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annum, equal to £1 15s. 6d. per share. I now quote £1 12s. 6d. per share, a reduction of 3s. per share on 170,000 shares, equal to £25,500. The assets now show an increase of £17,096, a total of ' I think I am justified in claiming that this offer to sell the property of the company is on very much better terms to the Government. Should you require further information or explanation to establish the financial position of the company, I will be very pleased to attend you. I have, &c, Thos. G. Macakthy, The Eight Hon. the Premier, Wellington; Chairman of Directors.

Wellington and Manawatu Bail way Company (Limited). Statement of Assets and Liabilities. A sse t s Liabilities. £ s. d. 30th May, 1901. & s. d. £ s. d. Debentures 680,000 0 0 Railway rolling-stock, Sundry creditors .. .. •• 4,027 9 d land and buildings.. 951,879 15 6 Debenture interest accrued .. .. 16,346 d 1 Less written ofi .. 191,255 410 760,624 10 8 Freehold lands .. •• •• 51,931 6 9 Balances due by land-purchasers .. 51,524 9 3 Deposits and interest accrued .. .. 40,814 15 1 Sundry debtors .. •■ ■■ 3,48119 11 Railway stores 4,177 14 5 Cash balanoes — Bank of New Zealand 10,264 15 11 In hand—Head offioe 424 8 6 Stations.. 45 0 0 Imprest .. 22 3 3 Petty cash 10 19 9 London agents and in £700,373 12 4 transit.. .. 34,660 14 6 Balance o£ asseta .. .. ~ 257,609 5 8 £957,982 18 0 £957,982 18 0 £257,609 ss. Bd., divided by 170,000 shares, equals £1 10s. 3d. per share. 13th August, 1901.

Half-yearly Statement of Assets and Liabilities. Assets. £ s. d. £ s. d. , Liabilities. £ c. d. Railway rolling-stock Ac." 952,452 12 5 (Debentures 680,000 0 0 Less written ofi .. 191,255 410 Sundry creditors 4,429 110 761,237 7 8 Debenture interest .. .. ■• 7,265 16 0 Wrflphold lands .. •■ 51,221 16 0 Appropriation for dividend at 3 per cent. „ '~ „ lalates due by .. 14 8 To shareholders for half-year .. 5,1,0 0 0 Deposits and accrued interest .. •■ 40,527 13 2 Railway stores .. •• •• 10,181 8 2 Sundry debtors .. •• •• 2,107 19 8 Cash Balances — Bank of New Zealand 3,479 11 5 In hand—Head office 348 15 1 In hand—Stations .. 45 0 0 Imprest .. 36 10 4 Petty cash 6 16 4 London agents and in « fi q ß R , 4 ■.„ lf) transit .. .. *MoJ 37,269 14 11 Balance of assets 257,520 16 5 JS £954,365 14 3 £257,502 divided by 170,000 shares equals £1 10s. 3Jd. per share. Thos. G. Macaethy, 30th August, 1901. Chairman of Directors.

Eight Hon. the Premiee to Mr. T. G. Macaethy. Dear Sib - Premier's Office, Wellington, 28th October, 1901. At the time you delivered to me your memorandum of the 2nd September, 1901, in which it was stated that the directors of the Wellington and Manawatu Eailway Company (Limited), subiect to confirmation by the shareholders, were prepared to sell to the Government the whole of the assets of the company, I informed you that the Government could not think of purchasing at the price named in such memorandum. The offer of the company contained therein was to remain open to the Government for acceptance till the 15th October That time has now expired. I stated publicly, at the opening of the Waikanae Bridge, that the Government had been prepared, subject to confirmation by Parliament, to offer for the assets as set forth in the table attached to your memorandum, an amount equal to £1 10s. per share for 170,000 shares, and aggregating an amount almost equal to the total value of the assets over liabilities as shown in the statement of the assets and liabilities submitted by the company. Seeing that there was

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