MANAWATU RAILWAY CO.

New Zealand Times, Volume XXXII, Issue 7112, 26 April 1910, Page 5

MANAWATU RAILWAY CO.

WINDING-UP AFFAIRS. The winding-up meeting of shareholders of the Wellington and Jlanawatu Railway Company was held at the Chamber of Commerce yesterday. Mr John Ivirkcaldie presided. LIQUIDATORS’ REPORT. The liquidators, Messrs J. ivirkcaldie and W. hi. ilannay, reported; “You will, wo tmnk, be very well satisfied with tho results .obtained by your liquidators in the disposal of the company's remaining assets, poiticaJarly in view of the fact that the severe financial depression which has been felt all over the Dominion during the past eighteen months has mads the satisfactory conclusion of the company's affaiis more difficult to accomplish and occupy moj-o time than would otherwise have been the case.

“Among tho assets that wo had to realise were seventeen sections of freehold land forming part of what is known os tho Thorndon Reclamation, and although traffic in land was practically at a standstill during the time consumed in liquidation, we were successful in disposing of ail these sections for cash to diifercnt purchasers, with a net profit as shown in the accompanying statement of £4418 15s. The mortgages on land held by* the company, amounting at tho time of our appointment as liquidators to over £24,010, realised ■within a very small sum of their book value..

“The following statement • shows the amount of assets handed over, the sum realised, and particulars of its distribution : —The liquidators took over, as per last balance-sheet of the company, assets consisting of cash, debentures, land and mortgages amounting to £513,228 7s 3d. and liabilities estimated at £3328 Os Id. These liabilities consisted of taxes, liquidation expenses, etc. “Tho liquidators, therefore, had handed over .to 'them assets estimated to realise £505,000 7s Id nett. The final result when everything had been disposed of, shows that a profit of $36 9s Id was made; in other words, the assets, less the expenditure, realised £3S 9s Id more than was estimated. Interest and sundry revenue amounted to £4195 12s lOd, and tho nett profit on land sales was £4418 15s, making the total amount for distribution £513,651 4a.

“The liquidators have disposed of this sum as follows:

£ g d. First distribution on March 18th, 1909. 170.(DO shares at 55s 457,500 0 0 Final distribution on April 20th, 1910,170,000 shares at Ss Bid ... 42,823 15 10 Amount voted to directors, etc.. at meeting March 18th, 1909 2,250 0 0 Land and income tax 932 19 0 Leaving small balance, which , is indivisible 114 9 i Total ... £513,651 4 0 “It only remains now for us ,to congratulate, you on the final results achieved in the realisation of tho company’s assets.” SHAREHOLDERS SATISFIED. The chairman said they had not lost a moment in giving shareholders their final dividend. The liquidators had received letters of thanks from shareholders all over the Dominion on the expeditious way in which the company had been wound up, and at the satisfactory nature of tho dividends.

The adoption of the report was moved by Mr, J. E. Blair, and seconded by Mr 0. B. Harcourt- The latter remarked that a few years ago many shareholders were disposed, to take 30s a share. , The final result, however, had proved much more satisfactory than was at one time anticipated. 'The report was adopted. On Mr J. A. Plimmcr’s motion, a balance of TU4 was voted to the liquidators as an honorarium. The Horn T.K. Macdonald, M.L.C., moved a hearty vote of thanks to Messrs Kirkcaldio and Hannay for their services. ■ .; ;

In acknowledgment, Mr Kirkcaldie said it was just twenty-five, years since Mr Macdonald recommended him as a member of the board, on which ho had sat ever since. Ho thanked Mr Macdonald for his, appreciative remarks-concerning him when he first joined the board, and also for the terms in which ho had moved his motion. C .'■■