AUCKLAND TRAMWAY COMPANY.

New Zealand Herald, Volume XXI, Issue 7003, 28 April 1884, Page 1 (Supplement)

AUCKLAND TRAMWAY COMPANY.

The annual meeting of the Auckland City Tramways and Suburban Land Compauy (Limited) was held at the office of the company, Queen-street, on March 31 at noon, Mr. J. M. Olark (Chairman of Directors) presiding. The Secretary, Mr. "* A, White, read the annual renort. The .Chairman, in moving the adoption of of the report, said : There are two parts of the balance-sheet that I will slightly refer ■ to. One is that regarding the profit which has been made _ upon th* sale of land. I say that the directors can o gratulate the shareho'ders that that profit has not only paid heavy charges for interest which the company has had

to meet, but also -/the ~ expenses in ( connection with the ferry service. As shareholders are aware, the ferry service has been kept np dnring the summer months to St. Helier's Bay, and .'latterly to Northcote, the intention being not to make a profit in running that service, but in reality to add to the value of those estates of the company by bringing them more nnder notice. Properly speaking, the: loss upon that service might have been added to the cost of the land. Still, when it can be mist out of the profit which has been made on the sale of kind so maoh the better. The amount against the landed estate in the balance-sheet is the balanae which those estates cost after deducting at cosfi price the parcels sold. There is another item to which I will refer, and that is the amoant of calls unpaid, £41501 That looks rather a large snm, but I am glad ' to be able to state to the meeting that I may say that roaghly about the half of that amount has bean paid daring the month— at all. events, either paid or will be paid immediately, so that now we may say that the company iB in thiß position, that it has a paid-up capital of over £40,000, and I have no doubt when' we get fairly nnder weigh, not only as regards the sale of the landed estates, but when the tramway is working, we will soon be able not only to show that we have not merely met our own expenses, but that a dividend will be payable amongst the shareholders. I have much pleasure in moving that the report and balance-sheet as read be adopted. Mr. Larkins seconded the motion. In reply to Mr. B. C. Roberts, the Chairman said that the sum shown on the balancesheet for preliminary and legal expenses represented in reality expenses for the past two years. The report and balance-sheet was adopted unanimously. dibeotoes. On the motion of Mr. T. Morris, seconded by Mr. Roberts, the retiring directors, Messrs. W. Aitken, G. Aiokin, J. Bennett, and H. Brett, were re-elected, auditors. Messrs. Waymouth and Milne were appointed auditors.