TRAMWAY AND SUBURBAN LAND COMPANY.

New Zealand Herald, Volume XXII, Issue 7304, 16 April 1885, Page 3

TRAMWAY AND SUBURBAN LAND COMPANY.

ANNUAL MEETING. • The annual 'meeting "of the Tramway Company was held yesterday at. noon, at the company's offices (Mr. F. A. White's), Queenstreet. Mr. J. M. Clark, Chairman of Directors, presided.,, He .' apologised for the absence of the Secretary of the society, whose father-in-law, the late Mr. C. J. Stone, had died that morning. ■ .r ~ I The Acting-Secretary read the advertisment convening the meeting. The Chairman road the directors' report as follows:— ' Gentlemen, —oar directors, in submitting this, their second annual report, have the satisfaction of congratulating yon on the result of the tramway operations during the short time the lines have been open for traffic, not so much for the profits made as to what may be expected when the two services are complete and in proper working order. .• The line was opened for traffic between Lower Queen-street and the Post Office, Newton, on the 26th August, 1884, and the distance run being only 1 mile 85} chains. On the 14th November, 1884. ' traffic was extended along atoms-street West to - Freeman's Bay, and on the 9th February, 18155, the line was opened along Ponsonby-road to the Three Lamps, making in all 3 miles 28J chains open far traffic. The statement of receipts and expenditure from the opening of the first section to the end of your financial year shows a profit of £345 7s Sd. This rsstilt your directors consider encouraging, taking Into consideration the expense of initiating a service and the disadvantage of working only a small section. The best evidence as to what may be anticipated can be deduced from the returns for the nine weeks during which the line has been opened to the Three Lamps, and which show a profit of £316 10s. Ton will observe that the receipts steadily increased since the line was opened to the Three Lamps, and your directors are convinced that after certain Improvements are affected, a return of £200 per week from that portion of the line now opened can be maintained, and that without much increased cost. When the circuit is completed, a return of £250 per week may be anticipa ted, which' Ought to leave as profit fair interest on the capital expended. ' The sales of land during the year have been "satisfactory. The whole ef the remaining portion of the fismuera estate has been sold, consisting of 80 acres 2 roods, and 29 perches, realising a profit of £2560 lis Id; also, 12 acres 3 foods 20 perches at St. Heller's, and 32 acres at Northcote, tealisln? a'p'rofit of £1200 and £360 respectively. The profit on the ssle Of land has more than' covered the interest' by -the company. The responsibilities in connection with the ferry services were incurred, not on account of any profit expected to be made in forking them, but to increase the value of the company's landed estate by improving communication thereto.' Your directors felt that they could not work the Northcote ferry service to advantage, and therefore availed themselves of -an opportunity of selling the Devonport, and interests in that service at a'ioSß on cost, but securing as good a service as the company' could have j;lvdn. The* City of Cork, not being required," was also sold at a loss. . TheTongariro is the only steamer riovf retained 'by the company. She Is engaged in providing communication -between Auckland and" St. Holierß. As soon as satisfactory arrangements can be made for that communication, this steamer will also bo sold. Re calls unpaid : The amount of unpaid calls on the '28th February this year is much more than usually appears in balance-sheets under this head. This is partly caused.by the short interval which elapsed between the due date of last call and the closing of - the books. Your directors are now pressing for all overdue calls, and from the more assured position of the company, anticipate less difficulty in getting the am ounts paid.—For the directors, J, M. Clark, Chairman. . ! Balance Sheet-to 28th February, 1886. Dr. Capital, 126,000 shares at £1 each, including 2100 shares paid-up, £125,000; less uncalled capital, 2s 64 per share uncalled on : 88.038 shares, £10,379 15s; unallotted shares, 39,862 unallotted, at £1 each, £39,862—£74,768 5s ; loans at call, £3258 0s 4d ; mortgages re-mortgaged, £8000; mortgages, £39,851 6s 4d; interests, £1083 19s lid; debenture account, £10,520; bills payable, £12,040 0s lid; sundry creditors, £142 14s 3d; cash balance due shareholder, £53 3s lOd; debenture interest, £273 14s; bank overdraft, £176S> 14s Id: total, £151,750 18s lid- ' " ' . ....

OB;—St, Helliers' land, £44,747 16* Id; Northcote land, £11,953 ; tramway land, £4346 6s 2d ; paddle steamer Tongariro, £2671 llslOd ; tramway plant, including permanent way, construction account, etc., £30,625 6s 3d : rolling utock, twenty cars. £6491 6» 7d; stables, car-shed, etc., £8321 13s lOd; horses, £1538 17s 7d; harness, stable utensils, etc., £267 12s 5d ; mortgages re-mortgaged, *£9367 04 lid ; debtors for land, £13,011 5s 6l; interests, £462 lis 4d; bills receivable, £1253 Os 104 { 'sundry' debtors, £88 7« 81; office furniture, £42 3s lOd ; unpaid calls, £16,223 6s •9d ; cash with conductors and in hand, £37 2s lOd; profit and loss account , £4827 4s lid I total, £151,750 ißslid. - •' ; ' V' / ' Tramway Working /Account to 28th February, . < 1885. '• • ;■ DA.— Honing, feed and shoeing, etc., £828 18s 8d; wages, £484 2s 9d; traffics Wages, £230 68 7d ; wear and tear, rents,' etc., £179 12s 3d; maintenance, wages, material, and claims for accidents, £245 17s 3d; management, £128 3s 4d; insurance, £31; balance, £345 7s 8d: total, £2468 8s 61 , Receipts from itares, £1725 lis 10jd; receipts from tickets, £607 Os 7Jd; advertising, £136 16s : total.-£2468 8s 6d. ■■ Profit and Loss Account to 28th Febnivj>lßSs. Dr.— and other expenses, £515 lis 9d : team era' working account, expenditure, £1855 7« Id (less receipts, £1215 2s l)d>-£O4O 4s 4d ; loss.oa sale of steamers and ferry service, £2102 IBs lid ; general expenses—salary, prop tax, printing, ettv, £404 7« lid ; interest accour t'-amoußt paid, • £5821 4s 6a (less receipts, £1186 135)—£4044 Us 6d; inurances, £64 lis lid; balance 28th February, 1884, £1648 10s 2d: total, £0420 8s Isd: " ' - j Cr.—-£lB7 4«i lOd; profit on sale" of land, £4060 lis Id ; balance from, tramway working account, £345 7s 8d ; balance, £1827 4s lid: total, £9420 8s 6d. The following supplementary atatomeut ,was read : — Working . showing receipts and expenditure since opening the Pousonby sections-— *>•> ' Receipts for week ending 1 February 14tb, £167 0s 6W ; 21st, £148 OS 2d.; 28th, £154." 18s ~6id.,. March 7th, £150 18s 2d; 14th, £152 17s 7Jd; 21st, £172, 3s Id; 28th, £168 Is Bd. April,4th, £I§6 lga'4d ; llkh, £209 2s 2d. Total: -£1495 Is BJd. , ' -« • ? „ . Expenditure : 75 horses, 14s 6d per week, 9 weeks, £489 7s 6d ; grooms' w«.ges, £119 ss;,drivers, £18 2&s; boys,' £16 8s 6d; veterinary - surgeon, £9; ■ stable manager, £27; repairs to harness, £9; car shed, foreman, washer, and boy, £40 10s; wear and tear, £18 10s; wages and ;w»L of . material, £117; .conductors and tlck'eti, .ta,'£ll9 :6s; salary, office rent, : Ac., £36 ; balance, £31».10s 3id; .total, £1495 Is Bid. -The Chairman siiiid it wsis now his duty to move the ' adoption of the report and balance-sheet. The,. report , spoke fully, on some points, and supplemented by the report of the Engineer (Which had also been read) it was not necessary for him to make & long speech. But there .were two or three points on which it was necessary that he should' supplement the reports. ' In the first instance, in regard to the working of the tramway, particulary since it was opened to the Three Lamp*. (Mr. Clark quoted statistics which had been prepared as to the number of passengers carried per mile, cost of working, etc.) . He. said these returns compared -very favourably wi the returns of the Southern tramways, particularly as'to. receipts, cost per mile per passenger, etc. On the Duneain Horse Tramway in the returns last year- the receipts were less, being 2*22 as against 2.85 in Auckland, and the cost per mile Was still -more in favour off Auckland, -being 2*61 here as against 2'24 in Danedin, which was, a 'very considerable difference. The receipts per mile were not given in the last report. The cost in .Auckland was rather heavier, but this the directors knew would be the case on account of the hilly nature of the ground, but that was not altogether a disadvantage, as it "Would have the effect of forcing people to take the cars.' Favourable and all as the returns were, there were a few improvements to be effected which would still further increase them. They would have to increase the number of cars at certain hours, for they were not at present serving their customers properly, but this could be overtaken by Increasing the number of large cars, and making double-deckers of the small ones. Another considerable . service could be obtained by the alteration of the time-table of the cars running to Freeman's Bay. This line had been run < at a losq, the cars being run almost empty. The service, however, must be kept up, but they would arrange a new time-table, and run this line with a single car and horse. When College Hill was completed, of course :it would be an entirely different service. No doubt shareholders knew that application had been made to the City Council. for permission to lay a double line on Wellesley-slfreet, to put a -doable line on College- and to extend some of the loop lines and put a new crossing in Kara-ngahape-road, and when that was carried out it would be almost as good aB a double line, for the drivers could see from one crossing to the other. --No doubt when the Streets Committee looked at in recommending that permission be granted they will feel that they are conserving the \ interests of the public and securing their comfort and- safely. The Engineer referred to the difficulty in Qaeon-street, owing to the wear and tear alongside the' rails. That was certainly greater than the directors anticipated, but they felt that with metal they were beaten, and. decided to put down planking at each side of the rails, and they also contemplated having the crossings made with billets of wood. The public! may feel assured that the directors will make Queen* street all right, but they had to learn the beat and most economical means of doing so. As to the eastern circuit nothing had yet been done, except they might consider the double line of rails in Queen-street as part of it'j but the alteration of the levels which the city undertook in Symonds-street and Kyber Pass were now approaching completion, and the directors would require to consider at an early date the necessity of commencing th't circuit, and if ey got no concession from Piirnell they Should push on to Newmarket. There was a larg- population, and he was certain the line would pay almost - as well - ail the. .other circuit, As regards Parnell, even if the concessions were; granted there was a difficulty with regard to, Parnell Rise, and he should < prefer to S' ■> first how the' - horse tramway worked on College Hill before 'Undertaking .Parnell* In v *-profit and loss account they would see i-ha he loss >- almost entirely on' the ferry

service. The land sales had been _ satis* factory, and the direotors anticipated that , they could sell the remainder of the lands at a profit which , would cover i the loss now made and' benefit the fan* j mediate tramway service by' pitying interest. The directors thought they were not too sanguine in hoping for that result. As regarded the Northcote land : they believed that it would increase in value, but they did not desire to force it on the market, ■ but in financing they may have to sell it, and hoped by the proceeds and calls they would pay off all unsecured debts Mid complete the service, leaving as their whole debt the debentures and the amount due to the Loan and Mercantile Company. The debt on St. Eeliers had been reduced from £30,000 to £20,000, therefore, the position of the company would be very satisfactory,' as they would have the tramway free from debt. St. Heliers was more than sufficient to meet all engagements on it. He did not know that it was necessary for him to make any further. remark, and he should how move the adoption of the report and balance-sheet. - Mr. G. Aickin, in seconding the resolution, said the Chairman had given such a clear explanation that it did not require further words from him. But concerning the prospects of the company, they were much livelier than they were last year. In fact they had far exceeded their expectations. In the eastern circuit they were anxiously looking for the tramways, and the sooner they were pushed on the better, for he believed ft would pay as well as the western circuit. One thing they might relieve their minds of and assure themselves, that tramways would pay in Auckland. - Mr. Elkin referred at some length to items in the balance-sheet, and to the purchase in the ferry service, and urged that as soon as possible the company should become a tramway company only- He supported the resolution. Mr. Pcdak, formerly manager of the company, said that from his knowledge of tramways, he had no doubt the company would pay handsome dividends. The Chairman briefly replied to Mr. Elkin'a remarks. As to taking over the ferry service the direotors were not responsible for anything said or done in those negotiations. The overtures came from the Ferry Company. ; The motion for the adoption of the report and balance-sheet was then put and carried unanimously. Messrs. D. B. Cruickshank, F. Buddie, J. M. Clark, and J. L. Clark were re-elected direotors, and Messrs. John Milne and John Way mouth auditors. < A vote of thanks to the Chairman terminated the proceedings.