MIDLAND RAILWAY.

New Zealand Times, Volume LXXI, Issue 4374, 4 June 1901, Page 7

MIDLAND RAILWAY.

ENLARGEMENT OF VIIE COAI.MISSION. At a sitting of tJie .Midland Railway Commission yesterday, Dr Findlay, conn..el for the debenture-holders, put in an amended statement in regard to tin,, amount spent by the company on i lie construction and equipment, of tbo line. file sum was put down at C,yi).2/», as against 1 1 ,338.000 in the original statement. In arriving at the le.-. er sum, the amount actually paid to the English contractors, exceeding L'loo.ooo. lias been redneed by between 2o and 30 f>or cent. The sum of £770,2i3 does iii,i.. include a number of items for which the company's representatives could net provide enough details to satisfy the Commission. Neither docs it include rim interest paid to the English dclicni nre-ljoider.s, over .£2(10,000. it excludes also a portion of the fees paid to l lie engineer (.Mr Wilson). There lias hern a. new development in connection, with the inquiry now proceeding, and which was thought to on on the point of completion. Tile t>ovei union! has enlarged the Oo'iiirds-, 0.-i. Dr Findlay last nmht received by post a copy n f the new Commission, Endin' th° original Commission/ the Commissioners bad (o find what the company iiad properly spent, upon construction, and what had been contributed by t lie Crown for than purpose. Then it was to be determined in what proportions tile Crown, tbo company and the de-benture-holders were to share the value of (he line. The division of the selling value was to ha on the basis of the proportion that each party bad contributed to tile construct ion value. Jiy the new Commission, the Commissioners are directed to find the selling value, tint they are further directed to deduct thereirom the whole amount derived from the sale of (and grunted, to the company and its successors. In arriving at the selling value, the Commissioners are not allowed to estimate what the line is worth to the Government, or what it would b ( . worth to a syndicate which was empowered to complete it. They have to suppose the line sold as it stands. From this restricted selling value, the new Commission says the whole amount derived from the sale of land is to bo deducted. At tile next sitting of the Commission t-hcr 0 is likely to be an interesting discussion. Counsel for the debonturcholdera is able to put only one construction on tile now Commission, and that is that his clients are to get nothing at all, as the soiling value of the lino can scarcely exceed the amount derived from land received as grants from the Crown.