THE MIDLAND RAILWAY.

Taranaki Daily News, Volume XXXXII, Issue 90, 12 April 1900, Page 2

THE MIDLAND RAILWAY.

[pub pbess association.] Wellington, April 11. In Chambers, in the Supreme Court, to-day Di. Findlay, on behalf of the [ local Receiver for the Midland flail way ' debenture holders, applied for direction | as to what course the Receiver was to : adopt in view of the decision of the ' Privy Council. The Chief Justice gave the following [ directions: —lf the Crown put an end to the contract the Receiver ought to approach the Crown or Parliament and ask for consideration. No doubt the debenture holders bad no legal remedy that he at present could see. He said that if the Crown confiscated the line the result may be that the colony may by such confiscation (and coflbiUeriug the amount already expended) make a considerable sum of money by the step. If tho Crown gets the railway it may get it at a mucli less cost than it hat ■ cost the colony, and in such case the . Receiver may fairly say to Parliament i that the debenture holders who have i sunk something like £700,000 in the construction of the line have some claim i to consideration. He thought the proper course for the Receiver was, if 1 there is confiscation of the line, to peti- > tion the Crown or Parliament, or both, > for such redress as he may consider the debenture-holders entitled to. ; Replying to Dr. Findlay, who reprei sented the debenture-holders, the Chief Justice said he could not see how he could recognise the English Receiver. The Colonial Receiver, he said, was entitled to the assets in New Zealand, and is responsible for the assets in New i Zealand, and where there is anything i coming from the Crown it should be given to the Receiver here. It would, ' be utterly ridiculous for the local Receiver to submit to the direction and ' control i f an English Receiver in the matter. His Honor agreed to draft a petition to be submitted for approval, but at the same time he would not by approving the form of petition be considered as adopting or affirming any statements therein.