DUNEDIN AND KAIKORAI TRAM COMPANY.

Evening Star, Issue 11267, 14 June 1900, Page 1

DUNEDIN AND KAIKORAI TRAM COMPANY.

The fifth annual meeting of the shareholders of tho Dunedin and Kaikorai Tram Company, Limited, was hold in the Roslyn Town Hall last evening, Mr T. V. Haddock presiding. The annual report of the directors staled that, immediately after last, annual meeting lenders were invited for the. taking up <:f £B,UUo.worth of debentures, which proved successful; (he debentures being all taken up in Dunedin. Tho land taken from Mr Reynold* and the High School Board was amicably arranged for, these concessions giving the'company a complete tiUe from one end of the line to the other. Tho contract for constructing the line was let to Mr Ferry in October last., who undertook the work at schedule rates. The estimated time, for doing the work was six months, and tlio splendid progress m«4e by t he contractor must be most, gratifying to all' concerned. With respect to the necessary plant required for equipping the line, the directors were glad to say that it, was all under way. They were, very fortunate in purchasing some heavy pulleys and gear from the Railway Commissioners, New South Wales. Mr Tilburn, who personally visited Sydney, secured the plant at what the company's engineer considered a great bargain. The engine was on the ground, and the boiler now read.v. The cable rope was shipped, and the balance of plant, consisting of pulleys, crossings, etc., was well forward, and should be on the ground within a few weeks. The carriages were in the hands of a local firm, who expect to hare them completed by the time they were required. Tho City Council had granted the company the right to extend their line down the south-western side of the. Octagon to Princes street, which, though involving someextra cost, will, the directors were of opinion, prove of decided value, to the company. They had intended going on with this work at once, but unfortunately they had met with opposition from one of the residents, and notlu'ng could be done until an Order-iu-Council was granted. Meanwhile they proposed making the terminus at the original point, and getting under way at the earliest possible date. The directors drew attention to the balance of unsold shares and the difficulty they have had in financing the undertaking. At their last, meeting a number of shareholders promised to supplement their holdings, and the directors trusted that, now the line was a recognised fact and valuable as a permanent investment, the present shareholders, their friends, and the general public would make early application' for the balance of the shares. Tho Clyiirmnn moved the adoption of (.he report and-balance-sheet, which was seconded by Mr Wedderspoon Mr Sligo congratulated the shareholders upon the near completion of the line, and U»e surmounting of the various difficulties which had presented themselves and rendered the work extremely difficult at times for the directors. The motion, on being put by the chairman, was carried unanimously. The retiring directors Messrs Sligo and Smith—were re-elected without opposition, as was also the retiring auditor, Mr P Barr The meeting closed with a hearty vota of thanks to the directors and tho chairmau.