119

D.—l

MIDLAND RAILWAY. Table of Characteristic Points of the various Alternative Lines over Arthur's Pass.

APPENDIX G.

PEOPOSALS MADE BY WELLINGTON AND MANAWATU EAILWAY COMPANY FOE THE SALE OF THEIE EAILWAY TO THE GOVEENMENT. Mr. Olivee Wetheeed to the Eight Hon. the Peemiee. Deae Sib— 30 and 31, St. Swithin's Lane, London, E.C., 27th July, 1900. Wellington and Manawatu Bailway. —l will be as brief as possible, well knowing how many calls you have on your time. After leaving Wellington, the day after you honoured me with an interview, I went through the dredging districts of Otago, and I am astounded at the results already obtained, and the future for the industry. Beyond doubt New Zealand is easily first in this branch of mining. I have since been to West Australia, and I returned to England a few weeks since. I now write, as you were good enough to say I might, in reference to our conversation about the above railway. After carefully studying the whole position I feel very confident that a scheme on the lines we discussed —viz., a return of capital plus compound interest at an agreed rate, and payment over a period of years —would be acceptable to my fellow-shareholders. If you still hold the same views, and are prepared to go further into the question, I now write more precisely. To facilitate reference let me first give a copy of the last balance-sheet of the Wellington and Manawatu Eailway Company, varying the bald words to make their meaning more clear, but leaving the figures intact. Assets. Eailway : Shows the audited amount of cost of the line after £ s, a. an ample sum has been deducted for repairs, renewals, and depreciation to insure the sum not being lessened when it comes before arbitrators under the agreement with the New Zealand Government, subject to the provisions of the Eailway Construction Act of 1881 ... 762,751 9 4 Freehold Land : Eepresents allocated and purchased land not yet sold, but of the full value here stated ... ... 59,314 14 6 Balance due by land-purchasers—in land bought and partly paid for, such balance being soundly secured ... ... 51,123 19 10 Deposits and accrued interest is for money safely secured ... 20,452 17 6 Sundry Debtors :Is good debts owing to the company ... 3,607 7 8 Eailway stores ... ... ... ... ... ... 2,611 9 9 Cash Balances: Is money in hand as stated, which, added to the above £20,452 17s. 6d., makes £61,849 7s. Id. This, under the proposals I am about to make, would pass to the Government ... ... ... ... ... £41,396 9 7 £941,258 8 2

19—D. 1.

Grade. L ength Otira Station to 3 m. Och. Bealey. Summitlevel, Number Length of Trains Summit each Tunnel, way in a Year. Trainmiles. Cost of Working Otira to Bealey. Cost of Construction, including special Plant and Ventilation. Interest on Cost of Construction at 4 per Cent. per Annum. Total Annual Cost. Miles. 7-15 2-75 Feet. M. • ch. £ £ £ £ i ■ ik (Fell lml5 j Adhesion .. I 3,000 ) 2,134 (30,516 ( 5,870 116,300 380,000 15,200 31,500 9-90 1 in 37 (steam) 8'3 2,395 6 10 700 11,620 4,420 f I 555,000 560,000* 22,200 22,400* 26,420 26,620* 27,100 1 in 37 (electric traction) 8-3 2,395 6 10 700 11,620 4,700 560,000 22,400 1 in 40 86 2,405 5 60 700 12,040 4,560 570,000 22,800 27,360 1 in 40 11-4 2,516 3 32 700 15,960 6,230 565,000 22,600 28,830 1 in 40 12'7 2,625 3 0 700 17,780 6,790 570,000 22,800 29,590 32,050 1 in 40 14-8 2,730 2 25 700 20,720 7,250 620,000 24,800 1 in 40 16-5 3,000 700 23,100 8,980 550,000 22,000 30,980 1 in 44 12-3 2,516 3 32 700 17,220 6,490 580,000 23,200 29,690 1 in 50 13-3 2,530 3 16 700 18,620 6,800 610,000 24,400 31,200 1 in 60 2,395 5 30 5,600 13-5 700 18,900 720,000 28,800 34,400 * Liquid fuel.