August 31.

Tuapeka Times, Volume V, Issue 240, 5 September 1872, Page 6

August 31.

Thep.s. Geelong arrived last night with 300 sheep and a full cargo of produce. The schooner Awarua sailed hut evening for the Bluff.

With reference to the success of steam shipping companies in New Zealand, the Wanganui Herald says :— >" The Wellington Company paid something like 70 per cent, per annum at their last meeting. The shares are at the nominal value of > 10, but only L 6 we believe has been paid up. The consequence of the extraordinary division of profits was that the shares went np to Ll4 10s, at which price they were so d under ,'the hammer Many of our readers remember the old company, with its litigation, its shares unsaleable at a discount of 70 per cent., and its general bad fortune. A change has come over the spirit of the dream ; the fortune is now as bright as it was bankrupt a few years ago. The Waaganui Company has also experieQcea a rturage wtiica the aliareuolders will receive with thankfulness. Without making any calls upon the shareholders, the company has now two vessels instead of one. The St. Kilda has been paid for in seven or eight months out of profits, and is now earning very nearly as mnch as her sister boat the Wanganui. A short time ago the very reprehensible and unbusinesslike practice occurred of returning a po tion of the capital, and the shares now stand at L 7 5s paid up, the nominal value being LlO. During the last three months the company has contended with many difficulties. Yet, in spite of every adverse influence, directors have decided* to declare a dividend at the rate of 20 per cent, per annum on the last halfyear's operations, leaving sufficient in good and available book debts to pay for repairs which the Wanganui must soon undergo."