GARRICK WATER COMPANY.-

Cromwell Argus, Volume V, Issue 223, 17 February 1874, Page 6

GARRICK WATER COMPANY.-

r -v V I . J..T ..LV The extraordinary meeting of shareholder* in the Garrick Race Water Supply Company', which was adjourned till the Tlfn February, 'took' plaW on that date. There were pearly 1500 shareholders present, either or by proxy. The chief of the meet* ing was, as advertised, to consider the quo*? tion of. borrowing-the sum of £4OOO fr,ou» the Government, or to provide other ways ,»n$ means of carrying on the work., Before proceeding to the business of the meeting, the chairman introduced Messrs Pyle and Purton, two of the shareholders from St, Bathan's, who had on the day previous gone all over the race and inspected the-works from beginning to end. Tehse getlemen then explained to the assembled shareholders that they wore highly pleased with what, they had seen of the race. They were of. opinion that the race, so far as it had been cnt, (very nearly eleven and a half miles,) wonld bear favourable com* parison with anything of the .same kind in Otago. Respecting the manner in which the working manager had taken the race so as to avoid bad places and expensive cuttings*, they expressed themselves in terms of the highest praise. A good deal of discussion then took place as to the best method of carrying on the works, some being in favour of doing entirely without the aid of the Government loan; It Wits resolved to authorise the directors to borrow the sum of £4OOO from the Government. It was also resolved tore-open the share list for a limited period; and the opinion of the meeting was evidently strongly in favour of doing with as little of the Government loan as possible, if ai sufficient number of shares were taken op.

After the business of the meeting was ov«Sr, applications were handed in to the manager for 780 shares, from eight of the shareholders.' It need hardly be said that this latter fact betokens a great confidence in the success of the scheme. Although the second allotment has not been published, we understand that 250 shares have since then been applied for.