The Ashburton Guardian. Magna est Veritas et Prævalebit. WEDNESDAY, JANUARY 9, 1889. THE MIDLAND BAILWAY.
The report which we reprinted m yesterday's issue of the meeting of the New Zealand Midland Railway Company is satisfactory insofar as it goes to show that the Board of Directors and the shareholders generally are well content with the terms of the contract as finally settled. From the speech of the Chairman, Sir TUub Salt, m moving the adoption of the annnal report it will be seen that the Company anticipate being able to complete the line for £2,500,000 or less, and that they have been granted or promised land of such area and value as will realise £1,250,000, so that the line will only need to earn interest upon the Bum of the remaining , million and a quarter ; m other words, nett earnings of £62,500 per annum will yield to the shareholders a dividend of five per cent. This; we- are told would only require a profit of £10 per mile per week, which apparently the Directors regard as of easy accomplishment. A s to the actual cost of construction the report indicates that this will be Icsb than originally contemplated through the substitution of an incline (we presume on the Abt or some similar rack-rail system) for tunnelling, and as to the value of the land concessions it is stated that already the proceeds of sales have amounted to more than double the amount of interest on capital which has so far had to be paid. All this is pleasing enough from the Company's point of viewj and it is good news for the colony m the Bense that it goes to show that the Company can have no reason to wish to back out of its engage ments, nor any motive ior delaying the prosecution of the work. Bnt while this is so it is the reverse of satisfactory to find so long a delay actually occurring, and it is somewhat startling to find that although the meeting above referred to was the third annual meeting of the Company there has only been as yet completed one short section of the railway. Of course we do not leave out pf sight the very protracted negotiations prior to the final settlement of the contract, bat as all these have now been concluded for some months it is high time that the works were being vigorously prosecuted. The Company should be called upon by the Government to proceed without further delay to the completion of the line, which at the rate of progress which has so far characterised the Company's operations, dannot be looked for before the year 1900, if so soon.
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The Ashburton Guardian. Magna est Veritas et Prævalebit. WEDNESDAY, JANUARY 9, 1889. THE MIDLAND BAILWAY.,
Ashburton Guardian, Volume VII, Issue 2032, 9 January 1889