AUCKLAND TRAMWAYS.

New Zealand Times, Volume LXXVII, Issue 5311, 24 June 1904, Page 5

AUCKLAND TRAMWAYS.

PROFITS FOR THE YEAR. PRESS ASSOCIATION. AUCKLAND, June 23. - An important suggestion was made by the Mayor at the meeting of the City Council to-night as the Council’s share of the Tramway Company's profits.. The matter arose through a letter from the company giving a statement of the accounts for the year ended December 31st last. So far as regards the company's operations within the city 'limits the amount of the receipts and expenses had been based on the car mileage run within tiie city, viz., 94-8,539 miles. The mileage without the city was 359,930, making a total of £l f 318,169 miles.- The Council was entitled to five per cent, on net annual profits up' to .£SOOO, and ten per cent, on tho profits ill excess of that sum. The amount available for dis* tribution for tho>year was .£22,630, and the percentage duo to tho Council was .£2013. a cheque for which was enclosed. The Mayor moved—''That the cheque be received without prejudice to the Council's rights or to the audit now proceeding, and that tho statement of the Tramways Company be referred to the Finance and Legal Committee for consideration, and a report as to wh«s should he done with the money." He said he felt that this money not being, properly speaking the revenue of the. city, they should endeavour get a Bill’passed through Parliament to enable them to tic up the money from this source for the creation of a fund with which to purchase the trams at the end of the term. It was mentioned in . the course of the discussion which followed that the Council would probably have at tho end of the company's term a sum amounting to .£200,000. After discussion, the Mayor’s motion was carried. *