THE EAST AND WEST COAST RAILWAY.

Timaru Herald, Volume XLIII, Issue 3603, 17 April 1886, Page 3

THE EAST AND WEST COAST RAILWAY.

— -■• -T^T-T ♦ (Press, April 16th.) The "Own Correspondent "of tho above t paper telegraphed on Thursday as follows :— " From tho latest information received by the Government touching the Eaßt and Wesf Coast Railway, there aeema every reason tc believe that at last this work is m a fair waj of being definitely undertaken. There can be no doubt at all that tho syndicate as at pre> sent constituted must be deemed a very powerful and responsible one. I have been courteously allowed to soo tho list of names, and from personal knowledge of London citj matters, I am ablo to say unhesitatingly that they are unquestionably names that stand 3 high m tho estimation and conGdenco of the London commercial world. The list was shown to me confidently, m order that I might satisfy myself on this score, there • fore I am not at liberty to mention the names just yet, but I am permitted to saj that they are understood to include some of the directors m the great banking firms of Lloyd, Barnett, Bosonquet and Hoaro ; also, that some leading Australian Banks are connected with the affair as backers. In short, I do not think I go beyond the mark m saying that the whole matter seems as satisfactory as could be desired. Should all the present men stand m when the contract is finally signed, there is no doubt a very substantial contracting body will have been secured. Somo doubt was at first entertained whether the proposals included tho Nelson section of tho work, but I am authorised to say that all uncertainty on this point has been removed, and it is ascertained that the Nelson section is included. Somo have thought too, that the original contract of 1884 had lapsed by effiuxidn of time, but this is not tho case. The Government had the right to withdraw after a specified time, but thiit right was nevor exercised, and consequently tho original arrangement still remains m full force. The I syndicate aro quite satisfied with the land grants provided for m the contract of 1881, and have not sought any new concessions • either m land or m money. 'Xhe alterations m the original contract for which they 1 stipulate ore mainly of a detail character, for instance, owing to the length of time • which hns elapsed since the contract was drawn up, a considerable portion of the ' period during which the first sum of £150,010 was to be expended has already expired, they stipulate for a proportionate extension of tiuio, which is of course very reasonable. The other alterations are said to be of a similar character, involving no loss to the colony, or any question ofprinciple to which any exception could be taken. The Government have cabled to Sir Francis Bell, leaving'the matter entirely m his hands, and requesting him to deal with the matter to tho best of his judgment. The Agent-General seems quito satisfied with the standing and responsibility of the syndicate, and to be convinced that at last the undertaking is m a fair way to becomo an accomplished fact. As it is stated (adds tho Press) that tho syndicate is prepared to take up, with slight modifications, the original contract for the construction of tho Ka9t and West Coast Railway, it may be of interest to recall some of the main features of that agreement. It wus made on the 17th January, 1885, betweon tho Queen and tho promoters of the railway. It provides that the contractors shall within the term of ten years construct a lino of railway between Springfield and Brunnerton, along the Arthur's Pass route, with another lino connecting it with Belgrove. Within twclvo months from the date of the agreement the contractors aro to deposit £5000 m the public account, as a guarantee for tho performance of the conditions, Bueh deposit to be forfeited to tho Crown if they fail to carry out the contract, but to be returned, with interest at the 1 current rate, to the contractors as soon as permanent works connected with tho railway should have been executed by them to the value of £10,000. Tho contractors aro, within two years, to expend not less than ' £150,000 on permanent works, which will enable some complete section, or sections of tho railway to bo fit for traffic as early as ' possible thereafter. When the line is opened ' for traffic tho contractors are to run at least ono train each way every weok day for • tho conveyance of goods and passengers, and the rates are not to exceed those m force on the Wellington and Masterton railway, with 25 per cent added. The land necessary for tho construction of the line is to be given by the Crown so soon as the lino is surveyed and marked out. With reference to the selection of land grants given by way of bonus, it is provided that for the purposes of such selection, tho total estimated cost of constructing tho railway shall bo £2,500,000, the total length being estimated at 235 miles, of which sum £1,500,000 is the estimated cost of that part of the railway from Springfield to Brumjerton, and £1,000,000 the estimated cost of the BrunnertonBelgrove lino. The land to be set apart ia j to bo deemed to be of a value per acre to be calculated as soon as conveniently may be after tho execution of the contract, m the manner prescribed by the Act, such total value to bo £50 per cent of the total estimatod cost of tho railway, provided that no land shall be granted to the contractors at a lesa value than 10s per acre. The land is to be surveyed m the form of parallelograms, and shall have a frontage to the railway of not lesa than one-fifteenth of the depth of such block. No such blocks Bhall bo of such a depth as will carry them beyond the watershed nearest to the line of railway. For tho purposes of such selection the railway is to be deemed to be divided into sections, numbered 1 to 35 m the plan, and when the Minister for Public Works is satisfied that any section is completo and fit for public traffic the contractors are to be at liberty to select a proportionate grant of the lands. Power is given to the Governor m Council to extend the limit of time during which tho contractors are to con--1 struct the railway ov expend the £150,000 if lie is satisfied that tho delay has not been occasioned by the wilful default or neglect of the contractors. Under the East and West Coast Railway Act of 1884, it may be remembered the contractors and the Crown take alternate blocks of land along the route of this railway. If there is not sufficient Crown land adjoining , the railway then Crown land which, m the opinion of the Governor m Council, will bo specially benefited by tho construction of the railway shall be set aside, and tho company shall be entitled to the whole land so withdrawn so long as the same does not exceed the quantity to be granted. The Government also have the right to purchase the railway. [By Telegraph.] Chbistohuboh, April 16. It is m contemplation to hold a grand demonstration m Hagley Park to celebrate the receipt of the news re the Woafc Coaßt Railway. Mr C. 0. Bowen, Chairman of the Guarantors, has cabled Home to Mr Allan ■ Scott for details of the contract made with the syndicate. .