Thames Valley Railway.

Thames Star, Volume XIII, Issue 4311, 25 October 1882, Page 2

Thames Valley Railway.

A meeting of persons interested in the construction of the Thames Valley Rail* way was held at the Borough Chambers last evening. Mr Ehrenfried occupied the chair; and amongst those present were: Col. Fraser, Messrs Brodie, Veale, Honiss, R. N. Smith, Denby, Speight, Robt. Graham, M. Browne, Grigg, R. Farrell, Helherington, Comer, McGowan, Cocks, Bateuwn, Minnie, E. McDonnell.

Mr Dean detailed th« several steps ths* bad led to the meeting, reviewing the business which had been transacted at previous meetings. Mr Wilkinson had intimated that Mr Roche and others, at Te Aroha, were willing to subscribe for 2500 shares, and Mr Sheehan had tele graphed that he and his private friends in Auckland would take up 1500, and these, with the number subscribed for at the previous meeting, increased the number already applied for to about 7000. From other parts of the province he had received very encouraging information as to the way in which the scheme would be accepted. Mr Graham said that in company with Mr Sheehan he had visited Mr Percy Smith, who prepared a plan from which he now quoted some figures. There was a township at the head of the navigation, and it was believed this could be withdrawn from sale and held over. There were in the hands of the Government about 1050 acres of available land, Under negotiation there were 36,788 acres, all of which would be greatly benefited by the construction of the line. Then there were about 150,000 acres of the Piako swamp which, though land of poor quality, would be enhanced in value by the formation of the railway, and therefore more useful to the company. ■There were also about 100,000 acres of land available in the Ohinemuri goldfield district, aud about 27,000 at Te Aroha, besides a considerable quantity of kauri forest beyond Rocky Point arid near Gape Colville. The present cost of this land he estimated at about £34,5C0. If this line was completed he believed it would be the finest part of the colony, and if a: railway was once made a harbor would follow, which was of great importance to tbe district. The Chairman said he regretted that the Mayor was not able to be present, but he had received an apology from that gentleman accompanied by an application for 250 shares and a cheque in payment for the same. He also stated that he could and would do more good at Te Aroha to further the advancement of tbe line thaniif at the Thames..

Several questions were put to and answered by the Chairman. Mr Dean read a draft prospectus.

Col. Fraser stated what had been done in Auckland, and read a letter from Mr Sheehan, in which that gentleman assured him that the land would not be confined to 15 miles aloiig the line, but other lands, if necessary^.would.be given. He bad the positive assurance of Ministers to that effect.

Mr Brodie said there were nd* lands that he was aware of except the Komata along the line in the hands of the Government. If they could get a block of land elsewhere that; would settle?, the matter. He believed in the line, and thought it WQuld be one of the beat paying^in the coloßyi ;rf^d)Ke had* tftayelled on most of the railways, and knew a great deal about i the capabilities of various parts of New Zealand. His desire was to have the ' matter placed upon a proper basis v He believed there was sufficient in the propo sal to go on without land, but if Ministers promised land anywhere, and consented to bring in a bill to ratify that promise, he would be satified. Matters altogether wore a. more hopeful aspect. They bad found persons in certain quarters whom they thought would be antagonistic to be favorable and ready to assist. Thjs was very reassuring. He would propose that the company be formed .at once. Mr Graham pointed out that the Government bad promised outside land for the Manawatu line, and they would have to go to Parliament to confirm their action. '•.;■ :■:,:._ \ ■ -■: - ' :■' Mr Speight urged that the terms of the Act were so extensive that there should be sufficient land : it would take them up to the confiscated boundary.

' Mr McGowan sought for information, and said if the Company were formed simply- to deal with Government, it would be only necessary to take up a few shares. If it were intended to float a company to carry on the work, he had grave doubts as to their ability to float a large company of this character.

Mr Graham said Col. Fraser and himself stated they would take up the preferential shares, but everyone should take a few, and not let the burden stand on the shoulders of one or two. Money was required to meet certain preliminary expenses, hence the issue of these shares.

Col. Frsser said there was an impression abroad that these preferential shares were a good thing, and the provisional directors were keeping it to themselves. He thought they should let the public have the first dart.

Those present were then asked how many preferential shares each would take up, and 130 were applied for, generally in lots of 10 and 20. .Mr McGowan absolutely declined to take any, as he had not sufficient enlightenment on the matter.

It was further resolved that all who took up preferential shares should be placed on the provisional directory. Mr Brodie said the object of the provisional directors was to test the feeling of the public. He should like to see some of the people who had talked a great deal pnt their hands in their pockets. It was no credit to the Thames that so.few shares had been applied for.

It was decided to keep open the preferential share list until Friday, and the prospectus was referred to the provisional directors to be reported on at a meeting to be held that day.