THE STEAM NAVIGATION COMPANY QUESTION

Hawke's Bay Times, Volume IX, Issue 472, 22 April 1867, Page 2

THE STEAM NAVIGATION COMPANY QUESTION

TO the editor oe the times. Sib, — I observed with pleasure, in the columns of your valuable journal, that our Wairoa fellow\seltlers are endeavouring to promote the interests of Hus Province by initiating a scheme for the formation of a Steam Navigation Company. All honor to them I That meeting, of which you nave a report, teas most decidedly a step in the right direction, and if mould tv a thousand pities if ike whole affair should fall (a the ground for want of needful ■support. While heartily wishing the scheme every success, (here are two objections I have to make to the scries of resotutions passed at the public meeting hereinbefore referred to. First, then, it teas proposed (and a resolution to that effect carried) that the Government should he requested to give a subsidy of £ 1000 per annum to the steamier. This I decidedly object to. Let the Company, should one be formed, have nothing to Jo with Government aid, at any rate in the way of a subsidy. If the Government are wilting (and able) to make the proposed Company a jtresenl of £IOOO towards the purchase of a suitable steam boat well and good, but let us hear no more about a subsidy. If the Company is once formed, and a steamer purchased and paid for at the outset. I'll be bound they wilt not require to beg for a “grant in aid." Besides, the Government (according to all accountsj are in such a mauvais pas that I do not think they would at all relish the idea of pledging themselves to give a subsidy. Note for objection No. 2. This has reference to the price proposed to tie charged for each share —£lo being the amount mentioned. This is too much. Mac;/ and many a person-having only £5 to speculate—would be debarred from taking a share. £~> would be quite enough ; and I warrant that there would he more than twice as many shareholders at £5 per share than if the price of each share was fixed at the higher figure. These objections, or suggestions, whichever they might be called, can, however, he better considered when the meeting which is spoken of is held at Napier.—l am, j'c., A Would-be Shareholder (at £5 per share.) Napier, April 20, ISG7.