THE WELLTNGTON-MANAWATU RAILWAY.

Lyttelton Times, Volume CVI, Issue 12621, 2 October 1901, Page 4

THE WELLTNGTON-MANAWATU RAILWAY.

The Premier's vm- distinct statement at Waikanas the other day of the Government's.' intentions with regard to the Wel-liugtcn-Manawatu Railway ought- to lead to- the satisfactory settlement of a lciig outstanding question. Mr Seddon announced that the Government was prepared to purchase the line on the basis of 30s a share of the railway company's capital, and

that froim this price it would not, be persuaded to budge. Tie shareholders now know the position, and it is for them to say whether they will accept the Government's offer, which seems to cover the full value of the assets of the company, or whether tihey will continue the struggle against the State line. In the latter case they will, of course, have . ■ only ■ themselves to. blame if their property should suffer. Mr Seddon.Jwas perfectly frank on ■this point. " The Government must," he is reported to have said, "go on with its railway policy of remissions and cutting down the charges. The Government, does not desire to make more than 3 per cent on the railways, and if that policy hurts the company, then the company cannot blame the Government." The GoverMttcn't has been blamed for competing unfairly against the company, for carrying! goods and passengers at a loss in. order to. attract traffic to its own line; but under the circumstances we do n!ot see how'anything else could be expected. The premier has declared 'that''he. will no* ,M a party to " any cutting down ;tbat ,would force the company into an unfair position " ; but'if he does nothing more than reduce the' shareholders' profits to 3 per cent he will probably make them extremely, dissatisfied with their investment. Altogether, it. appears to us that the directors of the company would do well to get rid of the lino, at a figure which approaches very nearly to their own estimate of its worth. They are mot a;t all likely to do any better by continuing the present competition, and they may do much worse.