WELLINGTON AND MANAWATU RAILWAY COMPANY.

New Zealand Mail, Issue 839, 30 March 1888, Page 32

WELLINGTON AND MANAWATU RAILWAY COMPANY.

The report to be presented at the seventh annual meeting on Wednesday next is as follows: “Your Directors, in placing the seventh annual balance-sheet before the shareholders, have much pleasure in calling their attention to the satisfactory results of the land sales and the railway traffic during the past year. The gross proceeds of 28.507 acres of land sold amount to £57,294 7s Id, and there still remains in the hands of the Company an area of 210,691 acres for future sale. In addition, the Company has still to receive from the Government, in fulfilment of their contract, land to the value of £29,805. The gross proceeds of traffic during the year amount to £46,590 6s lOd. The pleasing feature of the latter is, that the returns for the thirteen weeks, from the Ist December, 1887, to 29th February, 1888, in comparison with the corresponding period of the preceding year, show an increase of £219 per week. The through traffic has steadily improved ; and the local traffic, consequent on the settlement of the Company’s land, aed the erection of several large saw mills and flax mills, gives evidence of rapid development. Since the date of the last report, your Directors have been successful in floating 30,000 new shares, and in< placing debentures to the amount of £120,000. Your Directors have deemed it right, now that the railway is completed, to make provision for interest on loans contracted during its con struction, for cost of finance, and for preliminary expenses, &c. They have, therefore, for the time being, passed to a ‘ Railway Construction Account ’ the sum of £130,000. Messrs Kirkcaldie, Levin and Nathan are the retiring directors by rotation, and being eligible, offer themselves for re-election. Messrs Macdonald and Kember, the retiring auditors, again offer themselves for re-elec-tion.” (These gentlemen being the only candidates nominated, will be re-elected unopposed. The balance sheet is substantially as follows :—Liabilities —To Capital London register, £SB,SSO ; Wellington register, £72,420; total, £161,000. Debentures, £680,000; total paid-up capital and debentures, £841.000. Railway construction, £130,000; sundry creditors, £23,398 19s 10d ; sundry depositors, £4SB 19s 9d ; profit and loss, £11,235 Is 3d; grand total, £1,006,123 0s lOd. Assets—By railway construction and permanent way, £793,432 15s 2d ; rolling stook, £65,882 12s lOd ; total, £859.315 S 3 ; freehold and leasehold lands, £91,070 5s lOd ; sundry debtors', land purchasers, &c. # £5368 8s 3d ; calls in arrear —"Wellington register, £260 Is 6d.; London register, £SO; stores account, £750 3s 8d; office furniture, £268 9s 9d ; cash balances London and Wellington, £1340 3s lOd ; grand total, £1,006,123 03 lOd. , The working account for the year shows a profit of £29,000.