East and West Coast Railway

Feilding Star, Volume VII, Issue 56, 20 October 1885, Page 2

East and West Coast Railway

tPi.B UNITED FBKBB ASSOCIATION,

Nelson, October 19

A large meeting was held to night in the theatre, when Mr Fell, who had proceeded to London as a delegate re the railways scheme, gare a very complete report of the mission. Ho said, "That tw« months before the Meiggs' proposal <rat mad*' the delegates received a proposal from another syndicate almost identical to that «f the Meiggs. He explained all that had takes place, and in reference to the item for underwriting, pointed oat thai the Australasian loan, at 3} per cent, only realised 91; whereas the proposal they receired only provided for 2j per cent, guarantee, whilst the underwriter's e-timnted their charge «n the loan's that it weuld fetch 90 or they would bY losers. He thought the offer was wilfully misunderstood, and that the House should have considered the proposals. He spoke highly of Mr J. .MeiKgs. and quoted the opinions of leading authorities as to the eminence and esteem in which he was held. He said tiiat Meiggs had suggested to construct the Nelson and West Coast portion, but ilrgrd' the necessity of unity. He would Use every means to have those lines con* strueted next." f{» was accorded a .hearty vote of thanks, as was also Mr J. jSplaadersi the chairman.