm Bird was purchased, ami a more extended field of enterprise entered upon. The Provincial Government at this period generously encouraged its exertions, a subsidy of £1000. per annum was granjed, so long as the two steamers were kept runningbetween the two extremes of the Province, and by this means, as well as by au inherent vitality, and a suitability to the growing wants of the community, the Company gradually advanced to that highly prosperous condition, which was its actual state, in the last days of its existence. Until within twelvemonths ago, a dividend often per cent, has been annually declared, and it is a circumstance heyond doubt, that a sum of at least £18, will be handed to every shareholder at the approaching settlement, in requital of the £10 subscribed five years ago. Such then has been the successful issue of a scheme akin in its objects and character to that now presented to the Wellington public. It has been already sho.vu in the every day experience of our colonists, the important benefits which have accrued from that scheme, not only to Wellington, but to other ports of New Zealand, in the way of speedy and re gular communication ; and that such i 3 the result, supplies a strong argument, that the continuance of a similar undertaking upon a

broader basis, with wider views and objects, and a capital ten-fold in amount, will meet with at least a proportionate measure of success. The New Company at present in course of formation, have already taken over the entire plant of the lately existing body, and now propose to procure a vessel of light draught, for river navigatum, and also, a steamer of sufficient power, accommodation, and tonnage, to carry ou a regular traffic between Cook's Strait, Auckland, Dunedin, and the intermediate ports. It is further intended, to let their operations gradually exend and keep pace with t!ie growing wants of of the Colony, in trade and passenger traffic. With such objects in view, and with the guarantee of past events in its favour, we have every confidence in the undertaking. x\s a safe and profitable investment, it holds out mauy induce, merits to shareholders, not the least of which, is the list of names of those gentlemen who keve already subscribed. If a further reason were wanted for its support, it might be found in the fact, that other speculations initiated and carried out by the men and the capital of the Colony, have resulted in <t manner both giatifying and favorable. , The New Zealand Bank, and the New Zeaktid Insurance Company are cases in point, and we have perfect confidence, that the New Zealand Steam Navigation Company, will in its comiug career, afford a still more telling illustration of the truth of that assertion.