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MIDLAND RAILWAY

MEETING OF SHAREHOLDERS. The third ordinary general meeting of tbe ahtraholders of the New Zealand Mid* i land Hallway Company was held on November 18tb, at tbe City Terminus I Hotrl, London, Mr Thomas Salt, M.P., presiding. In moving tho adoption of the report the Chairman observed that, although there had been a oertaln amount of progreßß daring the year with the works of tie railway the period brd been one eeseotlaHy of negotiation. The negotlatlons had cow been brought to a oloce, and a very fair cootraot had been given to them by the Government of tbe oolony Valuable aa the undertaking waa, and muit be hereafter } to the shareholder*, it waa equally, If not more, valuable to tbe pet pie of New Zealand. The railway would open np tbe country, bring land on the market In a convenient manner, encourage Immigration cf the best kind, and provide labor. It waa provided that the line was to be finished In ten yean from January 17th, 1885, but they hoped it would be m proapecous wot king order long before the expiration of that period. They had practically come to an agreement with the Government for the aubithution of an incline for a tunnel, and if they m that manner were able to reduce tbe specified coat of the railway below £2,500,000 they would take In proportion so muoh lusb land from tho Government. The laod on which tbe railway ran would be given to them, except that portion which was already In private handa. Arrangementa were Included In the oontraot. for working certain portions If tbe line, if the Company required It, by the Government ; and there were mutual running powers. The amount of land they were to receive were about 2,000,000 aores, and they would take It m certain proportions aa the railway was completed. Clause 30 wai the molt Important, for the Government had therein agreed to this provialon, that if, when the line waa completed, tbla land, sold by the Company, had not produoed I £1,250,000, they would give them farther land aoffiolent to realise that aum. Tbe Government of New Zaaland had, there-

fore, practically agreed, when the railway waa finished, to pay half its coat. If they obtained £1 250.000 dear, and the lice cost £2,500,000, they would only require to take about £10 per mile per week to pay 5 per cent. They had effected one cale of land for £23,000. whloh was more than double tbe amount of Interest they had, ao far, bad to pay on their capital. He believed they wonld sell their land for £1,250,000, and In addition c!ear-«nough to oover interest and expenses during construction. : Mr E. Brodle Hoare, M.P., seconded tbe motion, ' ' In reply to a question, the Chairman

stated that a large proportion of the arre»rs cf oalla had been paid sluee the date of the account!. The report was adopted, and tbe retiring Director! aod Aodltori were sutwe* qaently re-eleoted.

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Permanent link to this item

http://paperspast.natlib.govt.nz/newspapers/AG18890108.2.23

Bibliographic details

MIDLAND RAILWAY, Ashburton Guardian, Volume VII, Issue 2031, 8 January 1889

Word Count
497

MIDLAND RAILWAY Ashburton Guardian, Volume VII, Issue 2031, 8 January 1889

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