THURSDAY, FEBRUARY 11, 1886. Major Steward, M.H R.

Feilding Star, Volume VII, Issue 104, 11 February 1886, Page 2

THURSDAY, FEBRUARY 11, 1886. Major Steward, M.H R.

As in a recent issue we published some comments on this gentleman under the heading of "Fortune's Favorites," we consider it an act of justice to reprint the following : — Major Steward, M.H.R., when addrsssing his constituents at Waimate the other evening, gave an explanation of his connection with the sale of the railway debentures to the Government: — "Under the heading of ' Serious charge against Mr Steward' a Northern paper stated that I had received the sum. of £1500 from the Government, or from the Government Assurance Association for selling the debentures of the Rotorua railway. A North Island paper gave the figures as £2500. The reports, gentlemen, are not true. It is trne that I have earned £1000 since the session, but in a perfect legitimate manner, and I shall earn another £1000 if I get the chance. The facts are these : Two or three years ago I had debentures to sell for a South Island company, and endeavored to dispose of them to an association with plenty of money. I had no doubt that I should have sold the debentures but for the difficulty re the Government guarantee for fifteen years. After the District Railways Bill passed last session, that difficulty was removed. I got a letter asking me to sell the debentures, to be issued to the company under the Bill, and replied that I would endeavor to dc so upon the receipt of particulars as to the price expected. Being in Auckland I went to one of the great financial firms, but the firm was not prepared to purchase on the terms quoted. A gentleman connected with the Rotorua Company knew that I was endeavoring to sell the Southern debentures, and he said ' Why not get ours off as well V I could not see why I should not sell the Rotorua shares, and agreed to do so. At this moment I had 1,200,000 of debentures for sale. Sir Julius Yogel desired to purchase the debentures, and was informed by me that I was authorised to act for the companies. The shares were sold, and when the companies receive the purchase-money, I shall receive my commission. That's the whole of that business. If anyone can find an indictment upon it, let them do so."