The Wellington Manawatu Railway Company.

Manawatu Standard, Volume X, Issue 21, 23 June 1885, Page 4

The Wellington Manawatu Railway Company.

(UNITED PBKSS ASSOCIATION.) ■WEiiUNGTOsi, Monday. A private meeting of the shareholders of the Manawatu Railway Company m this city was held to-day, about 25 shareholders being present. Mr J. E. Nathan, chairman of the board, was m tbe chair, and after .alluding to the negotiations which have been going on with the Government for the sale of the line, he explained the nature of the commun : cations received from the London Board of Directors. They were opposed to the . sale to the Government, and saw no dif- j ficulty m raising the required additional capital of £200,000. What they suggested was that, m the terms of ;ho resolution already passed, the numerical capital of the company should be increased by an issue of £40,000 worth of new shares, with £1 to be paid up ; these shares to be offered pro rata amongst, the existing shareholders.. The London directors stated that, if necessary, London shareholders would take up 25,000 of these shares. The directors couid then with eaae float another £16,000 with debentures, the full sum being completed by the colonial shareholders taking up 150,000 new shares. General satisfaction wan expressed by the gentlemen present at the satisfactory prospect thus opened up to the company of carrying the enterprise through to its completion. Some six thousand shares were at once subsoribed for m the room, m proportion of two-fifths of the new shares to the old ones, and assurances were given that if required this proportion would be considerably increased. The directors will probably be able to cable to London tomorrow or the next day that the required conditions have been complied with. In replying to a letter from the Wellington - Manawatu Railway Company asking that an agreement between them and the Government lot taking over the line be withdrawn, the Minister of Public Works has accepted the proposal and intimated to the company that should at any time negotiations be resumed they will not be on such favorable terms to the oompany as before.