MINUTES

Lyttelton Times, Volume XII, Issue 722, 8 October 1859, Page 3

MINUTES

OF. THE MEETINGS OF THE COMMISSIONEBS APPOINTED BY THE; FBOVINCIAL GOVEBNMENT OF CANTERBURY, TO ACT IN; ENGLAND ON BEHALF- OF' THE PROVINCIAL GOVEBNMENT, FOB THE: CONSTRUCTION OF; RAILWAYS IN CANTEBBUBY.

Tuesday, June 14, 1859. At the Union Bank of Australia,; Old. Broad. Street.;

Present:—Henry Selfe Selfe, Esq., James Cummins, Esq., James Edward'EitzGerald, Esq.

. 1. The, Commissioners have before them :—- ---(1.) The report, of the Railway Commissioners, . dated'dSth March, 1859.; (2.) The letter from Mr: Ollivier to Mr. EitzGerald

of the same date. - •' (3.) The letter from the Superintendent to Mr. Selfe, dated 31st March. .". "" 7' (4.) Several private letters from the Superintendent, Mr.: Ollivier, and Mr. Dobson, on the same subject; • ' .

2. The Commissioners observe from the papers before them that their duties areat present limited ■- to the following objects:

(1.), To move the; colonial office to instruct the Governor of New Zealand to assent to a Provincial Ordinance, guaranteeing 6 per cent interest, on a capital of £1,500,000, to a company, to be formed in England for constructing: railways in Canterbury, on lines laid out by the; Provincial Government,' such guarantee to,commence after, the completion of the rail- , ways. ■■ . (2.) Failing; to obtain such instructions, then 'to move, the colonial office to instruct the Government of New Zealand to: assent to a Provincial' Ofdiriarice, ; enabling the Provincial Government to raise a loan of £250,000/t6 construct a railway from Lyttelton to Christchurch by the "direct route." '..''."' (3.) To, take the opinion, of an English, engineer in concert1 with. Mr. Bray as to the practicability .of the "direct route.'' (4). Should such.opinion be favorable, and should the Colonial..Office; consent to issue the requisit'eSristructions,then ; to enter into a: con-: tirigerit'contract, with an English contractor for the construction'of the railway, and to guarantee his expenses out and home should the contract not.be confirmed. •'".• ,-t" (5.) Should the report of the Engineering authorities in England be unfavorable \ to the route then to send out an engineer fo report on the whole subject. ,

• 3.- The Commissioners do not understand that the Provincial Government wish them to become merely4he medium for conveying, to the 'Government orthe public in Eriglandthe views expressed by tlie'Provincial Governriient; even if Mr.. Selfe as: ; the.'Agerittpf the^^ or Mr. .EitzGerald the.Eriaigration Agent, were so bound, Mr'. Cutri-; mins would, be unable .tcu commit himself to any, plan for raising money which. he, could, not upon nis own judgment confidently recommend to the English market.. .- ;. ] 4. The; Commissioners, referring to the first object towhich their attentions is directed in- the letter from the Superintendent to Mr. Selfe/are of opinion:— First. That the, proposal to pay no interest. during, the construction, of the works,:but to.provide a capital sum sufficient to admit of interest at 6 per. cent being paid, out of capital during that period, would not be acceptable either as the basis of a.contract:madeby the Government directly, or thi'ough the intervention ,of a company. Secondly. That, even were the Home Government and the General Government of New Zealand, to" assent to the proposed scheme, it, would not be possible to raise a capital of £1,500,000 upon the secririty and with the prospects stated in the Superintendent's letter. ; And, thirdly, that to apply to the Government to sanction a loan by.the Provincial Government of £1j500,000 or a guarantee by them of 6 per cent interest thereon (£90,000 a year), even if deferred for five years, would, in the judgment of the commissioners, not, only result in the rejection of such a scheme, but would seriously emperil the prospect of obtaining the. assent of the Government to a more moderate proposal. 5. Eor'-the above reasons the commissioners resolve not.to act uponsuch parts of the Superintendent's letter until they shall receive further advices from the Proviricial Government,

6. The commissioners adjourn any consideration of the railway between1 Lyttelton and Christchurch until Mr; Bray's arrival in London. 7. The commissioners direct a copy of the above minutes1 to be forwarded to the colony by the mail this weekV ,

The meeting is adjourned. (Signed) H. Selfe Selbe, . Jas. J. Cummins, James Edwaed FitzGeeald,