MANAWATU RAILWAY CO.

Auckland Star, Volume XXX, Issue 86, 13 April 1899, Page 8

MANAWATU RAILWAY CO.

The annual meeting of the Manawatu Railway Co. was held at Wellington on April 5. The report and balance sheet were passed, and a dividend of 5 per cent, was declared. Messrs Smith and Izard, the retiring directors, were re-elected. The Chairman, in answer to questions, said he had no further information as to the likelihood of the Government buying the line, nor did the directors think they should approach Ministers in the matter. They must

wait a little longer. t It was suggested that extra local trains should be run to make up for

the loss of traffic and to meet the wishes of settlers.

The Chairman said he would be pleased to go into details with the settlers interested.

In moving the adoption of tb© report Mr Macarthy, Chairman of the Mana'watu Railway Company, said the results compared unfavourably with the last five years, but that was owing to the policy of the Government, who had adopted discriminating; rates which unjustly diverted traffic frohl their lttte. Considering; that tqf do this the Government carried goods and passengers fifty miles without charge and then by the costly Rimutaka, serious inconvenience was frequently caused to the public, and the operation was more likely to result in a loss than a profit to the colony. The company had materially reduced its rates and had carried more passengers and goods than last year. Their balance, from railway account was £6544, and from land sales £1964, which enabled them to pay a dividend of five per cent, absorbing £8500. The Chairman alluded again to the enormous amount of taxation .paid by .-the company, which up to date was £76,178, while the sum paid in dividends was only £72,250.