DUNEDIN AND KAIKORAI TRAM COMPANY

Evening Star, Issue 15762, 27 March 1915, Page 10

DUNEDIN AND KAIKORAI TRAM COMPANY

ANNUAL MEETING. Tho twentieth annual meeting of the Dmiedin and Kaikorai Tram Company, Limited, was held last night in Washei's Hall, RosJyn. Mr H. V. Haddock occupied the chair, and there was a good attendance of shareholders. The annual report of the directors was as follows:—Your directors have much pleasure in submitting the twentieth, annual report and balance-sheet, showing tile results "of the operations «f the company for the year ended 31st January, 1915. The traffic receipts show a decrease ot £l9B 2s lOd over those of the previous year. The cars ran 32,843 trips, covering 73.896 miles, carrying 646.812 up passengers and 417,910 'down passengers lour directors declared an interim dividend at the rate of 7 j>e-- cent, per annum for the half-year ended 31st, July, 1914, and recommended a further dividend at the inte. of 7 per cent, for the. half-year ended 31st January, 1915. They also recommend that the sum of £SOO he transferred from profit and less account to reserve account, which will tueu stand at £4.000. Messrs C. Tilburn and W. B. M. Fea retire from the board by rotation, and Mr Peter Barr letires as auditor. All are eligible, and offer themselves. for re-election.

Tho Chairman, in moving the adoption of the report and balance-sheet. ton-.lied briefly on some of the. items m the latter. and 'remarked that the amount against charges showed an increase becaiir-e of a donation, of £SO made to the patriotic fund. The, decrease in the traffic receipt* could be accounted lor by the reduction made in the fare from Kaikorai to town. Mr A. Ferry seconded the motion.

Mr E. Roberts expressed at some length his opinion regarding the directors' action in. reducing the fares. A recommendation to that end had certainly been carried at the last annual meeting, but the attendance at that meeting had been thin, and he had never thought the directors would have acted upon it. He had even gene the length of having a requisition, repvteenting one-fourth of the shares, prepared, protesting against tho proposed action. Mr liobcrts quoted statistics purporting to show the bad elf. ct this rcduct ion had had on the year's results. There had been increases in the traffic, receipts for some years prior to the one just closed, but this showed a. falbng-olf, and he would like to know how the loss was to be made up if the reduced rates wore, to continue. Tlu shareholders were not in the concern on. philanthropic principles, but to get a fair return from their investment. They had carried more pastengers, which, no doubt necessitated extra crowding of the ears, and there was a ri-k in "this. He failed to see how the valley passengers weie going to make up the leeway for them, and considered fhemove had been ;>. most injudicious one. Mr Roberts also criticised the increase in the item wages and salaries' which, lie said, were the highest yet recorded in the history of the company, and in view of the fact, that the mileage run had been le=s he could not understand it. The matter of reverting to the former scale of fares should be seriously considered.

'.Ml' Wilson considered ihc lots shown was inevitable, in view of Iho war. 1'eopl? did not travel so much, while Iho mini her of men who had sone to th--front from the valley ako accounted jr.! seme of Hie decreased revenue. Ho considered they had come' out extremely we'd. The original shaioholders had gone into the feli-em-:- not altogether in the hope of bit; dividends, but because of the convenience the line would be to the VJillev residents.

Mr W, B. M. Fei pointed out thai dttr-Ji-L' the hist three months 01' the. reduced fares there had really been an increased revenue of £24 as compared with the previous year, and thus would no doubt, have been maintained had the war not come on. He had the greatest faith in the line. A company that could pay a 7 per cent. dividend and put £SOO away to the reserve fund ceii'id'no;, be said to be working at a, lo«i. j Mr Moir said tint inrluded in the j three nionliis mentioned by Mr Fea was I s-how Week, when the weather was pal- | tietilailv bad. Had it l<vn tine the in- | m-oas,-- 'would have been more than £24.. j The takings in Show YYcow had a-monnted | to £176. as against £2Ol the .-ame week j the previous year. Thus, this difference, j lidded to the £24. would mak? a net gain i of £4O for iii--> thp-'e months. It would j be a most unpatriotic action K>r them to j jilt up the fates at this time of Miws I Mr A. Slma can! tliev wo"hl !in-d th.'.t j Ibe people who bad been making th;- 'Vtvi- j th wis for them were those living in Ibis- j Ivi,. Th 3 valley people had been sat if lied witlt the former" ians. and should not have been "chased with concessions." Mr M-hnvi". Mr Aingo, ai:<] Mr Wardrop spoke' in favor 01" maintaining the leduc-'MI fare The Chairman denied that, the line had b.-;m starved during the' last !'"W months, of me year with a. view to i-howing bi tiger prolits. . The ntol lon was earn-: n. The leiiHiiK-Vfition oi the directors wae j iixrd at £5,0. .'is before. i Ah-ssis r. Tilbuin. W. lb M. K.-ii, .A. ! Sbjo. ,-md ,T. A. Abicm w.'ie nominated j 1,,r tiie vacaiic-es on the hoard o! tiirec- I *ors. A bai'mi was, taken, and resulted as j follow-:--Mr Ain-c 2.057. Mr Sligo 1,910, ) Mr Tilbuin 1.155. Mr Fea 1.053. j Mr Aine. ' sai'i he would do everuhoig j in the interests of th - (ompnny. Ai-th<eU-h certain sin ■ eh-l-i-rs e.-emeil to i thine he was out I" tciiini the tai--- to I 1 lie old rtaii-dard. liny "Ov making .1 ins I ing tiie i'lK: to th<: old rate nnlc-s it was ; ri ■)).' iiiteies'.s of the lon.pany, lAj- - Mr Slieo ,-ni.l h- did riot think th ■ em- '. dm't, of liv.-in--'ss in the pasi had been at ,il! ,-atisi'ae:orc Shareholders oiild ro|\ ..,; j, j) l:11 :ill v urti-ii lie took would L-- in ! ,hj,. imeivsts 0: til-- company. He did not \ Mam to mak-- things ii ird for any partem j inr district, but to do tite_ lair thine; to j pati'ons of th- cars all lound. iApplause.l Mr pei -r iiarr v. as ic eh -t d auditor. 1 A vote of thanks was,ol oohd the ditec- i tors, the nuiii-iLf-r (Mr lli.ir.--i'!. and the |