MANAWATU RAILWAY

New Zealand Times, Volume LXXVII, Issue 5557, 7 April 1905, Page 4

MANAWATU RAILWAY

The directors and shareholders of the Wellington-Manawatu Railway Company are to be warmly congratulated upon the position of the company's affairs, as disclosed at the annual meeting on Wednesday last; and these congratulations may well be extended to the whole community served by the railway, for the prosperity of the company is simply a reflex of their own and an index to the advance made in settlement anl trade. The fact that the company’s receipts have increased by 50 per cent. in the course of six years is a proof of the progress of settlement, with concomitant increase of trafllo, as well as an evidence of sound policy and management on the part of the directors. Last year the revenue established a record , and this year it has “beaten the record,” with every prospect of the growth going on progress!velj’. A gratifying feature of the situation is that tho enterprise of the company in putting on an additional train daily has had profitable results: Hampered though tho company undoubtedly is by tho over present possibility of tbe Government giving notice to take over its property, in terms of tho statute the result of the enlightened policy of increasing the facilities for travel and trade may well encourage the directors to continue their efforts in that direction. Tho existing position, and the prospects before tho shareholders, fully justify the faith of the strong-hearted initiators of this important railway, and are a tribute to tho prescience and good management of those who have controlled it in tho past. A somewhat saddening feature of the meeting was tho fact that tho deaths of three of tho original promoters of the company were referred to as having occurred during tho past year. Messrs John Plimmer, James Wallace, and C. B. Izard were among tho movers for the construction of tho railway; but though they have now passed away, “ their deeds do follow after,” and will for all time be appreciated by those who reap tho benefit of their labours. Tim retirement of Mr T. G. Maoarthy from tho directorate, after a connection with it, extending over fifteen years, for thirteen of which he was chairman of the company, is another epochmarking incident in tho affairs of {lie concern. His absence from the board will, leave a large number of tho English ‘ shareholders in the company entirely without representation; and when it is remembered that considerably more than half of tho company’s stock is held in England, it will not be surprising though tho change in tho board should have tho effect of causing a further transfer, of shares from English to colonial holders. As regards the “ alluring ” prospect held out by the chairman of paying a substantial bonus to shareholders and enhancing the value of the company’s stock, the project is doubtless feasible, and is fully justified by the state of the business ; but undoubtedly it is duo to the prudent management of past years that this enhancement of value is possible. The manager and staff of the company received full recognition from the meeting, and there can be no doubt that the words of praise spoken by the chairman, Mr Kirkcaldie, are fully deserved. It is to be hoped that, by a continuance of the sound policy pursued in tho past-, the company will be able in tbe future to assist in the further development of the important district served by the railway.