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TRAMWAY COMPANY.

HALF-YEARLY MEETING. The half-yearly meeting of the Canterbury Tramway Company, Limited, was held in the offices of the Company, Cathedral square, at 7.30 p.m. yesterday. There was a very moderate attendance of shareholders, Mr C. W. Turner, the Chairman of the Board of Directors, occupying the chair. Mr Turner apologised for the absence of the Hon J. T. Peacock, through illnees; Messrs W. H. Lane and Robert Allan, through absence from town; and Mr John Studholme, through some unexplained cause. HALF-YEARLY REPORT. Mr Turner then read the following report for the half-year:—The Directors beg to submit tbe statement of accounts for the half-year, ending June 30 last, which show results not satisfactory, as the net surplus is not sufficient to pay a dividend to shareholders. The Directors, however, express the hope that the time is not distant when the regular dividends may be expected. The landholders of Sumner having responded to the proposals of the Directors to subscribe for shares, conditionally on the extension of the tramway to Sumner, tenders have been accepted, and the line is now in course of formation, and it is expected that through traffic will commence on November 1 next. Tbe cost will be exceedingly moderate, and the Board confidently hopes for satisfactory results from the new extension. In February last Mr Hayward, who had for several years worked the Sumner traffic in conjunction with the tramway, withdrew from his agreement, and went into active competition on the Papanui line. As the Directors did not then see the probability of constructing the Sumner line, and not being able to effect any contracts with other ’bus proprietors, they arranged with Mr Hayward to take over his plant and horses, and to continue the Sumner service on the Company’s account. In November next this plant will be freed from the Sumner work, but will still be available for the protection as well as the extension of the Company’s operations. The balance-sheet was taken as read, showing that the half year’s work commenced with a credit to profit and loss of .£334 6s 6d, and that after paying working expenses and charges, .£5976 14s, and accounting for general receipts, .£6212 7s 4d, the period closed with the profit and loss account standing with a credit balance of .£569 19a lOd. chairman’s statement.

The Chairman said that the figures of the balance-sheet were so far not pleasing, as they did not provide for the payment of a dividend. The Directors had paid great attention to the making up of their accounts for the half year, with the hope of paying a dividend, but owing to tbe expense in working their extensive lines, to competition on the Papanui line, and to necessary winter repairs, this hope had not been realised. Next year it was his belief the Company would show a profit. In reviewing the balance-sheet, he said the Company had hoped by introducing a system of one-horse cars, to reduce expenditure on the lines, and for this purpose they had imported a car from America as a pattern. This was so highly ornamental that they would not use it until the Company paid a dividend, as it cost over j£loo more than they expected. Deferring to the purchase of Hayward’s Sumner coaches, he stated that this had not been done hastily or without due consideration. The man, knowing that the tram would be extended to Sumner, and that he could not run in opposition successfully there, would have opposed them on the shorter lines. The Directors had gone carefully into the matter, and had only paid Hayward .£l5O more than the actual value of the plant, Ac., doing away with certain opposition had anyone else purchased it. He hoped that by November next an arrangement would be arrived at with existing 'bus proprietors, which would secure the shareholders a dividend for themselves, and protection of their interests. The plant and forty horses purchased from Hayward would be most useful to the Company in preserving their interests. In referring to the making of the Sumner tram line, he stated that nearly the whole of the .£4OOO worth of shares required to he taken up by owners of land in the Sumner district had been subscribed. Six tenders, for the completion of the whole of the work, were in hand. He expected that on or about Nov. 1, the first through tram would run to Sumner. The estimated cost at the start was .£BOOO, but he thought that the whole of the work, including the purchase of a necessary site at Sumner, would be between .£7OOO and £7500. He hoped that with the Sumner line completed next year, they would have a dividend to declare. Mr Turner moved, and Mr Williams seconded, the adoption of the report and balance-sheet. In answer to Mr Muffett, Mr Turner said he was personally hopeful that with the increased receipts from the Sumner

traffic, and but a small increased expenditure, they would pay a dividend next year. He understood that Hayward had taken .£2500 per annum for traffic on the Sumner road. In reply to Mr E. H. Fisher, the Chairman stated that the Directors did not at present - propose to extend the line to Sunnyside. The report was adopted, with a vote of thanks to the Chairman for his services during the evening, and the proceedings terminated.

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Permanent link to this item

http://paperspast.natlib.govt.nz/newspapers/LT18880816.2.12

Bibliographic details

TRAMWAY COMPANY., Lyttelton Times, Volume LXX, Issue 8562, 16 August 1888

Word Count
895

TRAMWAY COMPANY. Lyttelton Times, Volume LXX, Issue 8562, 16 August 1888

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