MANAWATU RAILWAY.

Press, Volume LXV, Issue 13377, 19 March 1909, Page 7

MANAWATU RAILWAY.

FIXAL REPORT AND BALANCESHEET.

(press association telegram.) WELLINGTON, March 18. In the course of liis address at the fmal mooting to-day of the WelHngtonManawaiu Company, the chairman, Air J. Kirkcaldie, said that after allowing lor all outgoing, there wore balances in Wellington and .London totalling i - -*00.400 Sβ Id. Assembling all these figures in tJie balance-sheet, and turning first to the assets of the coin pan v, shaxoholdcrs still had freehold lands at Thorndon, taken in at ilO.2tiO; balances due by laud purchases or by land purchases ou mortgage, £,i(i,2S4 4s Id; deposits and accrued interest, £"30,542 ltis 10d; Wellington corporation debentures, iyroO: which togouhor with the cash balances already lvferred to made the total assets '£513,187 9s. The oitly liabilities other than share capital were sundry creditors, £ v ol6o &* W, including the amount sot apart for payment ot taxes and contingencies, and the estimated cost of liquidation was set down at £2000. In accordance with the terms embodied in the Wellington-Manawatu Railway Purchase Act, pavmeists mado by tlie Government—£ool>,ooo and £-415,000 — were effected in London, thas enabling the- directors to meet ticbenture e-ap:----tal. also to provide sufficient funds to meet the- distribution of assets t-o London shareholders, without incurring the cost of remitting. In all, £"< 00,000 of the purchase money was required iv London, and as the cost ot" remitting this money by cable would have been not less than ios per cent., there was a profit of £5250 by the arrangements made. The directors had been actively engaged during the past six months in endeavouring to realise, the remaining assets of the company so the first and final payment might be made as soon as the" company's affairs were placed in the hands of the liquidators. The unfavourable condition of the money market) had prevented the directors' efforts in this direction meeting with success, but they were .hopelul that once those remaining assets were handed over to the liquidators, it would not be long before their realisation would bo effected. The position as disclosed by the bal-ance-sheet warranted the announcement that an early distribution by the liquidators of 55s per share should be made, and provided the remaining assets of the company could be realised upon satisfactory terms, a further dividend of 4s Gd, or a possible 5s per share, might be looked tor. The number of shareholders on the 'Wellington and London registers amounted to 633. Of these, 307 ivc.ro original shareholders, and many of them had increased their holdings since their original applications for shares were made. The chairman reviewed the valuable services given by the chairmen at successive stages of the company's history. Comprised in the tribute were Messrs J. E. Nathan, W. H. Levin, and T. G. Macarthy, and then Mr Kirkcaldie passed on to the period when he succeeded Mr Macarthy in April, 1902. He concluded with an expression of gratitude for the loyal services of the staff and of the London agents. Mr D. J. Nathan, wno seconded the. motion, said that his father, Mr J. E. Nathan, had moved the adoptyn of the company's first report and baaanoesheot. He reminded the meeting that the services rendered, by Mr Kirkcaldie had been no less than those of the chairmen whom ho had mentioned. The company had been more than fortunate in securing tlie services of Messrs Hannay, Marchbanks and Cook.

It was decided that £250 each be paid to the local directors and the London agents. Messrs Henry Kembor and Son and D. T. Stuart, the auditors for the company for many years, were voted, a bonus of £250 each.

It was tiien formally resolved' -that the oompajry be wound up voluntarily. Messrs J. Kirkcaldie and W. M. Hannay were appointed liquidators. The Chairman announced that next Wednesday share warrants would bo available at tho company's head office, and warrants for country eettlers would be posted that day. The remuneration of the liquidators was fixed at £1000, exclusive of all charges.