THE STEAM NAVIGATION COMPANY QUESTION.

Hawke's Bay Weekly Times, Volume 1, Issue 16, 22 April 1867, Page 93

THE STEAM NAVIGATION COMPANY QUESTION.

• -TO THE EDiTOV oy THE TJfMifS.

i . T * f . '■ - • J t r ' Sir,—r observed 'With 'pleasure, in the columns' of your valuable journal; that out Wairoa fellowsettlers are endeavouring to proniole'the interests, flf this Provincei by' initiating a scliertiefof. ihe'for"matufitofit' SteamNavigation'Company . 'A'AR honor to them ! ' That'meeting, o/ - whichyduZgave a. report, Was most decidedly a step in the. ny,W direction, ay dip would be a thousand pities if the whole affair'shoitldfall icj the ground for want of needful support. : Wltile heartily wishing, the, scheme.every success, there are two objections I-have to make jo the series of iesolufidhs. paSSed cp thepUblic meetirtg 'hereinbefore referred to. First, 4hen, it. was proposed (and a resolution to' that effect capriedj that the (government should; be requested to give -q subsidy Of £looo per'annum to the steadier. ' This I decidedly'.object to. Lit the. Company, should one be formed, have, nothing to. do wtih-Govemment aid, at any rate in the way of a subsidy. If the Government are willing (and able) to make the proposed Company a present of £IOOO- towards the purchase of a suitable .steam , boat, well (and goodjbutlet 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, will not require to beg for a “grant in aid.” (Besides, the Government (according to 'all accbuiitsj are in such a 'mauvais pas that I do not think they would at dll relish the idea of pledging themselves to give a subsidy. Now for objection No,: 2. • This has reference to the price proposed to be charged for each share —£lo being the amount meiUiotted. This is too much. Many and meaty a person-. —having only £5 to speculate—ipouldbe debarred from taking a share. £5 would he quite plough ;. and I warrant that there would be 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, dr suggestions, whichever they might be balled, can, however, be better- considered when the meeting which is spoken of is held at Napier.—l am, Sfc.,

A "Would-be Shareholder (at £5 pit share.) Napier, April 20, 1867.