THE WATER QUESTION.

Evening Star, Issue 2845, 2 April 1872, Page 2

THE WATER QUESTION.

To the Editor. Sir, —The imperfect account in this morning’s Daily Times of the proceedings at the Water Company’s meeting yesterday, requires that I supplement the deficiency through your columns. I advocated that the liberal offer of the Corporation of L*2 profit on each LlO share sh.aild be accepted, for the following reasons : 1. The Company having been projected solely on public grounds, it would be consistent with past professions to accept the offer, seeing that the shareholders would be protected against all loss. 2. The Company not being a private adventure, but a public monopoly fostered by a guarantee of public money and a compulsory rate, was bound to sell to the Corporation on receiving a liberal offer such as that made. 3. By the transfer to the Corporation q considerable sqm would be sayed hi the post of management—at present ay ear.

4. As the Corporation could raise money, at 6 per cent., a large saving would be effected, as the Company would not be content with less than 10 per cent. 5. The manage uent being in the hands of the Corporation would give greater satisfaction to the public, and obviate the tendency to extortion which always existed more or less in private companies holding a monopoly. The only answer to these reasons was a personal attack, which I need not notice. I have reason to believe that a large sec* tion of the shareholders are disposed to sell the works on reasonable terms. Several of the directors are, however, under a pledge to Colonel Kitchener to oppose the sale of the works. This in my opinion was illegal on their part, and the shareholders should at once take the matter into their own hands. It is for the iuteresc of the shareholders who are citizens that the matter be fairly settled. I have to explain why I moved that the actuary’s report read to the meeting be printed. Its contents were its own condemnation. The reporter made no allowance for contingencies, or for expensive outlay for additional storage; and lie improperly assumed that the Company has a statutory right to draw a revenue from Caversham and other suburbs, and also that the inhabitants of Dunedin would patiently submit to be fleeced by a compulso.y rate, payable by all and sundry whether they use the water or not, in order that the shareholders may receive a return of 17 per cent. 1 am, &c., John Baths ate.

Dunedin, April 2.