THE WATERWORKS COMPANY.

Evening Star, Issue 2846, 3 April 1872, Page 2

THE WATERWORKS COMPANY.

To the Editor, Sir, — The report framed by the Director* on the financial condition of the Dunediu Waterworks Company, is now before the public, and a greater piece of special plead* ing and speciousuess I think I never saw. Any impartial reader can come to no other conclusion than that the report has been specially framed for the purpose of giving the shareholders axj inflated notion of the

Talue of their property, and with a view of Vducing them to refuse to s;ll to the Corporation. To my mind it bears unmistakable evidence of the handicraft of Messrs Gillies and Elliott, with, perhaps, a dash of Thomas Dick, the latter of whom doubtless sees the possibility of “Othello’s occupation being gone,” in the event of the sale of the works to the Corporation, and as a consequence, himself left out in the cold. Mr Gillies, it is well known, considers himself under a pledge to Col. Kitchener, not to sell or part with the works without his consent, and Mr Elliott being that gentleman’s attorney, is bound to think and act with Mr G., but why the interests of the shareholders, as a whole, should be jeopardized by the interest taken by those two Directors in an absentee’s favor,' I am at a loss to imagine. ■\Vben the undertaking was first started it was undoubtedly stated that it was a public undertaking, and only taken in band by private enterprise, in consequence of the inability of the then Town Board to inaugurate the work. It was on these grounds that the writer of this, and I know a large number of others were induced to take shares. It was also on public grounds such as I have stated, that the assistance of the (-.'over am cut was invoked and granted. This is clearly proved by by a letter writ ten by the Secretary of the Company to the Provincial Executive of the lime. This letter I understand, was quoted at yesterday’s mteting by Mr Pathgate. and why, may I ask, was that gentlemen’s speech not fully reported in the columns of your cantemporary? Has the infiueuce of those Directors of the Water Company who are also Directors of the paper in question, b en st work to prevent proper publicity being given to it, or does the editor of the Dally Tmks think the supply of water to the City being in the bands of the Corporation, of bo little moment, as to merit only a passing notice. These questions require an answer. Sir, I believe a large majority of the shareholders of the Company arc prepared to sell their property at a fair price, and I believe the Corporation is equally prepared to pay, not only a fair, but a good price ; but at the same time I believe that seme of the directors are firmly resolved not to sell at any price. It remains to be seen whether the shareholders will allow their wishes to be ignored by three or four directors and an absentee. It has been remitted to the directors to further negotiate with the Corporation, with a view to the sale of the works. In any such ncgociation, I would urge upon the City Council to make no further offer unless the director pledge themselves (after the price is named in conference) to unanimously recommend the shareholders to accept such offer. The Corporation has already been made use of by making an offer to raise the Company’s stock in the market to above par, which previously was not saleable at par, or any rate not above that; and it is Just possible some of the directors may wish to repeat this little game at the expense of the citizens. If I am correct in assuming that the Corporation is willing to purchase at a fair price, such for instance as many large shareholders have expressed their willingness to sell at, and the directors or sharehold rs refuse to sell 1 warn them that their monopoly will be In danger. The citizens will never permit themselves to be placed by a private company, as suggested by that experienced actuary, Mr Grant, to the extent of 17 or 80 per cent. Parliamentary aid will be invoked to remove the Company’s compulsory power, and there is not a doubt that it would be removed. The Company will be in a very different position, in any future agitation than they were when their last bill was before Parliament, if they refuse a liberal offer from the Corporation. It will be seen clearly then that greed is the only motive of the Company, and it will never be permitted that twelve or thirteen thousand citizens shall bear for all time so so galling a yoke for the exclusive benefit of some forty or fifty individuals. Let therefore the shareholders take heed, and be wise ere it be too late. I would urge the citizens narrowly to watch this question, and in the event of the Company declining to sell, never to cease agitating till they obtain what they are sure to get if properly asked for: justice from the Legislature. But perhaps, after all, Mr Editor, I may be alarming myself without cause, and wronging the Directors, who may have no intention of acting as 1 have suggested. I trust it may be so, but I cannot help a lurking fear that the Corporation and citizens are being played with. Apologising for trespassing upon your space at such length, I am, , Citizen. Dunedin, April 2.

The “ Evangelist.”— This monlh’s number of the “ Evangelist ” contains papers on the Early Closing Movement in Dunedin, the Fiji Labor Traffic, the Law of the Sabbath Day, and a large amount of missionary intelligence. We have not had time to ex-' amine the contents, but, on a cursory glance, they appear interesting.