THE MIDLAND RAILWAY.

Press, Volume XLIX, Issue 8156, 26 April 1892, Page 6

THE MIDLAND RAILWAY.

Our correspondent writes:— "The following -letter, has been addressed by the Hew Zealand Midland Railway Company, Limited, to the Trustee? of the 6 per cent.'" 'First Mortgage - : ., Debentures,', and speaks . for itself : — '79 Gracechurch •street, Bth March, 1892.—Gentlemen,—! am instructed', by my Directors to hand you a cheque for £10,000 received from the Land Trustfor'.the Springfield,section, and also a V cheque " for £5006 from traffics and other sources, making sufficient for interest on debentures during the year 1892. I am . also desired to inform you that before the .'close of the year 1892 my directors intend to transfer to you the following sums:—£2s,ooo,, £8000, and £11,000, being'payments for sales of land for which : agreements are. already made. These amounts mora than provide interest for the year 1893. For the year 1894 provision can be made fey the ,use of existing short-period mortgages to the amount of £46,G00. Beyond this there will remain to ba dealt with land of the.-estimated .'value of about £120,000,. which will bo available for further interest or sinking fund, but by that time the income from traffics, royalties, cales of timber, rents, ike, should suffice to pay ths debenture interest.- The expenses of administration and the interest on the ordinary^shares can be provided during th© period of thrse years from traincs, interest oa balances, rents, interest on mortgages, and royalties oa timber and coal. Tho completion of tho cast and west routs will largely iiacreas© tho traffic receipts of the railway'—l am, gentlemen, yours faithfully, A. B. McDoneU, Secretary." '