Manawatu Standard (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. THURSDAY, OCTOBER 9, 1884. WOUND UP AT LAST.

Manawatu Standard, Volume IV, Issue 268, 9 October 1884, Page 2

Manawatu Standard (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. THURSDAY, OCTOBER 9, 1884. WOUND UP AT LAST.

The Foxton - Sanson Railway Company has at length become a thing of the past. We remember when nothing but this railway would go down m Sandon, where public meetings used to be held, and the future prospects of the place depicted m glowing- colours after the railway was m existence. The unfortunate shareholders will now receive a dividend of 5s 9d m the £, On the paid up capital. Sic transit gloria mundi. After all the glowing accounts, all the anticipations, all the: dividends, to lose 14s 3d out of every £ invested is really too hard on the unlucky speculators m. this railway bubble. The liquidators 1 report which is instructive reading is as follows : — " The liquidators, on taking office, found great difficulty m collecting the amounts due to the company, owing to the determination of many of the shareholders not to pay their first call until compelled to do so by order of the law court. The liquidators were, therefore, obliged to resort to extreme measures, which put them to very heavy expense and great loss of time. On preparing a list of contributors to the company, the liquidators found that unpaid calls were owing on 1,795 snares, representing 15s, Of which sum they collected £'308 0s Bd, the balance of i>l4s 14s 4d is not collected. Law costs and other expenses, as shown m statement, amount to £ 128 19s sd, leaving a balance, with the £\\o 9s 4d m the bank, of ,£302 18s 4d, which will give a dividend of 5s 9d m the £ on the paid-up capital, which sum will be paid to shareholders immediately. The books of the company will be. placed m charge of Mr B. Sanson, jun.,for safe keeping for a period of five years, as required by the Joint Stock Companies Act, 1882." This is really a sad denoement to all the brilliant expectations of the promoters, and should prove a salutary lesson to sanguine and credulous people not to be led away by imaginative and rose-coloured representations to invest their money m visionary railway undertakings which end m vain regrets and pecuniary loss.