CARRICK WATER RACE.

Cromwell Argus, Volume V, Issue 222, 10 February 1874, Page 5

CARRICK WATER RACE.

[We do not hold ourselves responsible for the opinions expressed by 6iir correspondents.]

To fji.e Editor of the Cromwki,l Argus. Sir,—l have perused with much interest tho long and interesting leader which appeared in your last issue, relative to tho affairs of the Carriek Range Water Supply Company, and hava jotted down a few notes for the purpose of re« plying to several of the remarks therein contained. But as what"T have to, say,about the first part of your article can be just as well said next week, T will at present confine my remarks to the latter part alone. ' You state truly that large sums of iponey have been spent, and a great deal of trouble taken, for the purpose of obtaining from the Government the loan of £4OOO, arid ..that the only thing rioW to be done is to hold a ! pro forma meeting for the purpose of legally authorising the borrowing of this sum. And you say: ''This is the reason why an extraordinary meeting of the shareholders w s called for last Wednesday, and we feel sure the importance of it was not properly understood, or the requisite niimW of shareholders would have been present, either personally or by proxy." You then state that about £SOOO at the utmost will complete the race. So far, your leader purports to be historical. And then you proceed to advise the company as to the best way of extricating themselves from the "unfortunate position".in which they now are. Your advice seems to be to this effect: —Have nothing to do with the £4OOO to be got from the Government, but canvass the district for purchasers of shares, then try and sell shares elsewhere ; if shares, cannot be sold then sell the race to' pay expenses. Now, Sir, [ agree with you that if the shareholders had known the importance of the last extraordinary meeting called they Would have been present to have legalised the borrowing of the money; therefore I suggest to (not "advise") the Company that they should not throw away all the money and time that they have expended in endeavouring to obtain this loan, but that, on the contrary, they should give each individual shareholder personal notice of the importance of his being present personally or by proxy at* the extraordinary meeting to be held next Wednesday, which might be again adjourned for that purpose ; and that at this adjourned meeting the pro forma resolution should be passed. They would then.at once get the money, (either £4OOO or less,) and could go to the public again- upon fresh data, and would have reasonable grounds for believing that their canvass, would then be successful. Entioß the contrary, ii your advice be accepted, what reasonable grounds have, they for suppising that the canvass will be Miccessful? The companv now stand in nearly the same position as 'hev did a year ago. e\ce; t that they owe over £IOOO more than th«>n. and that now all the money that can be called up has lieen called up upon the shares, though ofcbnrse I admit that more has been done on the race. With regard to your advice that the race shor Id be sold, I think there is no occasion to say much upon that point to induce the present shareholders at on-e to repudiate it ; .for well they know thnt the pririci; al and almost the only opponents the company havo had from the bec'ii ning are those who. having lain idly by until the projectors of 1h» company had proved that the scheme must be a success if proceeded with, are watching anxiously, longing to tak'3 possession of the soon as abandoned, jis wreckers long to take possession of a deserted ship which they trust will soon be drifted on to the shore.—l am, &,c, H. W. Smythies. Cromwell, February 9.