Wanganui Chronicle. AND PATEA-RANGITIKEI ADVERTISER "NULLA DIES SINE LINEA." MONDAY, FEBRUARY 22, 1886.

Wanganui Chronicle, Volume XXIX, Issue 11134, 22 February 1886, Page 2

Wanganui Chronicle. AND PATEA-RANGITIKEI ADVERTISER "NULLA DIES SINE LINEA." MONDAY, FEBRUARY 22, 1886.

The statement put forward on Saturday eveniup with regard to the Heads Bails way and the directors who have become pei soually lia^ le for the bank overdraft, ia both unfair to the directors in ques* lion and prejudicial to the interests of the company. It is said that the affairs of the o iiapaoy are kept a closa sporet, and that difficulty is experienced in obtaining information there*nent. We believe we are correct in saying that there is as little secrecy observed in connectiou with the affairs of the Heads Uailway as of any company in Wangamii, and far less than with some. A full statement of the position of the company was submitted to the last anmual meeting ; the report was printed and made available for shareholders, and it contained an explicit reference to the financial arrangement to which exception is now taken. We quite agree that it is impossible that the company can continue to stand the strain of such an arrangement— but they are not asked to do so. The guaranteeing directors did not seek the position into which they were forced, have never considered it an enviable one, and are now, and would at any time have been, only too glad to surrender the position at a moment's notice. Our opinion is that the maligned directors in question are deserving of the gratitude of the shareholders for having saved thH com* pany from going into liquidation. It may he answered that it would have been just as satisfactory to have gone into liquidation then as now. We reply, that the position was absolutely hopeless then; t>>at the majority of the directors would not become liable for another penny on any consideration; the shareholders were sickened with the long delays, and were begging and praying for people, to take their shares off their hands without any consideration therefor, and generally the pros* pects of the company were considered to be blighted and blasted beyond redemption. Jt vvas at this stage that three directors stepped into the breach, and saved the ooni < « pany. Becoming personally liable to the b&nk for a large sum, it was nothing very extraordinary that they j should seek such security as. was obtain* able, and also some future recompense — in case of the company proving a success — for the very considerable risk they were running. When the line was at last finished and open for traffio, it was purely problematical as to whether it would ever pay expenses. There were plenty of people to sneer and depreciate it — but not so the guaran* teeing directors- Now, if the latter gentlemen had been anxious to work a point, in order that the line might exentualiy fall into their hands, they would probably have done their best to ruin it by negligence or mismaoagement, so that it would have bad no chance c f paying its way. The fact, however, is, that the ohairmau, who is one of tho three guarantors, has been most assiduous in his attention to the interests of the company and to the management of the lioe, and with another of his co-directors has cut down the expenses to the finest possible poinfc,and thus has had the satisf action of accomplishing successful results where carelessness, indifforenoe,or lack of ability might easily have procured failure. So far good. But if the guarantors aro determined to have their pound of flesh, in the shape of interest for the large sum of money for which they are responsible, but which the bank ad* vanced, and for which the bank must also be paid interest, then the success of the company is a matter that interests I the guarantors, bub is of no oon*» quence to the shareholders. Just so. But the shareholders will be pleased to knowthat the guarantors do not stipulate for their pound of flesh. What they say is this— and we cannot imagine anything fairer, — " We helped you over the stile when you were helplessly lame. Now that you have found your feet, and are able to walk a little, do co, and do not trouble yourselves about us, but among your circle of newvfound friends get anybody to help you who will serve you better than we have done." In other words, the guarantors say that if their fellow directors, or the body of shareholders, can get any person or persons to take their place within a day or a month they will gladly relinquish their position, and with it all right and title to the accrued interest, which has been paid to a separate account, and which they have never handled. So far from the guarantors demanding to be paid the interest, they have, in the clearest and most precise manner, declared their perfect readiness to forfeit every penny of it the moment they are relieved from personal responsibility for the overdraft, provided relief comes within a reasonable period. A report on the subject is to be prepared by a committee of the directors, for presentation to the annual meeting of shareholders to be held next month, when we hope that the more satisfactory arrangements, which the guarantors are co willing to facilitate, may be fouud easy of accomplishment.

Female suffrage is coming within the range of practical politics much more rapidly than its most ardent supporters could possibly have expected. That the total enfranchisement of women would beoome an accomplished fact in the not very distant future, we fiicoly believed ; but we must confess that we were not prepared for the information that a Woman's Suffrage Bill had actually passed its second stage in the House of Commons so early in the existence of the new Parliament. B ow* ever, the sooner tlie better. There i? uo valid reason why women should be denied the piivile^', if they choose to exercise it; and public men may as well begin at once to reckon upon, and reconcile themselves to, the fact that womankind will form a powerful faotor in ihe political struggles ol the future. Guv extemporary, the Evening */ost, of Wellington, makes ihe following com:* ments on the telegraphic information recoived: -The nous chat a bill to es> tend the franchise to women ha^ been read a second time in ths House of Commons affords a striki.'j^. proof of thui'adlcalimn cf the n-riw *(om;e. F-ni kngli'.-.li papers we g;u'h<r that -.oju'V iiOO v. embers v/ere r^Lurnod abuolu fcoty ple<l£i;d to wo;;. foil's suJl'rj^o. and Jt 58 evil.,' c ut lLafc tho -promoters of the movement aro determined te luse n > tiaiH ia utilising thi;i la :\: t o vo K J3^power. Bo far «b \ve cvi gather, the proposal dooa not go U-.y^hd extemit

ing the Parliamentary franchise to females who are now entitled to exercise Municipal nr.rl Scihool Board electoral privileges — that is, women possessing property in their own right and being ratepayers. We do not think it, is intended to confer tho H^ht of voting on women who are merely lodgers, or who have no property independent of the rnalb members of their families. There does not seem any valid re.ison to object to female ratepayers voting a Parliamentary elections, or even becoming candidates for honta in Parliament. The pxperieuco of School .Boards and Poor law Boards at, Home has shown that they can not only use th« privilege of voting wisely, but that in certain ca?es they uiaka excellent members of the governing body. Is it no^ rather a reproach to onr supposed Colonial Liberalism that it has been left to (.he Old Country to actually lead the way ; >n affirming tho principle that women who possess property are equally entitled with men to possess the Parliamentary privileges which the property is supposed to confer ? Who_ will champion the rights of worn"ii in the next session of our colonial Parliament ?