PROPOSED & SOUTHERN RAILWAY.

New Zealand Herald, Volume XLII, Issue 12853, 29 April 1905, Page 5

PROPOSED & SOUTHERN RAILWAY.

[BY TKLEORAI'II. —OW.V CORllliS I'ON DENT. ]

Dlnkdi.v, Friday, l.v the course of avi address at Waikaka last week, Mr. W. Eraser, M.H.R.. referred tonproposal to form a company to finance the construction of the Goie-Kelso railway, and said that, if the people of the district had such faith in the railway, surely it was worth while raising 10 per cent, of the cost. If they did that ho was confident there would be no difficulty in getting the line Constructed', lie could not say what the capital of the company should be, but he had arranged with the Ministei for Public Works to get a flying survey made from Gore to Waikaka, and would find out the estimated cost, upon whie'e would depend' the capital of the company. He did not think the line would cost £5000 per mile. It could safely 'be said that £50,000 wouiu be required for the work. His scheme was tha a company 'be formed to find the difference between the face value of the debenture and (he amount that could lie borrowed upon it, say, 10 per cent. The company would thus have to find 10 per cent, of the whole cost of the line. That 10 per ceut. would all come back directly to the shareholders at the end of eight years. if 10 per cent, Were found by those who took up shares, all they would) have to borrow would be £0 on each debenture. The project had already been taken uj by tho.se interested, and at a public meeting under the auspice* of the Waikaka Railway League on .Saturday the scheme, was heartily approved. A committee was appointed to canvass the district for shares.