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New Zealand Herald, Volume XXV, Issue 9139, 22 August 1888, Page 4

Yesterday the Government made a decided statement in the House that they would not agree to the proposal made by Mr. Yaile and certain gentlemen in Auckland who have associated themselves "with him, to lease the Auckland railways for a period of live years. In reference to the money guarantee which Mr. Vaile and those who are acting with him propose to give, the Government made the announcement that nothing less than a cash deposit of, say, £45,000, " would satisfy the Government and the country !" It would probably be a more accurate statement of the fact if it had been said, " would satisfy the department." As to the Government we cannot speak, but we are quite convinced that a much lower guarantee than £45,000 would content the country in order to have the experiment made. We do not know the precise terms sent to the Government by the syndicate, but probably they offered to enter into a bond for the amount they tendered. But the Government will be content with nothing less than a cash deposit, and for £45,000! They might have been a little more moderate, and still have secured their object of repulsing Mr. Vaile and his friends. How on earth could a cash deposit of £45,000, or any sum like it, be obtained from a few private individuals in Auckland at the present time ? The thing is impossible. But to make security doubly sure, the Government add "And it was not proposed to accept the oiler." So that even if Mr. Vaile were to-day to deposit at the Bank of New Zealand to the ci edit of the Government £45,000 in sovereigns, the offer made would not be accepted. Mr. Vaile is "crushed again," for this session at all events.