The Taranaki Herald. PUBLISHED DAILY. SATURDAY, JULY 17, 1886.

Taranaki Herald, Volume XXXV, Issue 7119, 17 July 1886, Page 2

The Taranaki Herald. PUBLISHED DAILY.

SATURDAY, JULY 17, 1886.

« The matter respecting Mr. Steward's action in selling the Waimate Railway debentures to tba Goveruniont again came up before the House yesterday, when the members spoke rather plainly their minds on the subject. Wo publish elsewhere a prelty full report on the discussion, where it will be seen that Mr. Stawprd's action has been very severely comniented on. It may be as well to expla'i that when tho Diskict Piailway Purchasing Bill was before ths Public Accouuts Committee last year, the Committee struck out the Waimato line from the schedulo, their reason for this being that the line was altogether uuremunerative. They found that trains were run on tho line only twice a week, and that the earnings for 1G weeks were only £110, while the expenditure was £12G. The House thereupon passed the bill, with the Waimate line omitted, but Mr. Steward succeeded iv getting the bill recommitted, aud the line was re-inserted in the schedule on a vote of 29 to 21, and the third reading of the measure was carried by 27 to 21. Tho measure finally passed tho Lords on JSeptember 19th by a majority of 1, 16 votiug for the third reading and 15 against. When examined before the Committee, Mr. Steward admitted that he received three-quarters per cent, on tho Waimate sale and half per cent, on the Rotorua, and that the amount of commission on the whole was about £1,035. It will be seen m tho report of the Parliamentary pro. ceedings that mention is made of a letter sent to Mr. Steward fro a a Mr. F. Slee, and about which Sir George Grey asks the question. The document is published in the evidence taken by the Committee, and is as follows ; — Waimate, New Zealand, 18th September, 1885. [PRIVATK.]-"Denr Sir,- In congratulating jou upon tho successful passage of tho District Railways Purchasing Bill through Parliament, it strikes both Mr. Blank and Mr. Blank that it would be an opportune time for yourself, and probably Blank, interviewing tho powers that bo in connection with tho Insurance Department with a view to disposing of tho £33,000 odd debentures of tho Company to be given by the Government as the purchase price for tho railway. The money market at jjtho present timo should bo as favourable as any for effecting this. You will notico by yesterday's cablegram that money in tl-e Homo market is 1-}. In the ovtnt of yourself nnd Blank effecting this sale on favourable terms, the directors would, of course, treat it as n matter of business. You may remember my speaking of this to you before, I perfectly ronieinbor what was said by me. Although tho loss to the Company will bo v heavy one, this would not prccludo tlitir seeiu£ and acknowledging your and Blank's valuable services. — Yours truly, Frank Sr.EE. To W. J. Ste.vard, Esq., M.IJ.K. The points to which Sir Georgo Grey drew attention were the " blanks " iv tho letter, which, it ha 3 now come out, were substituted for the namo of Sir Julius Yogel. The Wellington papers are at great variance on the question, the Evening Post asserting that the undertaking was only an ordinary business transaction, whilst the other two papers have referred to the matter iv suoh strong terms that actions for libel have aluady been commenced againsl them.

A football match was played on Friday between the High School and tho Waitnra Schools, resulting in a win fov tho H ; *h School by G points to 5 points, or 3 tries to I goal. Tho schoolhoußO which has been built at Bell Blook is looked upon by the Education Board as the model school building in tho district, both us rogards tho comfort of the pupils and tho general conveniences. The opening of this school is to bo celebrated cv Tuesday next by a tea and entertainment, and tho Smart lio.id Band will qlso be in attendance,