DUNEDIN AND KAIKORAI TRAM COMPANY.

Evening Star, Issue 10332, 4 June 1897, Page 1

DUNEDIN AND KAIKORAI TRAM COMPANY.

The annual general meeting of shareholders of the Dunedin and Kaikorai Tram Company, Limited, was held in the Council Chambers, Roslyn, last evening, and was attended by about eighty shareholders. Mr H. V. Haddock (chairman of directors) presided.

The Chairman, in opening the proceedings, said : Before moving the adoption of the report and financial statement your directors consider that in ju&tico to the shareholders it is necessary to give a more detailed history of what has taken place. They are, however, unable to explain the very scandalous delay and veiled ob3truction that has been opposed to their mo3t strenuous efforts during the past twelve months. A reference to last year's report will show that your directora had every hope of arranging easily and satisfactorily with both tne Dunedin and Roslyn Councils. They regret so say that hope was bitterly disappointing. When applying to the City Council in January, 189(j, your directors were informed by the mayor that all documents whatsoever must be prepared and laid before the Council in proper form before they would entertain the matter at all. Well, ladies and gentlemen, this was done, but our unfortunate documents were kept going between the Council and their General Committee till nearly December. The Council would make some stipulations to which your directors would object, and their reply would be referred to the General Committee, and thus ciuse a fortnight's delay. The Council insisted on a double line being made at once, and would not give way on this point, alleging as'a reason that the block and obstruction at the Roslyn tramway showed the necessity of it. This argument seemed sound and reasonable, aid, considering the unavoidable delay if the poiDt were contested further, we give way, The directors leave you to imagine their astonishment when the Roslyn Tramway Company put in an application for an extension of their term to forty-two years and it was granted at the same meeting at which the letter was read without any reference to a general committee. Your directora thought that this was the clianco for the City Council to stipulate for a double line with the Roslyn Company, and so get over the difficulty which had &o much impressed them ; but they did not. The City Couucil also demanded a deposit of £.IOO from your company to cover estimated expenses. This was considered a very unusual request, but had to be complied with, »nd your directors were unable to get any interest allowed them, although the Council had the use of the money. It is unnecessary to point out to shareholders that the line will run for nearly a quarter of a mile through the heart of a city corporation endowment, and will thus increase its value greatly. Tli3 Cily Council as constituted in 1890 were apparently unable to realise this fact, as they demanded a rental of £75 per annum, a sum equal to that paid by the Roslyn Tramwwy Company, although *luy run over a greater distance of cily streets and Town Belt, than this company will. Efforts to reduce the rent were unavailing. Your directors thought that the Roslyn Tram Company's rent would have beeu raised ;.l ihe lime of granting them a forty-two ycais' lease, but tortunately for them their itpplicitiou was not referred to a general committee. It ia unnecessary to pursue this subject farther ; it only remains to be si*id that j ,>ur directors asked in January, 1596, for an authorised order, and only received it in May, 1897 sixteen months in all, when three were si.iiicient. In respfo: to the Roslyn application, your directors were well met at first, as the mayor (MrKernuitz) had matters pushed on, and the advertisement inserted, and everything put in trim. It was necessary, however, to get the City Council's consent before going further, and by the time that was procured the time allowed by law to proceed after the insertion of the. Roslyn advertisement had passed, ami the whole matter had to be commenced agiiu. The new Roslyn Council referred the draff, documents to their solicitors, and Keveral clauses were inserted giving an extra tuvn to the "thumbscrew." By theuc clauses the company were bound to keep a man at the crossing over High street from Littiebmrnc, aid another at tin crossing of the Roslyn Reserve into the Main road. The expense would have been about £4 a week at least, which would have been a very large encumbrance on the profits of the company. Iu addition to this, your company had to. provide new gas mains and water pipes throughout the streets of the borough. Iu the end these ckuses were much j modified, and the unavoidable delay that would result from further pro- i test compelled the directors to desist from pressing for any further concession?. Your directors endeavored to acquire »the land through the High School rectory grounds to the lop of the hill along the Littlebourne boundary as cheaply as possible, but the prospect of nuking suitable terms are so vague that your directors have decided to acquire all the lind they require through those grounds under the Public Works Act. Your directors wish i,t clearly to be understood that they make no charges against anyone to account for the delay, yet at the same time they wish just as clearly to say that in accordance with a well-known principle no shareholder of the Roslyn Tramway Company should have allowed himself to occupy a dual position—a position in which his duty conflicted or might con flict with his personal interest. He should have declined to act in this particular matter, and would have saved laying himself open to inevitable inferences. The annual report was taken as read. The principal clauses were as follow :

Since the last general meeting your directors have had a very hard tight to reach the position they are now in. They have pleasure, however, in stating that the Order-in-Council for both the Roslyn and the City portions of the line have beon sigued, and the terms of the deeds of delegation have been settled and printed. These matters having now been aranged, company have to substantially commence within three months the construction o« the line, and complete it within twelve months. To that end it will require the unanimous and enthusiastic support of shareholders, and they are therefore urged to attend in full strength at the meeting, when the neces-ivy resolutions on the subject will lie submitted to them. Your directors consider that it is inadvisable at present to say more. Tie engineer, Mr E. Roberts, was ap]>ointid after, full consideration and advertises in S/ew Zealand and the Aus traliqn colonies for applicants. Your directors wive every reason to feel satisfied with their choice. His estimate for the full eost—inclusive of every contingency for ?.s «p-to-date double lint-, with rolling stock-is £IG,OOO. 31 r Robert Hay was appointed valuer for the company, S|jm la»l meeting Messrs Rylcy and Roberts resigned their positions as directors of tb,i> c-or.ipauy, and your directors appointed Mv E. A. Smith, of Kaikorai, td fill tine Qfwe vaoancies,

The Chairmax formally moved the adoption of the report. Mr R. Watson, in seconding the potion, thought it would be to make a strong appeal to recoyev arrears of calls, and hoped that new real progress would be made with the work. Mr A. H. Burton said that but fo? the opening speech of the chairman the dissatisfaction that had been felt ior rifieen months would have found ready and ample expression. Tho chairman had acted wisely in telling them a good deal iu a very candid manner.

The Ciiairmas Baid no doubt the directora could say a great deal more than they had done, but they considered it better kfo unsaid.

Mr A. Sliijo had been, urged on to and rose for the purpose of saying he was sure the meeting felt, and felt strongly, that the

directors had had a very bad row to hoe and a very difficult task to perform. He was sure they were ail gratified that the directors had succeeded so well iu the face of the numerous difficulties they had had to contend with. Some of the difficulties referred to could doubtless be set down to the right quarter. It was scarcely to the credit of the City Corporation of Dunedin ttatthey hs d performed tbeir work bo slowly—to pot Jt very mildly. But it was a blessing they had get so far on the way. He did not think it would be wise that the chairman should be compelled by force of ihe opinion of the meeting to say more than he had done, ho \ doubt the directors had well considered how much should be said and left unsaid. As to the future, the way to a large extent was clear, and he hoped the difficulties to be surmounted in future wouid be of a less serious character than in the past. The adoption of the report was carried unanimously. ELECTION' OK OFFICER. Messrs E. A. Smith and A. Sligo were nominated as directors. Mr A. H. Burton was also proposed, but declined nomination, remarking that as two excellent men had a'reidy been proposed he thought the best course for him was to thank his proposer and retire. Messrs Smith and Sligo were then unanimously elected: INCREASE OF CAI'ITAL. The Chairman said that the original prospectus arranged for a capital of £12,000, but that was only for a single line. Owing to the position taken up by the Council & double line must be built, and £12,000 would be insufficient. The estimate of the engineer for a double line was £16,000, and he suggested that the capital should be increased to £20,000, though chat amount would not be required unless they extended the line further. He did not suppose they would soil the whole of the shares, but if they sold 16,000 altogether they could defy everything, uud if they sold" another 4,000 shares they could finance the balance quite easily. Mr R. Watson moved—" That the directors be authorised to call a special meeting for the purpose of increasing the capital to £20,000." Mr E. R-kerts spoke of the difficulties that had been encountered, and suggested that the value of the shares should be increased from £1 to £1 10a each, instead of an addition being made to the number of shares issued. If that were done the directors would l>3 ab:e to finance the uncalled capital." Mr R. Watson said he thought they should break ground and then the shares would soon yo oil. The Chairman quite concurred, and said ground ought to be broken during record reign week, that they should do it with a flourish of trumpet?, and get the Kaikorai Band and Mr Scobie Mackenzie to assist at the prooeediugs. Mr Ki.ioo thought the amendment should be withdrawn, and that the meeting should instruct the shareholders to call a special meeting to increase the capital to £16,000.

Both motion and aniaudment were with, drawn, and on the mot ion of Mr Bentham, tecoinlorl by Mr Tl. Watson, it was resolved unnnir.ir.-u.ily—" That ui*micti>Jiis be given to the directors to ule the necessary steps to iijcit-ase tin; capuul of the company to £l(i,o-Ji»."

A vote of thanks to the chairman concluded the proceedings.