KAIKORAI TRAM COMPANY

Evening Star, Issue 17316, 1 April 1920, Page 9

KAIKORAI TRAM COMPANY

ANNUAL MEETING. The twenty-fifth annual meeting of the Dunedin and Kaikorai Tram Company, Ltd., was held last evening in tho Oddfellows’ Ha!!, Eoalyn, Mr A. Sligo in the chair. The Chairman, in moving the adoption of the annual report, winch has alreadv been published, said the business of tire company dining the past year had been particularly successful. The, line was opened for traffic on October 22, 1900. During the first complete year of -working the receipts amounted to £4,149, as compared with £10,072 receipts for the past year. They had been enabled during the past year to make a very considerable profit, which at the same time was not an unreasonable profit, because the company had been in existence 25 years, and had scarcely paid- back tho original capital. When it could be said that the original shareholders (whose scheme was in the interest of the district) had drawn only an average of 4 per cent, during 25 years, it would be seen there was nothing in the nature of profiteering. In the early stages money had been lost, and it was only by the energy of the original promoters’ that tho company had been brought to be a profitpaying concern. The working expenses in ISO2 were £3,832, and in the past year were £7,346. It was a noteworthv ’fact that the coal consumption for the traffic, which cost £4,149, was almost identical with tho coat consumption for the traffic of the past year. This was accounted for to some extent by the duplication of the boilers and by better running all round. The company had always been well served by their ‘staff, and the directors. recognising this fact, had always tried to be fair and reasonable to them. The start- as- a dividend-paying concern was made in 1904, it being 6 per cent, for a few years, and lately 7 per cent. Other mercantile concerns were paying 10 per cent., so no one could complain of the Kaikhrai Company paying 7 per cent Mr Wardrop, who seconded the motion, said he had never travelled on a betterserved line than their own. The report was adopted. , Messrs H. V. Haddock-and W» Davidson, the retiring directors, were re-elected. Messrs Barr, Leary, and Co., retiring auditors, were ako re-elected. • The directors’ fees were fixed at the same as before, and the auditors’ fee was increased to 15gs. Votes of thanks were accorded to the manager and staff. Mr Hunter (manager) returned thanks on behalf of the staff.