MORNINGTON TRAMWAY COMPANY.

Evening Star, Issue 11895, 25 May 1903, Page 4

MORNINGTON TRAMWAY COMPANY.

A general meeting of the Momington Tramway Company was held in the Agricultural Hall this afternoon for tho purpose of considering aud, if thought fit, passing the following resolution That the company be wound up-voluntarily, and that a liquidator or liquidators be appointed for tho purpose of such winding up.” Mr John Mitchell, chairman of the directors, who presided, made the following remarks:—ln carrying out the resolution agreed upon at the last meeting of shareholders, your directors have had very anxious times in connection with the company s business. The negotiations with tne borough Council were further complicated by the disastrous fire on the 9th day of February, and for a time it seemed as “ we tad reached a deadlock. Gradu—v, however, a change took place, when tho valuation of the company’s property was at last proceeded with and the award made. Under all the circumstances the award was reasonable, and fully as much as we could expect. Now that we are near the close of our business I consider it inadvisable to dwell upon the past, and would merely say that when adverse’criticisms were made during tho negotiations your_ directors’ policy was to refrain from retaliation, in case it might give cause to delay the completion of the sale. In following this course it is hoped we have fulfilled the shareholders’ wishes. I may inform you now that if you pass the resolution to be considered at this meeting our accounts are in such a forward state that only formal legal requirements need be complied with before you get back your capital, and in most cases with a little over. Our books and accounts were duly audited up to tho 31st March for the Income Tax returns, and_ although we cannot definitely declare the" exact amount the liquidator will have to divide, from a rough estimate it looks as if the sum would be approximately about £15,000. 1 also understand that tho legal formalities will admit of onr securing dividend warrants at onr next meeting of 12s per share. I will now move the above-mentioned motion. Mr Farra seconded the motion, which was carried. On the motion of Mr Geddes, Mr D. R. Eumson was appointed liquidator. An p her meeting of the company will be held or. the 9th of Juno for the purpose of confirming the above resolution.