MANAWATU RAILWAY COMPANY.

Press, Volume LX, Issue 11548, 2 April 1903, Page 3

MANAWATU RAILWAY COMPANY.

ANNUAL MEETING.

(press association telegram.) WELLINGTON, April 1. The annual meeting of shareholders of the Wellington and Mauawatu Railway Company was held to-day". The Chairman of Directore, Mr KiTkcaldie, in moving the adoption of tho annual report and balancesheet, stated that tho increaso in revenue for the year was the highest recorded, and the profit, available for divide«di<, viz.,--£lO,->ol. was also greater than any previous year. With reference to tho proposal to distribute the accumulated profit- in addition to tlie dividend, making 6 per cent, for the year and two Kb-lings per share, the directors oppose this, being in favour of d policy to maintain the prospect of reasonable dividends, rather than spend all tlie profits annually. The future prospects of tho company are even more satisfactory than the pant. In four years' time £680,000 worth of debenture*, on which 5 per cent, is now paid, fall due. The directors 6ugge*st that out of the funds available £100,000 »f these ba paid out, and the balance of tho nione-y could be raised at o_ to 4 per cent., leaving a net profit to the company of £7000 per annum. There is a prospect of an increased dividend next year. A dividend! of 3 per cent, for the halfyear, making 6 per cent, for the year, and _s per chare bonus, were passed. The retiring directors (Messrs D. Anderson and D. J. Nathan) were re-elected, and Mr J. Barry was elected in place of tlie late Mr J. Smith.