MANAWATU RAILWAY CO.

New Zealand Herald, Volume XLII, Issue 12834, 6 April 1905, Page 6

MANAWATU RAILWAY CO.

annual MEETING. 'A very .SATISFACTORY YEAR. [BY TF.I.Ef;RAPir. I'HKSS ASSOCIATION.] Wellington', Wednesday. The annual meeting of shareholders in the Wellington-Munawattt Railway Company was held to-day. In his address, the chairman (Mr. Kirkcaldie) stated that the year ended February had been very satisfactory. The gross receipts totalled £127,733, which is £5500 in excess of the previous year, and an increase of 50 per cent, in six years. The passengers carried numbered 424,500, against 395,000 in the previous year. There had been a decrease of 105,000 in the sheep carried, and 1500 in cattle, owing to depleted flocks. The revenue earned per mile of line had been £1521, against £1455 in 1903-1904: the revenue per train mile was 10s Bd, and expenditure, per tram mile was 6s Id. Working expenses totalled £72,616. including £6500 for two new engines, £3000 for three new carriages, and £1225 fot allied sundries. The profits available for dividends totalled £15,874, which, with the amount earned forward, made up £30,572. It was proposed to declare a 4 per cent, dividend for the half-year, absorbing £6800. During the corning year three more carriages would be purchased, and extensive relaying done. He proposed to pay off £167.000 of the £680.000 debentures "due in 1908, and renew the balance. The £170.000 would be divided amongst shareholders and capitalised. Messrs. J. R. Blair and Allan Strang were elected directors. Mr. J. Kirkcaldie was re-elected chairman of directors.