THE NEW ZEALAND MIDLAND RAILWAY COMPANY (LIMITED).

Nelson Evening Mail, Volume XX, Issue 245, 14 October 1886, Page 4

THE NEW ZEALAND MIDLAND RAILWAY COMPANY (LIMITED).

(Home News August 20.) The first General Meeting of this company was held on August 16 at the company's offices, 79, Gracechurch-street, Mr Thomas Salt. M.P., presiding. The chairman stated that at present he was not able to moke any very important announcement, as it was necessary to communicate with the colony on several points. He could, however, state that the first issue of shares was fully subscribed, and that a contract had been entered into for constructing a portion of the line. A beginning was to be made at Grey mouth, a port on the we?t coast. This would enable the company to construct their line either way, eastward or northward, as they wished. A gentleman had been sent out to New Zealand who would act with a committee there in surveying and choosing the land which the Government had granted to the conpany. The relations of the company with the New Zealand Government were of the most friendly nature, and he (the chairman) had no doubt would continue to be so, at they were very desirous of aiding the company in completing the line. There was a considerable degree of misapprehension about the railways in New Zealand. According to the official returns it was shown that the railways which are open for traffic make a return of £3 8s 3d per cent. But this is for the whole island. When the traffic for the two islands was compared it would be found that those of the South Island averaged £4 16s per cent, while one line returned £5 9s per cent. This line was the Greymouth, which the company was about to extend. He had no doubt the return would increase as the line was extended. When, moreover, the profit from the sale of land granted to the company by the Government was taken into consideration, it was surely not an unreasonable hope that the company's dividends would be satisfactory. Thero were signs of improvement in trade in New Zealand, ns was instanced by the fact, that wool had risen another penny in ib..? pound within the last few days. Although he did not wish to prophesy, he had, he thought, every reason at present to feel sure that the enterprise would prove a success. A resolution was passed appointing Messrs Cooper Brothers, of George-street, Mansion Hous», auditors of the company. A shareholder aeked whether the capital of the company would ba called up quickly, and the chairman said that that depended upon the progress of the works, but that plenty of notice would be given. He added that the company were shortly about to apply for a quotation on the Stock Exchange. After a vote of thanks to the chairman, the proceedings cama to an end.