TAKAPUNA TRAMS AND FERRY.

Auckland Star, Volume LI, Issue 105, 4 May 1920, Page 7

TAKAPUNA TRAMS AND FERRY.

DIEECTORS , ANNUAL U'EJIXfRT. The annual meeting of shareholders In the Takapuna Tramways and Ferry Company will be held at the Chamber of Commerce next Tuesday afternoon. The report ot tile directors states thai the revenue for tbe year elided .March :il last was £.7,648 110; the expenditure for the year was £24,703 1/i, leaving a profit ot-£Z>io v.S. Adding, the balance from lOl'J, £:iCB J.'B, Phis made a total of £.T,!>> 0. 4. Out of this tho directors recommend depreciation:! amounting to t"K:."2 7.1), leaving t.i be carried forward tILM.i 18/10. Thy proflt for the year. £30* i, with HSM pal.l as debenture Interest, ie equivalent to ('..."i per ceiit The increased expenditure L- da.' to hiiher wages awards and IncrGdM!.* In ;he price of fuel, stores, etc.. which mc -still iucrcising. I , art of these increases have been pulsed on to the travelling public by increasing the nteainer fares. Applications fur increased tram fares have been made and refused; and the directors are awaiting the 1-9 the controlling authority, when a further demand will lie made, as an increase in tram fares is absolutely- essential. In order to cope with the increasing traffic two now locomotives were obtained. One of these was put Into service for the 'Christmas holiday traliic. and the other about three weeks vice, while the other are thoroughly overhauled and put into tirst-class condition. The traffir demands that another steamer be obtained, andrthe directors have this matter under consideration. The debenture issue falls due at the end of this year: and It is proposed to have a new issue covering the amount of the preseut issue, together with amount required for a new steamer, additional traincars and w-orksjiop plant. The directors retiring 'by rotation are Mr. A. K. Morrison aud Captain .lames Smith, who offer themselves for re-