MANAWATU RAILWAY COMPANY. HALF-YEARLY REPORT.

Evening Post, Volume LXV, Issue 69, 23 March 1903, Page 7

MANAWATU RAILWAY COMPANY. HALF-YEARLY REPORT.

The lulf-vcarly repot t of the Directors of tho Wellington Mimawatu Railway tompnuy, to bu presented to shaveholdors on tho l,st April, statca limb tlio gtoas earniiijzs of the railway \\ or o £111,398 3s Id, buiiig £7000 greater than labt year. Land was hold uunng the yoar to the value of £51,812 Uh 6d. Your directors iccmumend a dividend of 3 per cent, for the half-year, making (with tlio interim dividend pnid in October Inbt) 6 per cont. for tho }t><u< 011 thu paid up cupit.il of tho company. They nUo recommend, in mldiUou to dividend, and in accordance vvitU advice cent to shareli aiders in October last, a bonus of 2s per slmre. Messrs. Audorson and Nathan are tho retiring directors, and being eligible offer thomnc.ves for re-election. Owing to the death of Mi\ James Smith, \tho had been a director of tbo company for tho long period of eighteen years, and \» hose loss his colleagues greatly regret, thero is another vacancy on the Board, which tho shareholders will requiro to fill up. Nominations for this vacancy must bo K*ft at tho company s oftice, railway station. Thorndon-miay, seven days at least previous to tho rtjoeting. The directors deeply regret that' they have to inform shareholders of cable advice from London of the death of Mr. Charles Pharazyn, ono of the London agents of the company, and for many years a director. Messrs. Kembor and Stuart, the retiring auditow, oifer themselves for re-election." Tho statement of receipts and expenditure for tho period from Ist March, 1902, till 28tU February, 1903,, shows that tho revenue from traffic amounted to £109,168 7« lid, and from land £54,498 8* " J ,. Adding the amounts rocoived for deposits and interest, and sundry items, and tho balanco on 28th February, 1902, which amounted to £31,557 0s" Id, tho total receipt-* nre £241,590 6s lid. Tho total expenditure was £232,165 12s Id, including £10,213 8s 7d for dividends, and tlio ensh balances amount to £9424 I4s lOd. Tho net profit on the railway account wa« £10,361 10s, and on tho land account £4308 13s 4d— a totnl* of £14,670 3s 4d. Tha interim dividend, £5100, being deducted from this, tho sum left is £9570 3» 4d, and after adding to tho latter £22,884 12s lOd— the balance available for dividends as per balanco-sheot of tha 28th February, 1902, less £5100 for the. dividend pnid— tho total not profit available for dividends is £32,454 16s 2d. The amount nAfc avnilnble for dividends is vet down as follows: — Land account — Ah per balance-sheet on tho 28th February, 1902, £55,370 19s Id ; net prodt on land sales for the year ending 28th February, 1903, £30,912 5s Id; total. £86,283 4s 2d. Tho assets amoirtit to £1,002,128 15s BJ.