ROTORUA RAILWAY COMPANY.

Lyttelton Times, Volume LXI, Issue 7225, 26 April 1884, Page 6

ROTORUA RAILWAY COMPANY.

[Pes Press Association.] AUCKLAND, An-n. 25.

\t an extraordinary general mc-ibing of shareholders in the Kotorua Railway Company, tho following resolution ww carried —"'That tho capital bo reduced from .2*90,000, divided into 400,000 s!mw o ,81 each, to £300.000, divided into JOO.OOO shares of £1 each, by cancelling: 100,000 shares of M each, which are unallotted. Tho Chairman remarked that the Premier and Minister of Public Works would be in Auckland shortly, and he had no doubt the Directors would take the opportunity of meeting thorn, with a view to arranging for the second section of tho Hue, which would be pushed on energetically. The Chairman also explained the object of the resolution reducing the capital, which was'this -. The Directors are endeavouring to raise money by debentures for the purpose of completing the line, going upon tho Exchange to raise the iKvossniT loan. Thev had been iuformed by those who should know that it was almost necessary that they should have no unallotted c.witrd ; that, in fact, their capital should be no more than equal to the project- in hand, thus affording to tenderers of money a guarantee that the Directors could not use any part of their capital for embarking in other speculations which might prove unprofitable.