NORTH ISLAND TRUNK RAILWAY. The Million Loan to be Raised. Wellington, Oct 21.

Te Aroha News, Volume III, Issue 125, 24 October 1885, Page 5

NORTH ISLAND TRUNK RAILWAY. The Million Loan to be Raised. Wellington, Oct 21.

f think it likely that we shall soon hear o another million loan being placed on the London mai ket. This may «eem impossible to mo*t people after the cwei pipg re duciions made in the Estimates, on Captain Russell's motion, during last i-e^sion. The Northern and Vv ellington members who voted for the resolution peetnid at the time to satisfy themselves that by voting tor it they Wwuld in no way prejudice the interact ot the rvoith Island trunk railway live. Before they can escape the consequence* of their vote*, it is mjces-,-ary to explain that, although authorised, this loan has never been raised, but the exprndirureon the line ha" be6n provided for from the Public Works Fund, but the heavy defence expenditure of the last 13 months has been drawn fiom the authorised million not yet raided Now that the expenditure of the colony has been so far interfered with, it. is not only certain that no fresh contracts can be let on the North Island tiuuk line, but a portion of the money spent for defence works will have to be provided for out of the trunk railway loan. It will therefore he found necessary to raise this million Wn at no distant date, and when ra s d it "-ill probably be applied to defence * •rks al eidy constructed, or become amenable to other Public Works votes. Had the million proposed las»t eet-sion been authori.-ed, the mi'lion for the'trui.k railway which is authorised would have been postponed for at lea»t another year j bur. I have good reason tor believing that it will be nece cary very bhortly to place this loan, al- eady previously authorised, on the London market. Thw will, no doubt, greatly surprise many of those politicians who voted for Captain Russell's motion, but who did, not seem altogether to know what they were" doing. , -