FIVE HUNDRED SOULS IN PERIL.

New Zealand Tablet, Volume VI, Issue 286, 25 October 1878, Page 19

FIVE HUNDRED SOULS IN PERIL.

A mysterious and alarming fire was discovered on board the Allan steamship " Moravian," that arrived in Quebec on the 3rd August while m mid-ocean, and which was near resulting in a dreadful catastrophe. On the morning of the 29 th ult., smoke was seen by the boatswain issuing from the fore hold, and it was discovered that bales of woollen goods in the lower hold were on fire. When the hatches were lifted the flames shot upward, accompanied by a strange and suffocating smell. The boatswain, who went below to direct the hose soon became^verpowered, and was drawn up almost senseless The first officer, Thomas, who gallantly took his place, shared the fate of his predecessor, and with difficulty was got out alive. By the persevering efforts of the crew, whose discipline and heroism was b?vond all praise, the fire was got under control, but not without immense loss, as fully one-third of the cargo was 'thrown overboard, and tht remainder deluged with water to a serious extent. When the blaze was extinguished fully six feet of water remained in the hold Darin* 2v tT 2? JJ 66 + a w £ srim ? in S s ° high that a boat could not live in it, which added to the peril of the 500 souls on board The steerage passengers were dreadfully agitated. A guard was placed over the cabm, and no one was allowed to enter until the danger was passed The cabin passengers slept, unconscious of their extremely perilous situation^ What added to the terror on board was the knowledge of the promixity of the fire to the oil room, in which was a large Itore. lne partition separating it was nearly burned through. Had the flames entered there nothing could have saved the magnificent vessel from destruction. It was thought that the fire was thf work of some arch-fiend, who deliberately placed combustibles in the Roods A v^js^^^r***- The ioss is estimate d at

The first Chinaman who came to America, according to the San Francisco Chronicle, was Chum Ming, in 1847. He was a native merchant of Nai Sang, a province of Canton, intelligent and enterprising. He went into the mountains, and, finding gold, wrote to a Inend, Cheong iiim, in 1848, about the new country, Cheone immediately came to the Pacific Slope, but before doing so, told a number of his countrymen about the discovery of gold in America It was then that the Chinamen began to flock to the Pacific coast' ihere were at that time no steamers to bring them, so they came in sailing vessels. ' J

diture necessary to complete the lines at present being constructed, the proper equipment of tho various lines with rolling stock will be even more neglected in the future than in the past. ° There has been an inclination on the part oE individuals to attempt to supply their special wants by providing their own trucks, but with no result, as the matter is one which can only be satisfactorily dealt with as a-special line of business. ■ Exactly the same state of affairs his been developed in England, the capital of the original companies has proved insufficient to maintain a proper supply of rolling stock on their lines, and individuals have been unable to supplement the defect. Consequently, a laro-e number of Waggon Companies have b2en started, which are no°w tending to engross this class of business into their own hands, with, in nearly all cases, very satisfactory results. The present Company is intended by the Provisional Directors to occupy exactly the same position as the English Waggon Companies. The project has b3en submitted to, and after careful investigation, approved of by the Government, and in order to offer private enterprise enterprise sufficient inducement to undertake this necessary work, ithas been agreed to alter the rates of freight, so that goods carried in the Company's waggon will be allowed a rebate equal to one penny per waggon per mile. The above rebate has bsen fixed for a period of five years, but should the Government not be willing to extend it, they are to purchase the waggons of the Company a° their then value. r J The "business of the Company will be the building of railway and tramway rolling stock of every description, and selling or leasing the same to the Government, private railway companies, grain merchants and others. The profits made by companies engaged in this class of business in England are very large. A statement extracted from Financial Opmwn of May 1678, is appended, showing the value of shares in a number of these companies, and the dividtnds paid by them have ranged from 9 to 20 per cent. In the present case the above rebate would enable the Company to let out their wagons on such terms as would yield a handsome profit to the shareholders, and the hirer could in all cases depend on a regular supply, and would have the right to unload when convenient to himself, without liability for demurrage. The following circulation will show°th'e profits to be derived from the operations of the Company :—: — Allowing sixty miles as the average weekly mileage of a wagon (a very low estimate), the Government rebate on a five ton wa°-on would amount to five shillings per week, and a farther sum of five shillings per week would be charged to the hirer, thus giving a return of ten shillings per week for each wagon. 500 wagons it is estimated would cost, say, £45,000. Eestimated earnings at 10s per week for one year £13 000 Less maintenance at £2 10s per wagon yearly... £1,250 ' Depreciation at £5 per wagon yearly... ... 2*500 Management, &c, ... ... ... #t# — £5,250 _. ,. B Net profit of over 17 per cent. £7,750 The average life of a wagon, as taken from English practice, is about 14 years, so the sum allowed for depreciation may be considered ample, and the cost of maintenance has been fixed at a higher rate than the Government estimate. With a view of at once commencing operations, so that a supply of wagons may be made available as soon as possible, the Provisional Directors have obtained from Messrs. James Davidson and Co an otter to build such wagons as they may require on exceedingly favourable terms, and, in addition, they have agreed to give the Company the option of purchasing those valuable premises known as the Otago Foundry, containing about one acre, and having frontages to both Castle-street and Cumberland-street, together with such plant as the Company may require, at any time within twelve months from the formation of the Company, at a valuation. Should the Company ultimately agree to purchase the above premises, the vendors have agreed to take at least one-third of the purchase money in fully paid-up shares in the Company. The Company will therefore be in a position to determine during the first twelve months whether it will be better to accept the above ofter, or to secure fresh premises, or continue the system of buildinoby contract. Thus it will be necessary to call up only a compara°tively small amount per share of the subscribed capital until the remunerative nature of the business, and the best means of carrvine it on, hare been fully tested. 5 The share list will close on the Ist day of November, 1878 lorms of application for shares can be obtained at the National Bank of New Zealand, and branches, or from Mr. J. A. Mackenzie, the Company s broker, .