MANAWATU RAILWAY COMPANY.

Auckland Star, Volume XXXIV, Issue 89, 15 April 1903, Page 6

MANAWATU RAILWAY COMPANY.

WELLINGTON, April 2,

The annual meeting of shareholders of the Wellington-Manawatu Railway Company was held to-day. Tim chairman of directors (Mr J. Kirkealdie) in moving the adoption of the annual report and balance-sheet stated that the increase in revenue for the year was the highest recorded, and the profit available tor dividends, £ 10,361, was also greater than any previous year. With reference to the proposal to distribute accumulated profits, in addition to a dividend, making G per cent, for the year, and two shillings per share, the directors oppose this, being in favour of a policy to maintain the prospect of reasonable dividends rather than to spend all the profits annually. The future prospects of the company were even more satisfactory than the past. In four years time £080,000 debentures, on which five per cent, was now paid, fall due. The directors suggest that out of the funds available,-£106,000 of these be paid off, and the balance of the money could be raised at 3J to 4 per cent., leaving a net profit to the Company of £7000 per annum. There was a prospect of an increased dividend next year.

Mr John Duthie, M.H.R.. felt that the company was perfectly secure in paying the dividend. The company only suffered from embarrassment from Government rights over it, but there was nothing to fear.

Mr T. G. McCarthy urged that shareholders should have been placed in possession of the correspondence which led to the offer of 30/ per share from the Government.

Two motions submitted by Mr McCarthy, one with reference to the correspondence regarding the sale of the company's assets, and the other concerning the sale of the Makerua swamp, were negatived. Messrs D. Anderson and D. J. Nathan, the retiring directors, were l'e-elected, and Mr J. Barry was elected director, vice the late Mr Jas. Smith. A dividend of 3 per cent, for the halfyear, making 6 per cent, for the year and 2/ per share bonus was passed.