DUNEDIN. (From our Own Correspondent.)

Tuapeka Times, Volume V, Issue 230, 27 June 1872, Page 7

DUNEDIN. (From our Own Correspondent.)

The question of the disposal of the Dunedin Water Works to the Corporation of the city was again brought up for discussion at a very numerously attended meeting -of the shareholders held on Friday evening. The advisability or otherwise of accepting the offer of the Corporation to purchase the Works has long been a subject upon which great diversity of opinion has existed amongst those who hold shares in the concern. The property is a very valuable one, and after having come through many great difficulties which beset it at its outset, and for some considerable time afterwards, it now stands as one of the most lucrative investments in the colony, and with the fair prospect of paying even greater interest on capital invested than it at present does. Hence it was only natural that there should be a reluctance on the part of those who invested money in the speculation to relinquish a property how so valuable, unless they were offered a very high price, even although the would be purchssers were acting in the interests of the citizens at large. The water rate is felt to be oppressively high, however, and consequently the Mayor and Corporation determinedly set their energies to work with the view of securing the Company's Works ; and failing success in their treaties with the Company, it is very probable that a scheme for a second water supply for the city would ere long have been carried out by them. The possibility of opposition — and an opposition which would almost certainly be disastrous in its effects to the present Company — coupled also with the fact that pressure would be brought to bear in the General Assembly to obtain a modification of the privileges and a reduction in their charges, have therefore probably had a good deal to do with the decision arrived at by the shareholders on Friday, viz., that the Works should be disposed of to the Corporation. There is still one difficulty in the way of a sale, however, and that is the disputed right of Colonel Kitchener to GOO of the Company's shares, which are claimed on behalf of that gentleman by his agent, Mr. G. W. Eliott. When the Company was in imminent danger of collapsing some years since, and when no one else had sufficient faith in it to put their hands in their pockets and assist it ont of its difficulties, Col. Kitchner advanced £5000 on security of the Works ; an agreement being also made wjth jbfm to the effect that he should be at, liberty, at any time within tea years of the said agreement, to elect to retain for himself absolutely 000 of the Company's shares in lie*u of ohe repayment of the money advanced by him, the shares to be taken at par. Legal opinion, however, gives it that the directors had no power to enter into this agreement with Col. Kitchner, and that it would not stand good in a court of equity ; while the Colonel's agent, on the other hand, maintains that the 600 are clearly the property of his principal. This little difficulty, then, will have to be got over before any actual sale of the Works can take place to the Corporation.

1 have on more than one occasion listened to lectures in Dunedin, and come to the conclusion that the lecturer would have been much better at home ; but never was there better reason for arriving at this conclusion than at the Athenaeum Hall, on Friday evening, where it had been announced that Mr, J. S. Johnston, who, I observe-by his advertisement, is a barrister-at-law, would deliver a lecture on " Scottish Poetry." An audience of about eighteen persons assembled. Mr. J. S. Jonnston also came to the front, and after having acquainted his audience, to whom he was apparently a stranger, that he was that individual, he made' a preliminary observation, beyond which he did not seem able to pass, and, amidst the ill-concealed mirth of the lucky few who had assembled, he finally exchanged his* poetical character for that of an amateur votary of the noble art of self-defence, and, in pugilistic language, requested those who were so inclined to " step outside." It being generally considered that- to " step outside" was about the wisest thing to do under the circumstances — not, however, with any intention of engaging in mortal combat with the challenger — a general and hasty move was made for the door, amidst the danger attendant on the too close proximity to several of the audience of a couple of candlesticks, which were despatched from the hands of the lecturer on " Scotch Poetry " in a manner which left no room for doubt that they were intended to very seriously damage the personal appearance of anyone with whom they might come in contact. The lights were then turned out, and, amidst uncontrollable laughter, tho audience dispersed, no doubt afterwards ruminating on the extraordinary effects produced by a too close study of well, <•' Scottish Poetry." The condensed report, whicnUas reached us by telegraph from Auckland, of the debate in the United States Senate, on the proposal to subsidise our San Francisco mail service, is not calculated to impress-confidence in the prospects of the line The American senators are not afraid to speak their minds with regard to the steamers, and the strong language used in denouncing these "old hulks " affords corroborative testimony to that alreadygiven of their nnfitness and general unsuitability. The United States having refused to subsidise the line, or at any rate for the present shelved the question, I do not suppose we need now look for anything but its speedy collapse. Mr. Webb certainly cannot carry on with only the New Zealand subsidy, asit is commonly understood that so far the speculation has proved anything but remunerative. A dramatised version of Charles Dickens' "No Thoroughfare " has been produced at the Theatre this 'week, after being' some considerable time in preparation. The scenery executed for it by Mr. Willis is highly spoken of, and that gentleman has received great applause for his efforts. It ought to draw good house, for 1 understand a considerable sum of money has been expended in its production".