The Wairarapa Daily. SATURDAY, APRIL 5, 1884. THE WELLINGTON-MANAWATU RAILWAY.

Wairarapa Daily Times, Volume 6, Issue 1653, 5 April 1884, Page 2

The Wairarapa Daily. SATURDAY, APRIL 5, 1884. THE WELLINGTON-MANA-WATU RAILWAY.

A wkek ago we published a few remarks on the prospects of this undertaking. Since then the annual meeting of the Company lias been held, but the reports of the speeches made thereat do not convey much more information to the uninitiated reader lli.ni was previously available. The WellingtonManawatu railway is an experiment which is of almost vital interest to the community, and it is almost a matter of regret that the Wellington Press exempts it from criticism, and does not in any way attempt to place before the public an independent opinion of its progress and prospects. As for as we can judge from the meagre information which reaches us, the cost of construction and equipment of the whole line will probably be between seven and eight hundred thousand pounds. The formation of the eighty-three miles will probably cost less than four hundred thousand pounds,-but the permanent way the rolling-stock, the cost of the financing, and other expenses will, we believe, make up a total such as the one which wo have indicated. It is satisfactory to notice that the money for completing the line is certain to be forthcoming, Fifty thousand pounds have been subscribed in Wellington, four hundred thousand pomidshavcbecn raised by debentures in England, and the sale of the landed endowments of the Company may he expected to realise some two or three hundred thousand pounds. Within three years the railway may be expected to be completed and open for traffic, and then the question of whether it will pay will be determined, To cover interest on th/ debentures it will require to make an absolute profit of twenty thousand pounds per annum. To pay interest to shareholders it will have to yield a still larger profit than twenty thousand pounds. If it does not realise a substantial profit tho debenture holders will be secure because the Company can call up twenty thousand pounds per annum from the shareholders, if necessary, for the next twenty years. But of course if calls ha\ n to be made to meet interest on the debentures, the property will prove a very had speculation for the members of the company. The net profit paid by the Wellington-Masterton railway is' but some.ei2,ooo or £13,000 per annum, and the Wellington-Manawatu line will have to beat this return if it is to be a paying line. It enjoys one advantage in having some excellent business men on its directorate. Would that its Chairman Mr J. E. Nathan were Chairman of a Board managing the whole of tho New Zealand railways! If he were, we believe they would soon be paying a better dividend. The Wellington-Manawatu line running in competition with our own railway, will stir up, we trust in time, the wretched management from which we suffer. If it should pay iijwijl be quite evident that mismanagement is the sole cause which has prevented the WellingtonMasterton railway from being remunerative. Still the Wellington-Mana-watu line is heavily handicapped by competing with sea-borne carriage aiul by the cost of financing. It will lake all ■ tho ability and energy of its admittedly capablo and active directory to establish it as a financial success,