TRAMWAY COMPANY.

Lyttelton Times, Volume LXXVI, Issue 9510, 4 September 1891, Page 6

TRAMWAY COMPANY.

HALF-YEARLY MEETING. At the ordinary half-yearly meeting of tbe Canterbury Tramway Company called for last night, only nine shareholders tended. Mr C. W. Turner, Chairman of Directors, explained that the articles of association did not require the present meeting to be convened, but it had been the custom to hold these half-yearly meetings, and to talk over tramway matters. He therefore asked the opinion of the shareholders whether the meeting should go on, and (i the report bp submitted or whether it should he adjourned for a week. The articles set out that twelve shareholders wore necessary to constitute a quorum, but he doubted if any more would be present at an adjourned meeting. If desired, he would make his statement as' prepared. chairman’s statement. The meeting decided to hear the Chairman’s statement, which was as follows , The improvement in traffic, to which I had tho pleasure to refer when last addressing you, has continued throughout the halfyear, with the gratifying results shown, in the statement ‘ now submitted. The tramways are better patronised than at any former period. Tho low rates adopted proved a success, in that they have induced many to use the cars who previously walked. It will perhaps be a surprise to man/ of you to hear that tho number of tickets sold during tho last half-year show that over 720,000 passengers travelled in the cars, equal to a daily average of 4000 rides. The Directors feel grateful tor the support extended to them during the past, and express the hope that all our friends will use their influence, both directly! and indirectly, to foster the Company as far as they can consistently do so. Tho' Directors know that nothing will give their staff greater pleasure than to see the cars filled with passengers, and that guards and drivers will by considerate attention see to the safety and comfort of passengers. In presenting to you the statement of receipts and expenditure to June 30, last, it may be interesting to you if I briefly refer to the several items thereof. Of the capital only £723 remains unpaid, and of this amount the Directors anticipate that about £SOO will be credited. The debentures remain as previously reported, while tho: other items of liabilities amount to £2023, as against £3603 last half-year, and £7323 the June half of 1890. On the 1 assets side I have nothing to say, as the figures are substantially tho same as reported to Dec. 31 last. From the: profit and loss account shareholders will draw their own inferences, and will be looking to the time when tho figures will warrant the payment of a dividend. It is some little satisfaction to see that there; remains a surplus of £949 from receipts over current expenditure for the half-year.' Each month has shown an advance of receipts over corresponding periods of the previous year on each line except Sydenham. The increase on Papanui has been' about £2OO, Ferry road and Sumner £400,: Addington £SO for the half-year. It may also interest you to know in what way our income has been collected. Of the total! amount of £6884, the guards have received 1 for tickets sold over £6Oll, while the balance, was received in the office for season tickets, 1 excursions, &c. The money increase does' not fully convey to you the large amount of additional traffic drawn to tho tramways. 1 From Jan. to June, 1889 and 1891, the fol-: lowing numbers paid fares:—One penny rate, 1889, ni1, 1891,111,330; three halfpence 135,569, 165,645 ; twopence 4431, 101,081; threepence 108,211, 83,435; sixpence 124,000, 129,426; season tickets, say 64,600, 130,000. Totals—lßß9, 456,811,. 1891, 719,907; and notwithstanding the largo traffic, no serious accident of any kind has occurred. The members of the largo staff have' worked well together, and their services have been appreciated by the Board.' Mr W. H. Lane, who for several years had given valuable assistance as a Director, resigned his seat when leaving for England. The Directors invited Mr Ronald M, Macdonald to join the Board, and he has accepted the seat vacated by Mr Lane. Mr Macdonald brings to the Board much practical knowledge, not only as an engineer, but also of the most modern systems of tramway management in America and Europe. Mr Macdonald is largely in-' terested as- a shareholder for himself and his family. directors’ report. The half-yearly report of the Director* was as follows:—“ In submitting the usual statement of receipts and expenditure for the last half-year, your Directors have again the pleasure to report a steady increase in the traffic on each of the lines. In 1889 for the June half-year the receipts were £3396, in 1890 they were £6203 and for the last half-year £6834. The expenditure for the like periods was: for 1889, £6435; for 1890, £6166; and for 1891, £5885. The debentures will mature in October, and arrangements have been made to re-issue a similar amount. The present bondholders retain about £15,000, and the remaining £SOOO will be offered to the public. As intimated at the last meeting, the Directors propose to ask you to write down the nominal capiTsl ten thousand pounds (£10,000) and thereby reduce the various items shown on t|a asset side of tho balance-sheet, for ylhich, unfortunately, hitherto no proper depreciation could he made from revenue, meeting will be convened to consider this proposal which, if carried, will [gave the shares at £4 in place of £3, and itiie capital at £40,000 in place of £50,000. 1 :As tho traffic returns now for two years Ifcave shown month by month steady we may indulge tho hope that '•better days are not far distant for the shareholders of the Company.” % The balance-sheet having been read, the proceedings closed.