According to a statement made on behalf of the Gisborne Railway Committee regarding negotiations for the sale of the Napier-Gisborne railway to private enterprise, the stipulation that £500,000 of the required capital must be raised within the Dominion has been withdrawn. The committee states that the firm acting as agent for a certain London financial group reported that the proviso for local capital jeopardised the whole of the negotiations. Representations were accordingly made to the Government and the stipulation has no,w been waived. The London financiers are understood to have resumed consideration of the proposition with engineers and construction contractors to ascertain the amount of capl ital required.
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https://paperspast.natlib.govt.nz/newspapers/CHP19350227.2.114
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Press, Volume LXXI, Issue 21409, 27 February 1935, Page 12
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108Untitled Press, Volume LXXI, Issue 21409, 27 February 1935, Page 12
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