THE MANAWATU RAILWAY.

Greymouth Evening Star, Volume XXXI, 15 November 1901, Page 4

THE MANAWATU RAILWAY.

Opposition to the Terms of Sale.

It appears that there is divided opinion at the Board of Directors of the Manawatu Railway Company as to the advisability of selling the line to the Government in terms of the Empowering Bill, passed in the House on Thursday night. Two at least of the directors yes'erday expressed strong opposition to a sale upon terms set out in the Bill, and we understand that a special meeting of the Board has been called to discuss the position.

We learn, moreover, that Mr John Kirkcaldie, a member of the Board of Directors is addressing an open letter to the shareholders of the company on the subject of the proposed purchase.

In reminding them that a meeting of shareholders will be necessary to decide whether the terms offered by the Government are to be accepted, be asks consideration of the statements made by tbe Premier in the House in tbe course o! tbe dscussion on the Bill, that “If he hid reported what the experts who had inspected the line had reported, the lino would have cost much more. The experts of the Government, he assured the House had advised that the line should be acquired under the terms proposed in the Bill and of that of the Alinister for Railways that “the proposals now submitted were fully £IOO,OOO better than the figures either upon a G per cent, or 5 per cent basis under the Act. As a Director, with a full sense of his responsibility, Air Kirkcaldio says that if these terms are accepted the company will be making a present to the State of £300,000, by disposing of its assets outside the contract under the Railway Construction Act. Consequently, he asks shareholders not to part with their proxies until they have had a full explanation of the position from the Board of Directors. He adds that the majority of the Board do not agree with the action taken which led to the passing of the Bill.—Wellington Post.