DUNEDIN CITY AND SUBUKBAN TRAMWAYS COMPANY, LIMITED.

Otago Daily Times, Issue 8076, 11 January 1888, Page 2

DUNEDIN CITY AND SUBUKBAN TRAMWAYS COMPANY, LIMITED.

Tbe following report by the directors is to presented at the meeting of the shareholders to be hold ou the 17th iust. :—

The directors beg to submit the report and balance sheet of the company for the year ending 30th November 18S7. As compared with last year, the receipts from fares have decreased by £476, and the oar advertising by nearly £100. "Your directors regret tbe falling off in" revenue, and can ODly reiterate the hope they expressed last year, that a revival of traffic will shortly take place. The expenditure has been reduced to the lowest passible ligure. a saving having been effected in working expenses of about £.500, whilst the roads, rolling- stock, and other property of the company nre In a thorough stateof repair. The revenue account shows n balance Of £3559 17s 2d,from which has to bededueted the sum annually written off tho concessions and goodwill account and the years interest on the amount due to the bank. After providing for those items, the profit and loss account shows a {balance of £1197 3s available for distribution, out of which the directors recommend tbepayment of a dividend at the rate of 3 per cent, on the capital paid up. This will abßorb £889 ISs, leaving a balance of £307 'Is to carry forward. Iv last year's report your directors informed shareholders that they were in communication with electricians in England and Germany with (he object of getting direct information as to the progress of electrical tramcar propulsion. They received exhaustive reports a few mouths since'which showed conclusively that very great progress had been mnde with this power and that electrical cars were being successfully ruu. particularly in Hamburg. Improvej meuts were, however, still being made in those systems which had proved most successful, and it became evident to your directors Hint the interests of shareholders would be tost consulted by delaying any steps for changing the motive power at present in use. The new haulage contract arranged by your directors was not concluded without considerable trouble and delay. The directors are pleased to be able to report that tI)G ugw contrnctorfi Imvc given every satisfaction so far'; and as the very heavy traffic during tho recent holidays was a severe test, there is no doubt that tho service will be as efficiently carried out as it was by the previous contractors, ihe number of passengers carried during the year was 1,720,759 (preceding year 1,771,EW), and the average fare per passenger v,as 2.70 pence (preceding year 2"7 i pence). Although the advantages of the tram system have been extended to the limits which at p'n sent appear prudent and profitable, the increasing trailie consequent upon the arrival and depart ure of steamers at the fiunedin wharves points to the advisability, fit no distant date, of running ears at moderate fares between the wharves and the monument. As thn concessions from the corpiralion include this line, the chief additional expense would be that of laying down the rails. The retiring directors are Messrs Ji. A. Lawson and George Hell. Both gentlemen offer themselves for re-elec-tion. MrW. Brown a'.ao offers himself for re-elec-tion as auditor.

Geohok Fkmvick, Chairman Dunedin, Hth January, ISSS.