DUNEDIN CITY AND SUBURBAN TRAMWAYS COMPANY.

Otago Daily Times, Issue 10263, 22 January 1895, Page 3

DUNEDIN CITY AND SUBURBAN TRAMWAYS COMPANY.

The fallowing are the terms of the report to be presented at the annual meeting of snarenold«rs un the 21th January inst. :— The director*, in submitting tha report and balance sheet for the year ending 30th November 1894, are pleased to state that tho year s working kliows a considerable improvement over those of the previous threu years. The total receipts during the year amount to £19,094 4s 7d, whereas the receipt? for 189,! were £18.57! l3s lid ; the increase, therefore, has been £.515 03 Bd, whilst the expenditure has bean reduced by £325 ltto Ctl. Tue proh't on working amounts to £2840 Is Id, which provides for tha year's interest, and leaves a balance or £560 12s Id "The profit and logs account, which at the commencement of the year stood in debit to the amount of £003 (Is Cd, ia now reduced to £,i 9 14s 5d There has been a small but steady increase in the number of passengers during the yeur, the total number carried being 2,904,480, as compared with 2,812,407 for the preceding year. The protracted negotiations which have been proceeding with the view of introducing electricity as a motive power, have resulted in the Government agreeing to bear the cost of the necessary alterations to the telephone system, and during the last session of Parliament a Tramways Bill was passed enabling the Government to grant powers to tramway companies to use electricity. The directors hope shortly to obtain the Orders-in-Council, the details of which are now in course of being settled. The haulage contract expired in December last, and seeing the difficulties in the way of the proposed change of haulage, the directors deemed it advisable to enter into a new contract for a term of three years. The company have, however, the option of terminating the contract at an earlier date. During the last year the lease of the company's offices expired, and the directors were enabled to obtain a 21 years' renewal at, a greatly reduced rate. They have also concluded a fresh lease of the shops and basement to Mr Hopkins.