SUM TOO LARGE.

Auckland Star, Volume LXIV, Issue 189, 12 August 1933, Page 13

SUM TOO LARGE.

BAST COAST RAILWAY. BRITISH CAPITAL WANTED. "TERMS QUITE UNSUITABLE." (By Telegraph.—Press Association.) GISBORNE, this day. A largely attended meeting of the East Coast railway committee to consider proposals in connection with the discontinued construction of the NapierGisborne railway, carried a resolution as follows:— "That this meeting is of opinion that it is impossible and impracticable to raise in New Zealand an amount of £1,800,000 by the flotation of a company or by loan to take over complete and run the Napier-Gisborne railway as offered by the Government, that efforts be made to interest British capital, and that with that object suitable terms be discussed with the Government under which negotiations may be opened and an option given if desired.

"This meeting is of opinion that the terms outlined by the Government are quite unsuitable and calculated to discourage any possible investors, and, further, that tlio Minister be asked to make available to this committee all reports and data now in possession of the Government oil the subject of the proposed East Coast railway."