RAKAIA AND ASHBURTON FORKS RAILWAY COMPANY.

Globe, Volume IX, Issue 1351, 13 June 1878, Page 3

RAKAIA AND ASHBURTON FORKS RAILWAY COMPANY.

A meeting of the shareholders and ratepayers of the above railway district was held in the New Town Hall, South Rakaia, yesterday. There was a fair attendance of the promoters and residents in the district, among whom were Messrs J. L. Coster, G. Hart, P. Laurie, 0. F. Barker, Cowlishaw, E. S. Coster, Passmore, Cameron, Neil M'Lcan, Patten, Mann, Pitt, M'Kerrow, L. Manghan, T. A. Winter, Robinson, Clelari, Devery, Bruce, Kimbell, MTveig and Welsh. Mr George Hart was voted to the chair. The proceedings commenced by the interim secretary, Mr C. F. B-trker, reading the advertisement convening the meeting. The minutes of the previous meeting being read and confirmed, The Chairman said that taking into consideration the fact that many of the gentlemen present had to return to town the same evening, and the time being limited, it would be advisable to proceed to business at once. He would therefore call upon the secretary to read the report which hud been drawn up by the provisional directors since the last meeting. Tire secretary then read the fallowing report : Your Provisional Directors beg to report that, since the last meeting held hero on Friday, January 18th, 1878, they have taken all necessary proceedings for the construction'of your flue, under the District'Railways Act, 1877. They made application to the Governor to appoint a place to deposit pecessary plans and references, aud he has been pleased to appoint

the Rakaia Railway Station and the Public Works office, Christchurch, for that purpose. They have also applied to the Governor to appoint places, and decide the manner in which tho votes of the ratepayers of the proposed district shall bo taken. They have not yet received an answer to their application. They have caused a survey of the proposed line to be made, and your engineer and surveyor reported that the last four miles of proposed lino was impracticable, therefore your provisional directors decided to abaudon it, and make a point at which six cross roads meet, about twenty-two and a half miles from South Rakaia township, the te. minus for the present. It is proposed eventually to extend in tho direction of Mount Somers. They have caused a classification of the district, dividing it into four classes, to be prepared as shown on plan annexed, and have agreed to a specification of the maximum rates proposed to be levied under the District Railway Act, in respect of the various classes, at 9d, Bd, fid, and 4d per acre. _ That the number of shares already taken in the company amount to 3282, representing a capital of .£65,610. That tenders for construction and laying permanent way have been called for, and tho final decision to whom the contract should be lot should be left to the permanent directors, which gentlemen you will be called upon to elect this day.

Subsequently they received an offer to construct your line, supply rolling stock,_ and band over ready for traffic with the exception of the purchase of land, fencing, preliminary engineers’ expenses, for the sum of <£57,500. The contractor taking payment either in cash or the company’s debentures Raring 7 percent interest at par, the contractor agreeing to take over any arrangements entered into or contract called for by them. The provisional directors therefore feel that they can confidently assure the shareholders that the line can be completed, equipped, and rendered fit for traffic at a cost not exceeding .£65.060. That vour directors desire to impress Jnpon you the desirability that at least £75,000 worth of capital bo subscribed for. Your directors do not consider that it will bo necessary to call up more than £1 10s per share on tho £2O shares. The Chairman said that the report they had just heard read must be considered highly satisfactory, proving as it did that the provisional directors were quite capable of carrying out the work they had undertaken, and contractors could be found who were willing to carry it out. The provisional directors had taken very great care in getting all necessary particulars, and pushing forward the arrangements with the Government as fast as possible. There must, of necessity, be some delay occasioned by routine, but matters would be expedited as much as possible with regard to the obtaining the necessary instructions as to the mode of taking the ratepayers’ votes for tho construction of the line. He had very little doubt that every ratepayer would record his vote in favour of the railway.

Mr Devery moved, and Mr Cowlishaw seconded —“ That tho report as read be accepted.” The motion was agreed to. The Chairman said the next business before the meeting was the election of permanent directors to replace the provisional directory whose duties had now ceased.

Mr Manghan remarked that the provisional directors had at considerable cost and trouble to themselves brought the business to a successful issue. It was a common saying that what was everybody’s work was nobody’s work, but every member of the provisional directory had evinced the utmost anxiety to carry out what he considered was a great undertaking, and one that would repay every one who had an interest in it. He should have much pleasure in proposing a vote of thanks to the retiring directory. Mr Cowlishaw, in seconding the resolution, endorsed the mover’s remarks as to tho amount of time and energy which had been given by tbe provision:*! directors towards the promotion of tho railway. Without reflecting on the promoters in the rural districts, those in Christchurch had gone in heart and soul, and had spared neither trouble nor ex pense in interviewing both contractors and shareholders, and the proceedings in which they were then taking part was a proof of the truth of his remarks. He was anxious that the shareholders should appreciate the amount of labor, skill, and energy necessary to carry out such an undertaking. It was the first scheme of the kind that had been undertaken and carried out. It had been tried elsewhere, but without the same success that had attended their efforts here. The resolution was then put as follows, and agreed to —“That the thanks of the shareholders be accorded to the provisional directors for the satisfactory report they have submitted, and that the report be remitted to the directors of the company, with a request for their favorable consideration. Mr Passmore moved—“that the following gentlemen be elected tbe first directors of the Rakaia and Ashburton Forks Railway Company, viz., Messrs George Gould, George Hart, E. S. Coster, John Mann, D. Gordon Holmes, J. T. Ford, and P. Laurie.” Air Neil McLean seconded the resolution, which was carried unanimously. In reply to a ratepayer, the Chairman said it wopld not, ho thought, be necessary to call up more than 30s per ’share. Additional capital would be needed to carry the line to Mount Somers, and he should recommend those present to take up more shares. On the recommendation of the chairman a number of shares were taken up in the room. The meeting terminated with a vote of thanks to the chairman.

An excellent luncheon was provided for the town visitors, the caterer being Air Grant, of the Railway Hotel. It was done ample justice to, and the Christchurch contingent returned to town by the 5 p.m. train.