NEW ZEALAND MIDLAND RAIL WAY

Ashburton Guardian, Volume VII, Issue 1745, 20 January 1888, Page 3

NEW ZEALAND MIDLAND RAIL WAY

The second ordinary general meeting of this Company was held on November 25th, at (he office, Graceohurch street, London. Me Thomas Salt, M P., presided, and m moving the adoption of the report itated that the accounts submitted irere brought down to the 30 ch of June only, and many things whloh looked a little oat of chape m the report would appear very different If the aooouats were made np to the end of the present halfyear. For instance, the nriears on sbarei, £11,937 bad been practically extinguished, and he might also state no to the charge for Interest, that the interest, whloh, by the terms of the original agreement, was for the time paid out of capital, would be ultimately more than earned by the sale of lands, as far as might be necesnary It was only to be expected, ia embarking on a business of a very novel character, so far as the New Zealand Government were o^noerned, and so far also as the Company were oonoerned, that every circumstance which might arise could i not at the outs?t be provided for, and they had been negotiating with the New Zealand Government for many months aa *o settling various matters m doubt, and m arriving at an agreement which would be both satisfactory to that Gjvernment and themselves. Some months ago they sent out to the Government under their aeal en agreement whljh th*y believed waa fair and business like, Under it they felt su-ie that they could hay* raised all ihe oaoney necessary for making the Ur.e, and ha o uld 00-ceive nothing that could have done more to. ward* promoting credit and business m New Zealand than tie knowledge that a satisfactory oontrao 1 h-id been made with a responsible Onmpar-y m this onontry under which £2 000 OCO was gome to b«s spent on railway wo^k. The New Zealand Government, however, like other and older Governments, had their difficultae, and the result had been that some negotiations had beeu necessary, a^d there had been some alterations m the contract. They were now, however, engaged m exchanging telegrams, and from what be had aeen that morning at the f nice of the Agont-General of the o.>lot>y, he believed the negotiations were proceeding m a manner that would he 6&tir factory to both sides. The New Z°aland Govern* ment had expressed a willlngucs?, if neoeisaty, to prove that the laud to be handed over to the Company wae worth £1.250,000, and if it did aot ultimately produce that amount, .they would give the Company more laDd. They expected to obtaim from the New Zsaland Government 2,300,000 acre*, seleoted frcm a partioolar ares, comprising, he believed, 9,003,000 acres. The land to be transferred to them was of a varied oharpcter. They had a letter from their a^ent stating that as aoors as the negotiations with the Governmeat were completed, he ooald sell land of thw le»st valuable kind for a cash payment of £22 000 ; and they had reoeived very satisfactory: reports as to the value of the timber. As the railway was mode the land would greatly increase In value* They were under three contract b now for the construction of fifteen miles fi f tyfour cha'na ot line m progress. They hoped to derive great commercial benefit from their enterprise, bat they also regarded it aa a great national undertaking, the completion of which would, he said, entirely change the whole character of the coloDy. Mr E. Brodie Hoare seconded the motion, whioh was carried ntm con after tome diicmslon, largely with reference to the expeoseß, which were considered excessive by some speakers, while others regarded them as moderate m view of the work on which the Company were employed.