THE MANAWATU RAILWAY.

Gisborne Times, Volume XXI, Issue 1700, 16 March 1906, Page 2

THE MANAWATU RAILWAY.

GOVERNMENT NOT INCLINED TO BE GENEROUS.

(Per Press Association.) Wellington, last night. Speaking at a banquet to Mr Field, M.H.R., last night, at Levin, the Premier referred to the question of purchase of the Manawatu Railway Company’s line by the Government. He said that under the original agreemont, if the Governmen‘l took over tbo line in 21 years, it had to pay 10 por cent on the cost. Taking tha latter at half a million, it meant £50,001} percentage. The line was opened its entire length in 1886, so that in November next year the 21 years would expire, and after that no percentage would have to be paid, The Government had to give twelve months’ notice before purchasing, and they had up till November to give such notice, and as the term was so nearly expired the Government oould not see its way to make a present of £50,000 to the eompaoy. Strenuous efforts, he said, were being made to complete the Main Trunk line within three years, and the present Parliament would have to deal with taking over the Manawatu line.

The balance-sheet of the Wellington and Manawatu Railway Company shows the gross earnings for the year ending February were £132,460, an increase of £4728 over last year. The Company sold land to the value of £13648. The expenditure amounted to £75,280, leaving a balance of £7IBO. The chief items of expenditure are : Debenture interest £3IOO, rates and taxes £584. The net profit for the year wa3: Railway account £11,264, land account £5701. The principal liability is debentures £680,000. The value of rolling stock and railway, after writing off £202,086, is placed at £821,393, The freehold lands are estimated at £25,598, the balance due by the purchasers £55,227, deposits and accrued interest £88796, >nil- <- 7 way stores £17,149. The Company pay a ■' 7 per cent dividend for the year.