CORRESPONDENCE.

Wairoa Bell, Volume IV, Issue 157, 5 August 1892, Page 5

CORRESPONDENCE.

]The editor is not responsible for opinions expressed by correspondents.] (To the Editor) Sir, —Will you permit me a small space in your paper to refer to the strange doings that are going on up these Northern livers ; Auckland schemers and big bugs suddenly snapping up the boats of the N R.S.N.Co., ignoring the interest of the shareholders, and throwing over the manager who it is well known has put the Company into a sounder|condition than it has ever been before, financially and in every way, working night and day, in favour of men whose only qualification is mere assumption and boast. The whole collapse of the N.R.S.N. Co. and forced liquidation, has been caused by schemers playing upon the fears of a prominent Auckland merchant who held a heavy mortgage on the plant of ttm Company and suddenly called it in, leaving the shareholders ' no option but to wind up the Company even though they knew quite well that working expenses and the 'intercut were being paid notwithstanding the low fares. The Company has paid its way fully, and would hare continued to do so hut for this mortgage being called in. Whether the amalgamation will prove of benefit to either settlers or the capitalists, who have seized the reins, remains to be seen. It is a most extraordinary thing that the q>.s. Osprey should have increased in value so enormously in the short space of three or four years from £3,500 at which price she was offered to the Company, but the Syndicate Bank and Capitalist have taken her over at £6,000. Whether this will prove another white elephant like the Saw mill and Engineer’s shop at Ilelensville, which have stood idle nearly twelve months as Bank assetts, will he seen as dine progresses. I hear there are strong expressions of indignation by settlers at the way things are moving. It is more than probable that opposition will not cease with this amalgamation,—l am, etc. Z. Z.