WELLINGTON-MANAWATU RAILWAY COMPANY.

New Zealand Mail, Issue 943, 28 March 1890, Page 11

WELLINGTON-MANAWATU RAILWAY COMPANY.

Following is the report to be presented at the ninth annual meeting of shareholders in this Company, to be held on Wednesday, \ the 2nd of April:—Your Directors have the p’casing duty of presenting the ninth annual statement of receipts and expenditure and balancesheet-, which they hope will prove more acceptable to shareholders than those submitted on former occasions. The total receipts for the year fiom railway traffic are L 67,167 5s Bd, exceeding those of last year by the sum of LLL,9I7 7s sd. This increase,. is due chiefly to the large additional passenger traffic, the number carried being 205.129, or 74,827 more than the previous year, of which increased number 69,830 were purely local passengers. During the year 14,135 acres of land were sold for the sum of L 22,031 5s Bd. It will be noticed that tbe amount of rates and taxes paid this year show a decrease as compared with last. This arises chiefly from the policy pursued by Directors in writing off a sum of L 130,000 as explained in last year’s report, and not from any reduction made by the Government in the taxation to which the Company is subjected. In the improved financial position of the Company, the Directors feel justified in giving effect to the resolution passed at the annual meeting of 1887, with regard to the amount due to Mr Bigginson, their late chief engineer, and have no doubt that shareholders will be pleased to find that what is really a debt can now be paid. The retiring Directors for this year are Blessrs Macarthy and Smith, and, being eligible, they pffer themselves for re election. Blessrs Blacdonald and Ivember, your auditors for the past year, also offer themselves for re-election.