DUNEDIN CITY AND SUBURBAN TRAMWAYS COMPANY.

Otago Daily Times, Issue 10597, 18 February 1896, Page 7

DUNEDIN CITY AND SUBURBAN TRAMWAYS COMPANY.

}.. The annual meeting of shareholders of ths j- Dunedin Oity arid Suburban Tramways Company (Limited) wa3 held in the Central Auction Rooms on the 30th nit. Mr 6". Fenwick (chairman of director?) presided, »nd theie were about a dozsn shareholders present. EEPORT. AND BAtAKCB SBEET. The anunat report was as follows : — The director*, in submitting tiie report and balance sheet of the company for th« year ending 30th November 1895, resi'rt having to announce a decrease in the receipts durin? the year. The total receipt.? from all sourcis have been £'.8,142 (5s Id, and tho expenses £i!s,i!fff Si 6d, lemng a balaune ot £2231 IGs 7d. As the year's interest was £2240 110 7d, there h-is been a loss of £o 15s on the y.ivj's working. Kv-ry exertion has been made by tho bo^rd to keep the expenditure asliur I as po3?ible, tho total amount of same being £310 lUs under that of last year; the number of car miles run being 235!) less. The number (if pas- | senders carried during the yeivr was 2,751,43*2, agiinst 2.»0J,43fl carried in the previous year. . Mr George Fenwick retires from ths directory in terms of the articles of association, .-Hid offers himself for re-election. There is also a vacancy caused by tbe death of Mr Henry Itose, and one owing fr) tha retirement of Mr Georg« Btll. Messrs W. Brown and Co. also offer themselves for re-election as auditors. ■ ■' '

The Chairman, in moving the adoption of the report and balance shr«jt, said : Ib U matter for deep regret: on the part of tbe directors that they are this year unable to congratulate the shareholders, as they were enabled to do last year, on au improved balance sheet as a result of the year's working. La9t year I had tbe pleasure of commenting' on the fact that, aftar providing for interest on. the company's indebtedness to the bank, there wag a profit of £565, ahd that we had almost wiped out the debit balance with which we commenced the year. This year we have barely paid the interest, notwithstanding the fact that we have reduced cur expenses by £364-. This result is due to a decreased traffic, distributed pretty equally over both north and south lines. It will, of course, hays been obvious to shareholders that the company has had to encounter very strong opposition by drags and cabs on tho CavereEam and St. Glair lines, and it ia an opposition which it is not possible to meet more effectively than has been done, the drags being in a position, to start at any moment, while the company's cars have to run to a time table. This opposition has now bß6n extended to the Water of Leith service, and on this line it has been met by a quicker time table and by a reduction of the through faro to one penny. It is not pretended by the'board that this fare is a payable one, but they considered it necessary to the retention of the traffic that the reduction should be made. They afe first adopted the plan of issuing a card of 12 tickets for one shilling, and they had the satisfaction ot knowing tbisfc in the first three weeks 7680 of these cards were sold, representing over 93,000 penny fates. Subsequently, however, they deemed it wise to adopt the single fare system, and the result has proved as satisfactory as could be looked for under the circumstances. I regret that I am not able to give any very encouraging information to shareholders as to the progress of negotiations for the change of pur haulage power to electricity. The board haa been far from idle in this matter, however, and correspondence is now proceeding with a Home firm on the subject, the endeavour of the board being to raise capital sufficient to provide funds for the conversion of the lines aud plant and to p»y off the indebtednes-3 to the bank. It is manifest that we canuot go on much longer on the present lines, and the result of pur recent deliberations is that if we find the financial position of the company and its prospects are not sufficiently satisfactory to enable us to come to terras with Home capitalists to provide the funds we require, we shall in all probability decida to call up tho necessary capital to carry oat the work. We feel convinced that were the ekctric haulage power in operation, wa should ba at onca placsd ia a position with the other directors of the company, I feel the utmo.it regret that there has been such a long delay in arriving at a satisfactory solution of our difficulties in. this matter. Afc thesame time the directors feel that they have done everything iv their power to bring the question to a head, and they believe that shareholders will recognise the exceedingly difficult position in which the board has been placed. Shareholders will see from the report that in addition to an ordinary vacancy caused by my retirement from the directorate this year in terms of the articles of association, there are tvvo other vacancies—one due to the death in June last of Mr J£em\sr Rose, and the other to Mr George Bell's resignation of hio seat to earn satisfactory dividends. In conimoa on the board. I cannot allow our meetiug to pass over without expressing the very deep regret of the directors at Mt Rose's death. Ho was a most valued eollengae, who brought to bear on the discussion of questions which engaged tha board's attention a sharp business mind, and his removal from among us in the prime of his manhood was the Source of deep sorrow. Mr Bell's advanced years snd increasing infirmities necessitated his resignation, and in his ense also we experienced the loss of a kiudly colleague whose advica and criticisms, aud long business experience, were always of service to the board and the company. The articles oE association provide that ths number of directors shall be six, but it is in tho power of any general meeting to sltsc the number. Sharehelduts Used tha number at fivp. at our meeting two jears since. Mr K. B. Cargill is a candidate for one of the vacancies, and it rests with the shareholders to say whether they will let the number remain as at present fixed or reduce it to four. In the former case the board, a.% no other shareholder has announced his candidature, will be prepared to nominate a shareholder at this meeting to fill the vacancy, as provided for in the articles of association. I now bag to propoßethe adoption of the report and balanca sheet.

Mr R. Watson seconded the motion. Referring to the fact that there had baen a loss of £5 15s on the past year's working, he said he wm afraid, in view of the keen competition, to think what would b« the current yew's deficiency. The company was running at ruinous rates, and he thought the shareholders would agree with him in saying that, after the reduction in fares which had been made, the tramways were not getting that support from the general public which they deserved. Supposing tbe trams were to cease running, it would not be a bright outlook for the citizens. It was quite evident;, he thought, that horse haulage would nob pay. After a desultory discussion the motion was put and carried. GENERAL. It was moved by Mr Brunton, and seconded by Mr H. W. Mitchbix, that the numbor of directors be four. An ameuflmenli, proposed Dr Couguthry and eeconded by Mr Watson, to tbe effect that th« number of five directors, as at present, be retained, was carried on tho chairman's casting vote. Oa the motion of Sir Hazlbtt, Messrs O. Fenwick and B. B. Cargill wera elected directors.

The Chairman said tho directors proposed to recommend for election to the remaining seat on the board a eentleinan who they believed

wonld prove of oon9if76rabl« Servico to tha company as a director. He referred to Mr Thomas Brydohe. >:

. Tho nomination of Mr Brydone was unanimously accepted.- '■• On the mofciori of Dr ConfIHTEKTr Moesra W. Srown and Go; were ra-eleoted auditors,

It w«s re?olved on the motion of Dr Cougbxrey, in the sbsenca of tho Key* B. M. King—"That the .shareholders 'desire "to acknowledge, by a yoto 6f thanks, the attention to their interests of tUe^officers of the company, and also to express,their gensa of the general civility ahown by I ha drivers and conduotors of the comptny." , A vote of thanks 'ta tha direotora' for their services in the past was proposed by Mr Bnr/Ntfofr, and 'carried unanimously.