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The Pamphlet Collection of Sir Robert Stout: Volume 48

Melbourne, 7th September, 1875. Thomas M. Stewart, Esq., Bank of New Zealand

Melbourne,

Thomas M. Stewart, Esq.,

Bank of New Zealand,

My dear Sir,—I am much indebted to you for so promptly intimating that the New Zealand Shipping Company have authorised you to offer me a commencing salary of £1250, if I will undertake the General Management of the business at Christchurch.

It is not quite clear to me whether this authority was sent prior to the perusal of my letter to you of the 20th ultimo, which you told me you had been good enough to forward. If the Directors had it before them, when telegraphing, I can hardly understand the proposal, for I had very carefully considered what I wrote, and determined on the minimum salary I would accept, if I entered on the service of the Company; and I pointed out to you the reasons which influenced my decision, and the hopes I entertained of adding considerably to the proposed salary, by a successful administration of the Company's interests, in which I expected to participate; and it would be unbecoming in me to deviate from what I then wrote and said to you; and the Company would not, I think, be favourably impressed, if I changed my mind, after making it up.

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When you first spoke to me about a Manager for the New Zealand Shipping Company, I wrote you my views of the qualifications necessary for the office. I did so frankly; for at the time you had not informed me that you had me in view for it, and though the Company has endorsed your kind recommendation of me, my impression of the importance of the position, and of the remuneration which should be accorded to its faithful occupant, is not in any way modified. Indeed it is far otherwise, and while I cannot but feel gratified at the offer made, I must most respectfully decline it, on the simple ground that the pay proposed is not an adequate reward for the devotion of services and the experience necessary to the efficient fulfilment of the duties appertaining to the office. This I say without reference to myself or my requirements; but in case the negotiations initiated under your good auspices are re-opened, with a personal reference to me, I deem it due as well to the Company as to myself to say, I am prepared to adhere to my letter of the 20th ultimo, to which I would add that my idea of increment to my salary is that I should be also rewarded with a tithe of the profits accruing, after securing the proprietary an adequate interest on the capital employed, so that my advancement should depend on my successful management, the term, of which I presume would be positively five years, with the option of determining it at the end of three, on equitable terms and notice. I should beg also that a certain time should be allowed me to get rid of my own vessels, so that I might do so without unnecessarily sacrificing them;—of course they, or their working, would in no way clash with the interests of, or my duties to, the Company.

Pray accept my assurance that I highly appreciate the compliment paid me, and am greatly obliged to you for your contribution to it; and if ultimately I receive the appointment I will not discredit your recommendation, but I cannot sever my valuable connection here unless it is to my advantage to do so. Once I enter on new ground, my whole interest and energy will be at the disposal of my employers, and if I am not obliged first to sell my ships, I shall not require much time here to arrange my affairs and leave Melbourne.

I am, &c., &c.,

H. Selwyn Smith.