MANAWATU RAILWAY COMPANY.

Auckland Star, Volume XXVIII, Issue 74, 31 March 1897, Page 5

MANAWATU RAILWAY COMPANY.

SIX PER CENT. DIVIDEND.

(by telegraph.—press association.)

Wellington, this day. At the annual meeting of the Manawatu Railway Company the Chairman eaid the receipts from traffic had been higher than in any previous year, and from land Bales several thousand more were obbained than in last yoar. The neb profit from these two sources waa £8,954 and £1,751, oub of which £10,200 would be absorbed by a dividend of b_x per cenb. During bhe year a number of raortgafte. were paid off and receipts from interest consequently redaocd. The Company sold 16,695 acres for £13.166, mostly hilly pastoral country, and they now had a fund of £37,219 derived from land which could be drawn on for improvement in the permanent way or in rolling stock if more were required than could be fairly charged to maintenance. The Otaki Bridge bad been greatly strengthened and improved, and ib waa inbended bo treat obher bridges in the came way, alao to lay 651b steel rails on heavy grades, instead of 53ib, and fit carriagea with electric light. A planb had been ordered. The industrial exhibition was the principal cause of the incroaae in the passenger traffic. Alluding to tho heavy amount paid in taxation he said the Company bad paid bhe Governmenb £38,650, and local bodies £22,598, conaidorably mora than one-bhird of the paid-up share capital of bhe Company. Mr Fulton, tho traffic manager nnd locomotivo superintendent, had reaigned during bhe year, bub the Board had arranged to retain firet call on hia serviceß a« consulting engineer. Mr Hannay, Secretary, waß appointed traffic manager and Mr March-Banka engineer. The Chairman paid a high complimenb to tho aervicea rendered the Company both by Mr Fulton and Mr Hannay. Tho reporb and balance sheeb were adopbed. Meßsra Anderson, Kirkcaldie, and Nathan were reelected directora, and Mr E. H. Izard waß elected in the place of Mr C. B. Izard, reaigned. In answer bo a question the Chairman, Mr McCarbhy, said ho could nob forseewhat difference the completion of bhe Governmenb railway bo Woodville would have, bub no doubt ib mußb have some effecb on bbc Manawatu Company's business.