DUNEDIN TRAMWAYS COMPANY.

Evening Star, Issue 11153, 31 January 1900, Page 5

DUNEDIN TRAMWAYS COMPANY.

ANNUAL MEETING.

The annual general meeting of shareholders of the Dunedin City and Suburban Tramways Company was held in the Board room of tho Agricultural Hall this afternoon, when the chairman of directors (Mr George Fenwick) presided.

The report presented by the directors stated that, compared with the preceding yew, the revenue had increased by £1,292 8s 7d ; and, after paying all charges (including interest) there remained the very satisfactory balance of £4,247 6s 2d to the credit of profit and loss account, which the directors proposed should be carried forward. The cars had run 435,830 miles, and 4,365,133 passengers had been carried—an increase of 5.747 miles run and 180,925 passengers over the previous year's records. Failing to obtain the concessions required by Mr W. G. Bingham, the negotiations with that gentleman had to be abandoned. The City Council, whilst declining to grant the concessions, expressed a desiro to purchase the tramways for the City, and negotiations had resulted in the directors accepting, conditionally, an ofter of £45,000 for the company's property, etc.

_ The Chairman, in moving the adoption of tao report and balance-sheet, said that his anticipations hist year as to the state of affairs at. their annual meeting had been fully realised. Their statement of affairs was most satisfactory and gratifying to all concerned. Mr Fenwick went on to refer to the negotiations with Mr Bingham, and subsequently with the City Council, for the sale of the company's property. Matters had now reached the stage that they had arranged to sell to the Council for £45,000, the company retaining the profits. This was conditional in the first instance that the company were to continue to work the concern until the necessary legislation empowering the Council to buy, and the vote of the ratepayers was taken. It was reasonable to hope that this would be achieved in about twelve months from date—it really should he a good deal less. There was still one thing at variance between the parties, but it was hoped that the Council would come to see that the company's directors were asking nothing more than was reasonable, and that the whole tiling would be brought to a satisfactory termination. The shareholders would now come out of the concern a very great deal better than was hoped two or three years ago.

Mr Hazlett seconded the motion, which was carried unanimously.

Mr James Hazlett, the retiring director, wa.s unanimously re-elected, as were also the auditors, Messrs W. Brown and Co.

On the motion of Mr H. Mitchell, a vote of thanks was accorded the directors, manager, and employes.

EXTRAORDINARY MEETING.

At an extraordinary general meeting, held after the conclusion of the annual meeting, the following resolution was submitted to the shareholders:—"That the directors be authorised to sell to the mayor, councillors, and citizens of the City of Duncdin (he undertaking, concessions, rights, and property of the company at the price of £45,000, and with, upon, and subject to such terms and conditions as the directors shall think fit, and to take such steps a.s shall be necessary for the purpose of effecting and completing such sale."

On the motion of Mr Fenwick, seconded by Mr Mitchell, the motion was carried unanimously.