THE MIDLAND RAILWAY.

Hawera & Normanby Star, Volume XLII, Issue 7366, 18 January 1902, Page 2 (Supplement)

THE MIDLAND RAILWAY.

Financial journals continue this week their criticisms on the Government's offer to the Midland Railway debenture-holders. The Agent-Gene-ral "has been studying the comments closely, but in view of the way In which the Government's case has been stated by the "Economist," and the pacific tone of the letter in that 3ournal from Mr James P. Cooper, the secretary of the Debenture-holders' Committee, he has considered it advisable "to await further developments before taking action. Doubtless he is wise in view of the launching of the new loan to postpone breaking a lance with the Government's embittered opponents.

Mr Cooper, in the "Economist," declares that it was not the Debentureholders' Committee, but only a few individual debenture-holders who "endeavoured to get N.Z. boycotted on the Stock Exchange, while the legal proceedings were still subjudice. He explains that the Committee were informed by their agent in N.Zj of the Government's offer, and asked to consider the proposal at once. They "are quite ready to confer with the Colonial Government as to what would constitute a fair settlement, and most anxious to arrive at an understanding which would be just to the debenture-holders and honourable to N.Z."

The Joint Stock Co.'s Journal, while admitting the maladministration of ;he company, protests "in the name of common equity," against

the "legal piracy" of the Government, which insists on having "'its pound of flesh."- «

Mr Charles Duguid, in the "World," points out what there is to be said for the New Zealand Government, declares that the committee of debenture holders is looking the gift horse in the mouth even before the offer, and shows that if t>he case of the debenture holders is a hard one, that of the New Zealand ratepayer must also be considered.