Hawke's Bay Times, PUBLISHED EVERY MONDAY AND THURSDAY. THURSDAY, 24th JANUARY, 1867.

Hawke's Bay Times, Volume IX, Issue 449, 24 January 1867, Page 2

Hawke's Bay Times, PUBLISHED EVERY MONDAY AND THURSDAY.

THURSDAY, 24th JANUARY, 1867.

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THE AMALGAMATION OF THE STEAM NAVIGATION COMPANIES. Some two months ago we directed attention to the fact that a proposal had been made to the shareholders of the New Zealand Steam Navigation Company for the amalgamation of their business with that of the rival company, known as the Panama, New Zealand, and Australian Royal Mail Company. It will he remembered that we could not bring ourselves to look favorably on such a scheme, as we believed that the wholesome competition existing between the two companies was a public benefit; neither did we think that sufficient ground for the proposal had been shewn to exist. At that time, however, we were unable to say what was the feeling of the shareholders as a body on the question, as sufficient time had not elapsed for them to make their views known; and the whole subject was left in their hands until the month of March next, when the question will be submitted to the suffrages of the shareholders. It will be supposed that we have regarded with some interest such indications as have come under our notice of the feeling of the shareholders on the question, in order that we may form an opinion as to what may be the result of the poll. Foremost amongst the opponents of the amalga mation scheme stands Mr W. Bishop, of Wellington, and that gentleman has forwarded to us a letter, which lie haSj sent to the shareholders, setting forth j his views in detail, hut we are sorry that we cannot afford space sufficient for it in our columns. Nevertheless, we will proceed to give an abstract of the arguments he has used, and the conclusions to which be has arrived. Mr Bishop thinks notice of the inten ded proposal should have been given to the shareholders previous to the meeting in October last, in order that other than Wellington shareholders might have had an opportunity of being heard on the question, and condemns the haste which would have brought the question to an issue within two months, but which periodthrough some opposition, was pro longed to five months. He thinks, too, that even should a majority of the shareholders be favorable to the scheme, they have not the power to compel dissentients to agree to it, and that such will have a just claim against, the Directors for the value of their shares if it should be done. He show's, or to show, that in protiou to the capitals employed by the two companies, the earnings of the New Zealand Steam Navigation Company are larger than those of the other, and generally that its financial condition is the soundest of the two.

Turning his attention to the affairs pf the rival company with which it is proposed to amalgamate, he estimates that that business has the prospect of an actual loss before it of .£22,000 per annum, in working the line ; of working expenses and repairs over the probable receipts in subsidy, -passage money and, freight, independent of the interest on capital sunk : which, being added, brings the proba-! hie loss on the first year’s working to ftjn AAA r\ . __ J jtitA;. wiiti liiuxti ihaiuLi; io iiv»-

ticea; which is that the vessels of the

Company are not insured, owing to the enormous sum that that the insu-

rance would cost ner annum; vet that *

the risks they ran are above the average : —arriving in port 1000 tons lighter than at starting; the screw but partially immersed ; coal all hat gone; and not sufficient canvas to siaiiu me ci a long adverse gale. In the face then of a probable loss, and a certain perilous risk, he considers it most unwise to entertain

proposals of amalgamation, and thinks if the affairs of the New Zealand Steam \t—.iMi* « j OLU VlWtSpVtlCbClr, that it would be better to wind the Company up, and proposes a scheme which he thinks would make the shares of the Company saleable, and prevent any great sacrifice. Not that he believes so extreme a measure necessary or desirable, but as preferable to amalgamation; but that, with good management, the New Zealand Steam Navigation Company would prove a good investment for shareholders and a benefit to the Colony. Mr Bishop proceeds to indicate a scheme for such better management, which “ as no one else will take the initiative, I feel it to be a duty to look after my own interest, when instead ol getting in the last two years, .£l2O in dividends, I have received only <£3o. And also as a colonist to try to prevent a spirited and useful enterprise from being brought to nought by absorption in a rival company. I believe that the existence of a colonial Company is a more tangible good to us, than the large promises of the P, •N.Z. C 0.,, which may come down with a crash, and how should we look then, with our steamers swept off with their own, to be sold perhaps in London or Melbourne, without cur having an} voice whatever in the matter r” THE LATE WILLIAM THOMPSON. In another column we give from a southern contemporary, an article on the lately deceased W. Thompson, a famed aboriginal chief, who has been one main cause of the late wars, present troubles, heavy debt, and oppressive taxation of the Colony. We give rt as showing the opinion eateriaineu by several of our southern contemporaries, and not in any way expressing our own. We should be extreme!} sorry to withhold a measure of justice from him as from any other, living or dead, bat when we see a drapery ol romance thrown over a character as in this case, and any such rebel lauded in terms like those used by our contemporary, it behoves us also to express our opinion.

Thompson seems to have inherited from his lather all the cunning for which that crafty chief was famed, anu added to it an education received from the hands of the Missionaries, far in advance of anything acquired by the hulk of his people. To this was owing the influence he, for a great portion of his life, exercised, and which in the hands of the missionaries, was uniformly exerted to farther the designs of that party in their endeavours to obstruct the progress of colouizatiou. Towards the close of his career, ana after he shook off that influence, the same object, obstruction of colonization, ,though now from other motives, was ever before his mind.

That he was at any time sincere in nis constantly pretended desire for peace, there is not the slightest reason to believe ; on the contrary, his unvarying practice was to demand impossible concessions as the conditions

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| rejection to to row the onus of eoatinueu war upon the Governor and Colony. To the very last this was his policy, replying to every overture for submission “If the Governor is desirous ol

jwiw he will give as back "Waikato. * As a crafty diplomatist lie occupied the

foremost rank, overreaching Governors and Government agents, and at the very time he was in the most active rebellion against the Government cleverly contrived to have his praises sounded in journals of a certain class, as the peace loving chief who had given in bis submission through Mr. G. Graham. To the very last be continued

as ever, a representative man of that portion of his race who while they are suffered to own no other law than their Own good pleasure, will remain passive, but on the. slightest pressure of unpalatable law, are quite prepared to resist it if necessary by force of arms. Thompson is also lauded for having shewn his people the benefit they would derive from extensively leasing their lands to the colonists, our views regarding this as a more than questionable “ benefit.” It is a benefit that means neither more nor less than their rapid extermination. In truth the relaxation of the wise laws originally made for their protection, by a weak Government, in obedience to the clamours of a land-greedy clique, tells fearfully already in the increase of idleness and dissipation amongst them, fully confirming the predictions of their best friends as to the result of the system. Through free trade with the native for land on the one band, and the permitted violation of the liquor law, on the other, the doom of this noble race is scaled at last.