MORNINGTON TRAMWAY COMPANY.

Evening Star, Issue 11605, 19 July 1901, Page 2

MORNINGTON TRAMWAY COMPANY.

The annual meeting of tie shareholders in the Mornington Tramway Company -was hold in the board room of the Agricultural Hall yesterday afternoon. Mr John Mitchell (chairman of directors) presided. Nine shareholders were present. The Chairman, in moving the adoption of the report, already published, said that he would content himself first of all with drawing their attention to one or two items on the balance-sheet. They would see that the balance to profit and loss account was £3,756 la Ba. The balance that year was £2,848 12s lid, showing a difference in favor of this year of £907 8s 9d. These figures should be satisfactory to the shareholders. No doubt the increased revenue was due to a large extent to the number of holidays during the year. The next point to which he wished to refer was that concerning the reduction of fares. The directors have had this matter in view for a long time; in fact, they carried a motion nine months ago to reduce the down faxes to a penny for each passenger, but in the absence of one of, the directors it was allowed to stand over. They looked to this meeting to help them nut of the difficulty, for a difficulty it was. They saw that the Roslyn and Kaikorai Compaies had reduced their fares, and they were anxious to see the result of that before reducing the fares on the Mornington line. The result so far was not satisfactory; in fact, he was told thaiih'ey.'.had made a mistake in reducing the fares. Once fares were reduced they could not be raised again. The company's maintenance was .!?very - heavy, and this hsid to be taken into "coiisidenttfou.' However, they would, he •supposed,- have to fall in with the cry of the times for cheapness, and they would like to meet it iis far as possible without making a loss to the shareholders. He v\;l expected one of the directors to be \ present to move in that direction, but he ;vas not present. Thev had all doubtless noticd that, the Mornington Borough Council were applying to Parliament for power "Jo' purchase and construct trams. That was in opposition to the company's trams. \o overtures had been made to the comI'imv, iiud so far the directors knew notliiiv: more about it than what they saw. in the papers. Some correspondence had pasveel between the Council and the directors, but the directors did not think that :•!> outside body like the Mornington Counts i should interfere with them in the work ;h?y were carrying on for the benefit of thn .shareholders. The replies they sent the Council might have been curt, but the company's directors did not intend to be discourteous. He thought it best that the correspondence should be read. If the fliareholders liked to blame the directors they might do so. He would take the blame himself. He did not want to be on the directorate; in fact, in some respects it would be better for him if he were not on. Mr Eunson read the correspondence. The Chairman added that tho Council no doubt thought that they were doing a very smart act by writing those letters. The company had no expression from the people of Mornington that they wanted further concessions. Mr Geddes: I understand that a deputation waited on the directors from the Council: and they received scant courtesy. The Chairman: No; there never was a deputation. Mr Wales, in answer to the chairman, merely wished to state that in his opinion it was too late to say anything. If his opinion were asked he would say that the proposed deputation which intended waiting on the directors were not treated so nicely as they might have been. There was no doubt that the shares of the company had gone down considerably on account of that treatment. If he had been a director at that time ha would have protested against the manner in which the letters of the Council had been replied to. If a little more courtesy bad been paid the Mayor of Mornington, who certainly for the time being represented tho people of Morningtpn, the company might have been in a better position than the-" were now. It rested with the directors to get them out of the difficulty. It was no trifling matter. Mr W. J. Farrell thought the directors had dono right, and had acted in the interests of the shareholders. He did not think it possible for the promoters of the scheme for a new tram to float a company, peeing-that the present company were prepared, if necessary, to mako an extension to Balaclava and Belleknowes and to re- ■— duce the fares. I The mo*ion for the adoption of the report was carried. The retiring directors—Messrs J. Mitehell and G. Esther—were re-elected.