AUCKLAND TRAMWAY COMPANY.

Auckland Star, Volume XXXIX, Issue 148, 23 June 1908, Page 2

AUCKLAND TRAMWAY COMPANY.

tare during the year amounted to £-71,----398 6s, making the total amount expended -on the tranrways £(364.390 14s, but only to a. very slight -extent did the j increased expenditure become remunerative during the year. The directors therefore consider it prudent to reduce the dividend on ihe ordinary shares- by 1 per cent, representing £3000. The expenditure during the yeax included iihe acquisition of the necessary material for the Mt. Eden, Mt. Itoskill, asid Grey Lynn, extensions, the -construction, -of wllrich is now in progress, the cost of «, -mew generating set of 600 kilowatt capacity and two new boilers, •which: have beea installed, and the parchase of large additions to the rolling stock. At the end -of the year the company had 71 cars->in stock, being an increase -of 11 -during the year. Since then the number 'has 'Deem, further increased "by the delivery of 10 from England, and the construction of six in Auckland, .bringing the total snunberebo .87. •Tie - company lhas joined the British Electrical Federation, which is formed by -various electric traction and lighting companies for IJre purpose of co-opera-tion and joint-action in matters of common interest. • The-directui letiring foy rotation is Mr B. P. Simpson, 'who offers himeelf for Tβefecfion. The 'board, ' recommend that lieirt.-OoL Henry Burton, w°ho has lately left Auckland to ireswle in England, and ■w&o -Ik>M« a considerable interest in the company, should be elected to a seat on■the board, increasing the number of directors to four. The auditors, Messrs. G. F. Kemp, Sons and Co., retire, and offer~themserves for reflection. The following statistics, are supplied, the 'figures, in parentnesls being for the previous year:— : Miles open, route miles. 19.2 (19.2); single line, 6.99 (6.99) ; donble line, 12.21 (1221); number of passengers carried, 22,474,537 (21,104,651); average receipts per passenger, 1.47 d. (1.48 d.); average expenditure per passenger, o.BBd. (0.81d.)j proportion of expenses to Teceipts, 60 per cent (55 per cent); nnmber of cars in working, 71 (60>A survey of recem; results is -supplied by the-following , - table:—<

- ~ -'- 32SCSSEaSEo»<KEVSa*U±S.- ;- :'The*~- ia α-rrrrnai jnfieting of thfe- directors of the ATTrJriaTKf Electric * Tramways Company, iM, -was to ictve-been iheld in-. London on May 20. Ttt their-annual report- ior--4he year .ended , December 31, 1907, the-directors fetafe:—Tiie total revenue for the year from all sources was £140.451 19s 9d, as compared neith :fa32.364 17s Id for the previous year. The traffic-receipts, ivdrica -sinannted to £i37 ; nß 9s Od, £ho-*- sat imaease o£.*£73Bi 9s 9d over file previoas year. ASer deducting all expenses^-cbszgeable- 4o- Tewenne, iodndmr JE-K^ssSor Jnteresfe on thedebentnre z£bck providing for •Sic lentat and, percentage of profits; jey^to--to the ■ Axtcklaod City Council, amounting: to '£3561 11s Id. and setting ksitlc therersirrainsia. sorplus-of' The emcami. payable ic* the- Auckland. City CotnxcD, £3567 lls» icy:ias' been erriTcd.-siiroii.flie basis referred to inrihe- j fest Teport. 3Tiie inclade- expenditure- on JOB -Sd, as compared'nvith £16,----fIS& fe--54 -daring 1906. -In addition, the Bum-of ,£l&£2& 7s 7d has been- expended ort xenETrals. and chafed to depreciation acaonirt. A;-Jarge portion of the iattex emount =W3S in connection. >with the- xe-eenstrnctajn.-of tie track in Queen-street, TKhii iasoiow- been completed. r Jhclnding: the amount brought forfrom Oast account, £3101 10s 9d, ihere is an availaDle balance of £33,---523 IS3 -6d. which the directors recommend, shonid. be applied as follows:—To ■reajxv-e fund for general purposes, {£.10,0007 to pay a dividend at the rate iof 6 per cent for the year on the preference shares (of which £1408 8s lid twas distributed in 1907, the balance having been paid in the current year}, £2658 Ss lid; to pay a dividend at' the rate iof 6 per «ent per aramm on the ordinary •shares, £18,000; halance to be carded forward, £3165 9s 7d; t0ta1, <£ 32,823 l&s •Pd. i. It 'will be observed that £2658 8s Ud \is-payabtexjnt of the profits of the past year as dsvidenjd on £50.000 six per cent preference shares of £ 1 each, 'which were issued early in the yeax for the purpose of providing capital for additional plant and rolling stock. Nearly 'the-whole of these shares were taken up I . The-4»fcal capital expendi- J

BALANCE SHEET, 31st DECEMBER, 1907. ■ / >>ff r'. jrf ! c - { | OTHER LIABILITIES. - ' . £ s. d. ...-.,£ - a. d. * Jfio Ssjsse Cahtaxt— ' _i» . Authorised and Issued — •-" _- .kJ i 50,000 6 per cent. Cumulative Preference ' £ f Shares of £1 each t ». 50,00Q 0 0 1 SOOjOOO Ordinary Snares of £1 each. ;.< 300,000 0 0 _ } ..._,,,.: Z., —' ' 350,000-0 0 IoXteBENTOEB Stock— ■>,■.■■;*. '~'',i"' ■-■ . ; _ ' Authorised — : . : •'" .""r" . Im. ' : 335,100 0 0 )-•- Issued — ' ■ • : U - Krsi Mortgage 5 per-cent. Debenture- Stock 285,100 0 - 0 " JtoSnsßßr Ckeditoss ahd Cbedit Balasces — . Debenture . Interest to date, payable %• -v. '■'" Ist January, 1908 >- .„ >. ; 7,127 10 0 'i'E&i- i ""-.-'•"' Accounts ,»„ M M ... 26,803 8 9 '■ —- 33,930 18 8 XcrDEEEECQHCOT AoCOtFHT .*'■■»•■ :. . .» .. ; 51,134 14 6 Deduct— Renewals during the year 18,726 7 7 _ , h" '■*-. —-. ' - .'" 32,408 6il To Kesesve - •«. --..- »♦-.-.; t~i >~t >< >.j . , 12,500 0 0 jPtrPEOHEiAHD LOSS-ACCOUNT— ' . ....... Balance brought forward from last' . . ;:h .... i[.. Account '.'.''. ... 3,10110 9 /.'"'.'"' ' ""'■'" IScf:"" ■- ' . Profit for year ended 31st December, "' * * " p.iifefe\: 1907 . "> & '£* >- "- 29 > 722 7- sj ; L;tlo*-i 32,823 18 6' ' " - %i}'~';'v. :;- "Less —Preference Dividend paid to tepi^Vi■';-=..; - 31st Jury,, 1907 ,« ... 1,408 811 ■"' 31,415 9 7 |g^^V'i ; : -■'. ■ - : ' J k-.:- i .:■'■- *745i354 15 3 ?j CAPITAC EXPENDITURE AND OTHER ASSETS. £ s. d. f s. d. 'Bγ Otd Tbamwats now Reconstructed . »,« ..« 12,684 • 9 10 3r "Rg«T. TJJRTATF. IS - AOCKLASB— As per last Balance Sheet.. J« >.. ; :.-« 19,482.11 11 Improvements during the year ..*-.. 13 0-0 ■ ..—.—. 19495 11 11 . tPt BISHTS AS» COTTCESsioNS, Aim EXEEKDrrXKE OW • ....... Electbical CoNßTKtrcrrios- abd Reconstettction— ; -;; - As per last Balance Sheet.. .. .V .. 592,992 8 0 Addr-Expenditure duiing.the Year .. 71,3?8 6 0 664,390 14 0 Bγ Stdees jjtd Matekial ... .. .... .. 21,788 8 2 Br Sundbt Deotobs ahd Debit Batances .. .- . j.'_",". 2,641 10 7 ■ Bγ Deposit foe- Customs Ddtt on Plakt aitd Maieeiai, subject to awxtstmeot ; ... : - 1,521 0 0 !BX C»KTT - .:At Bankers in London U- '■.* -> i~« 18,372 8 1 -. ' > At Bankers in Auckland ,« : .« :.« i.« '3,692. 3 5 g-.: iln Hand in Auckland j«_. t.« •..;- .« 768 9 3 < — ; —: — 22,833-0 9 :.| ;• £745,354 15. 3 ' PEOmiND LOSS ACCOTINT fob the Yeae ended 31st December, 1907. £ a. d. f s. d. To Power and Banning Expenses »„ c 45,745 1 6 To Bepairs and Maintenance .. .. ";. C, ■, j i 20,350 10 S Io Administration and.General ExpensesRents, Rates and Taxes (including New Zea- . . ],: ; land Income Tax) ;.. "L* .... ~.; 5,085 7 8 '' ■< P Insurance .. .: .2-....;•« ..... ~, „„ 5,070' 7 9 'I Directors* Remuneration .... -~*. „. 1,200 0 0 .'* '." '"•;' t.. Bank Charges '.. II „< „„ ..« : .. : 171 14 3 j-"-' ;.;.:, 18 Audit Fees ~., >..; .. 152 10. 0 <J Debenture Trust-ees* Fees.. ~« ... 105 0 0 . , Office, Travelling, and General Expenses .. 5,005 3 5 "* ."■.'■ —— 16,790 3 1 3l"o-Auckland City Council under Deed of Delegation— Bental *. .." .. W _.. „ >, "*.« ..'* 400 0 0 Percentage of Profitß..: w< .. e ..« ; 11 1 •c- *r s— : 3,567 11 1 To British. Electrical Snperanmiation Fund ; .., 21 5 8 To Debenture Interest „■ .. .. M .. „., , i 14,255 0 0 To Depreciation Provision .. „„ ~- ~«: ' j-"; i 10,000 0 0 To- Balaoee-carried to-Balaiae Sheet M:M **•'**& i 29,722 7 9 -. ■ ...1 : ■,!':.!/-;■ ..! •! £140,451 19 9 . '..- -: ? "'.;?.,.;■; X- '..\s,( .-->'?- : i'-"'*:t ' T- V " S. d. By -Traffic- Keoeipta..- M^^^ji,^ . »«"' »< 137,718 9 0 By Advertising Receipts >.i ~M >~« ». : .-„, 745 0 3 By SnndTy;Beceiptß we i« t i*« ►^μ , »••' »»« 1,111 11 10 Bj iafeseafc - : « m .•«..*; *« »:* 'i» •->- :-.i >.«, !*.-< 876 18 S jii-j'ii*-': I ."'/ n'""" '5 ? ; : , 1 J '■■:-.! ,<- ■ •'• ' ! fH0,451 18 9 -« -; ! " . AHDiraES , - geetjepicate and repqet. Jrtaccorcbraeft-witn.iie-provisions of the CcTnpanies' Act, 1900, we certify that - all cur reqajjemente-as Auditors have been- complied with, and we report to the Ehaxeholders that -we have audited the above Balance Sheet with the Books in . > Xoodos. and «x& th* certified Returns from Auckland, which are embodied in them, and that is. our opinion it is properly drawn up 30 as .to exhibit a true and correct -view ol the Company's affairs, as shown by the Books of the Company. $3w sum of has been provided for -depreciation. v ■ , .0. F.KEMP, SONS & CO.

Capital Traffic General Issued. Receipts. Expenses. j. ■ • £ . £ £ 1905 585,100 __ 1___,87& __ 71,188 1906... _ 5S5J.00 __, 130,357 __. 71,280 iT-OT..., 635,100 __~ 137,718 ... 82,906 I ■ ■■ ' . .. -' -' -■ « a go -■-"_,- «=: .2 s_ • i *»S sS So _>*■_ B_B ■ 3a S ■*— IS 1 . _fJ~,.. S* §& ■• c, < • s, e_ £.. £ £ £ ISOo.. 2,684 20,919 13,950 19,789,0-5 1900.. _s246 43,583 22,500 21,104,651 1S07__ 3,567 3_V7-_3 20,000 _2,474,537