Natal Railway Company: … … The Chairman then said the next business to consider would be the question of the proposed lease of the Government Umgeni line, which was an important one, and the meeting would remember that, at the previous one the shareholders had instructed the directors to enter into the treaty and submit the matter to another meeting. He might state that the board had been met at the outset by unexpected difficulties in obtaining a Bill to enable them to enter into the necessary lease, but that such had at length been passed. They had also in view of the outlay such a new undertaking would require taking steps to induce the Colonial Government to either lend the company money or guarantee the company’s debentures. The Legislative Council had fully approved of the guarantee, and urged it upon the Executive, who, however, had refused their sanction. The Government had submitted a draft lease which differed so materially from the provisional arrangement, that the directors had submitted it to their attorney, who, being present, would be best able to put the shareholders in possession of the facts. The board had addressed the Government on the subject of guarantee or loan, but a reply only reached that morning stating the absence of the Administrator. Mr. Pinsent pointed out that whereas by the original Bill the shareholders were to ratify any contract entered into with the Government, it had been altered and passed so that directors could do so without further reference. He animadverted upon the document now under consideration, and said for his part, whilst anxious the company should keep the most perfect good faith, it was clear they were not to rush blindly into a defective arrangement. He pointed out how in many ways the draft lease differed from what it was intended it should be and alleged the reasons which influenced him in saying; advisedly that it was quite competent even for the directors to reject such terms. … (continues) …
Transcribed in whole or part from scanned originals: Presented with or without modified text and punctuation. For absolute accuracy refer to the original newspapers. Source: The British Newspaper Archive.
Referenced
GRO0798 Devonport: Savery Pinsent: 1815 – 1886