MANAWATU RAILWAY COMPANY.

New Zealand Herald, Volume XXXIV, Issue 10405, 1 April 1897, Page 5

MANAWATU RAILWAY COMPANY.

[by TELEGRAPH. — association.] Wellington, Wednesday. At tho annual meeting of the Manawatu Railway Company, the Chairman said tho receipts from traffic had been higher than in any previous year, and from land sales several thousand pounds more were obtained than in last year. The net) profit from these two sources was £8954 and £1754, out of which £10,200 would bo absorbed by a dividend of six per cent. Dnring the year a number or mortgages were paid off, and receipts from interest) consequently reduccd. The Company sold 15,693 acres for £13,166, mostly hilly pastoral country, aud they now had a fund of £37,219 derived from land which could be drawn on for improvement in the permanent way or in rolling stock if moro were required than could be fairly charged to maintenance. The Obaki bridge had been greatly strengthened and improved, and it was intended to treat other bridges in the tame way, also to lay 651b steel mils on heavy grades, instead of 531b, and fit carriages with electric light. A plant had been ordered. The industrial Exhibition was the principal cause of the increase in the passenger traffic. Alluding to the heavy amount paid in taxation, he said the Company had paid the Government £38,650, and local bodies £22,598, considerably more than one-third of the paid-up share capital of the Company. Mr. Fulton, the traffic manager and locomotive superintendent, !had resigned during the year, but the Board had arranged to retain first call on his services as consulting engineer. Mr. Hannay, secretary, was appointed traffic manager, and Mr. March-Banks engineer. The Chairman paid a high compliment to the services rendered the Company both by Mr. Pulton and Mr. Hannav. The report and balancesheet were adopted. Messrs. Anderson, Kirkaldie, and Nathan were re-elected directors, and Mr. E. H. Izard was elected in the place of Mr, C. B. Izard, resigned. In answer to « question, the Chairman, Mr. McCarthy, said lie oourtd not foresee what difference the completion of the Government) railway to Woodville would have, bub no doubt it must have some effect on the Manawatu Company's business.