The Feilding Star. THURSDAY, OCTOBER 18, 1883. Wanganui Heads Railway Company.

Feilding Star, Volume IV, Issue 58, 18 October 1883, Page 2

The Feilding Star. THURSDAY, OCTOBER 18, 1883. Wanganui Heads Railway Company.

About two years a»o, when the above j project wa«s starred, we gave it our heart}' support, for we believ d then, as now, that its accomplishment would be the cause of increased prosperity to the whole West Coast. From a variety of causes— not the least oi which was the wave of commercial depression that has passed over the I whole Colony within the above period —the work- has not been pushed on with that energy, which above all things ensures success. The promoters appear to have displayed half heartedness that was easily communicated to the outside public, who were expected to take up shares and supply <the necessary capital, with the natural result that capital was not forthcoming and the works were consequently stopped. The company was never seU-reliant. %It was not generally believed it was going to work on its own capital, but would depend on the banks to advance funds, or the Government to take; over the whole thing, when jnce it was in working order. The same evidence of weakness was displayed by the deputation which waited on Major Atkinson, asking the Government for assistance to the extent of a loan of £6,000, and to piy interest at the rare of 6 per cent, and offered as security the whole avai - ] able assets of the couijmimv, which are j estimated to be wurtli £14,000. Major Atkinson replied that the absence of a rate to fall back on would be an obstacle to the Government lending the m>ney, and he also questioned if the land, offered as part of the security, was worth the money Value placed upon it- However, he promised to look into the matter on his return to Wellington, and if he could possibly assist the company be would do so. The political color that was given by the gentleman who opened the subject, when he, at the conclusion of his address, intimated that the formation of the Heads Railway was supported, not only by the local members, but by Messrs Wilson, Stkvkns and Brycs appears to us objectionable. What value the moral support of these gentlemen gives, either as members of the House, or as private individuals, is not very .clear,, and we must say that the' implication looks a little sus piciouß. We are decided in pur belief that' the Major will best serve the company if his Government refuses to grant the, advance.. The best, plan for ihe icorapany would; be to call up the £6 185 yet unpaid on jsh ares al i of eot and put the balauce of shares now in the li»nils of the coDopany,. which are valued at £2550, in me market. As the whole cost of completing the line, within two y^firsi including present liabilities or contingeacies, is only estimated at $6QQO, we do not! anticipate that there would be aay difficulty in pay in g for the , work s as they proceeded by the funds thus legitimately available.' Any temporary requirements, pending the payment, of calls, could easly be arrapgcd > for. with the bankers of the company. The ''period of depression " that stopped this, railway, as -well as many other enterprises on this coast, has now passed away, »nd tbe immediate future promises to realise our most sanguine hopes of a time ef prosperity far more \

substantial and real than the ephemeral halcyon days of the past, and money is rapidly becoming easier, and calls could be paid without inconvenience. For this district, depending as it does on its exports entirely tor its w*4l--being, the Wanganui H<?ad* Railway, in full working order, would be a tremendous factor in. its commercial success. Instead of paying 1 , as ot present, what realty amounts to treble freights for all timber and goods exported, the only freights would be those of the sea and, rail, besides an immense saving m the items oi handling ana cartage. Large vessels could load at the whart direct for Australian and even the Knplish markets, while goods, which, now j reach us via Diinedin. Auckland, and Wellington, could be landed at Wanganui at a saving that it would be difficult to estimate. Geogroptr caliy, Wanganui is the natural port of the Wesr Coast, and the capacity ( of the harbor is well described by a | contemporary, who informs us that when the Premier visited the railway wharf on Tuesday, although there had been a gale ot wind blowing for ten days past, and its force was not entirely *pent thet, the water off the railway wharf was as smooth as a mill pond, and there was enough water to berth comfortably several English ships. These facts should be continually borne in mind by people interested in the railway. As ev-ry duy lost in pushing forward this work is a loss to all concerned, we wish those who are really working in the interests ot the company the success they deserve. ,