A PROPOSED RAILWAY.

Gisborne Times, Volume XVIII, Issue 1442, 1 May 1905, Page 1

A PROPOSED RAILWAY.

Dunedin, Friday. In the course of <in address s< Waikaka last week, Mr W. Fraser, M.H.R., leferred io a proposal to form a compaoy to fin-

ance the construction of the Goro-Kdlso railway, and said that if tho people of V f’j district had such faith in the railway, surely it was worth while ia’aing 10 per cent, of the cost. ’ If thoy did that he was confident thero would bo no diffiouity in getting tho lino . constructed. He could not say what the capital of the company should bo, but he had arranged with the Minister for Public Works'to got a flying survey made from Gore to Waikaka, Bnd would find out the estimated cost, upun which would depend the capital of the company. He did not think the line would cost £SOOO per mile. It could safely be said that JE50.000 would bo required for the work. . His scheme was that a company be formed t r find tho difference between the face value of the debenture and tho amount that could bo borrowed upon it, soy, 10 per cent. The company would thus have to find 10 per cent of the whole oast of the line. That 10 per cent would all go back directly to shareholders at the end of eight yoare. If 10 per cent wore found by those who took up shares, all they would have to borrow would *ba £0 on each debenture. The project had already been taken ap by these interested, and at a public meeting under auspices of the Waikaka Bail way League on Saturday the scheme was heartily approved. A comj mittee was appointed ,to canvass the die* trict for shares.