WELLINGTON AND MANAWATU RAILWAY COMPANY.

New Zealand Times, Volume L, Issue 8347, 28 March 1888, Page 5

WELLINGTON AND MANAWATU RAILWAY COMPANY.

The report to be presented at the seventh annual meeting on Wednesday next is aa 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 ‘.18,807 acres of land sold amount to £57,291 7s Id, and there still remains in the hands of the Company an area of 210,091 acres for future sale. In addition, the Company has still to receive from the Government, in fulfilment of their contract, laud to the value of £29,805, The gross proceeds of traffic daring the year amount to £46,590 6s 10J. The pleasing feature of the latter is, that the returns for the thirteen weeks, from the Ist December, 1887, to 29th February, ISBS, 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 30,009 new shares, and in' placing deban tures 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 ‘ Hallway 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, £88,580; Wellington register, £72,420; total, £IOI,OOO. Debentures, £OBO,OOO ; total paid-up capital and debentures, £841,000. Railway construction, £130,000; sundry creditors, £23,398 19s lOd ; sundry depositors, £483 19a 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 stock, £65,882 12s 10d ; total, £859.315 Ss ; freehold and leasehold lands, £91,070 5s 10.1 ; sundry debtor-, land purchasers, &c., £5308 Ss 3d ; calls in arroar —Wellington register, £260 Is 6d ; London register, £SO; stores account, £7ao 3s 8d; office furniture, £268 9s 9d ; cash balances Lmdoa and Wellington, £1340 3a lO.i ; grand total, £1,006,123 0s lOd. The working account for the year shows a profit of £29,000.