"BOSLYN AND KAIKORAI THAMWAY COMPANY.

Otago Daily Times, Issue 10624, 20 March 1896, Page 4

"BOSLYN AND KAIKORAI THAMWAY COMPANY.

The first general meeting of shareholders in the Boslyn sai Kaikorai Tramway Company was held in the Roslyn Borough Council Chambers last evaning. Mr B. Roberts (chairman of directors) presided, and there was a large attendance of shareholders. ANNUAL SEPOnT. The following anmud report was read :— Sines the incorporation of the company your directors have held 13 meeting!—that is, about one every fortnight—all of which were well attended.

At the first meetiug of directors Mr B. Robert? was unanimously appointed chairman until the first general meeting of shareholders, which is now being held. Afl er careful consideration of applications for the position of secretary, it was unaoimousiy resolved to appoint Mr J. S. Hislnp, of tho Perpetual Trustees, Xstate, and Agency Company. Circulars wore sent to shareholders requesting them to procure additional subscribers, and your directors have to report that since last meeting between 7000 end 80UO shires have been allotted to over JOO subscribers, and as soon as active operations commence there is every prospect of the full capital being immediately subscribed. The directors unanimously resolved to open a banking account with the Bank-of New Zealaud. It was also resolved to appoint Mr A. J. Parkas solicitor to the company. Mr Hay was employed to prepare the necessary plans of the tram route through the city and Town Belt, which were duly considered and ■approved.

A deputation then w.titei! on the City Council with the plans, and laid before that body their feqii irements.

A reply was received that the council were prepared to obtain the authorising order, provided the line was at once or ultimately made double, and that the crossing from tbe top of Albert, street on to the Town Bult was arranged. Negotiations vo this end are going on, which, it U hoped, will result satiffacorily. Your directors have pleasure in stating that the City aud Itoslyn Council* met them in v fair and liberal spirit. Practically au the concessions required from the Roslyn Council have been granted, and the line of the tram has b«sn finally settled with them. A deputation interviewed the council in referent to taking a strip of ground through the church reserve, from High street to the Town Belt, under the Public Works Ac;. The council agreed to do this ou bsing indemnified by the company, which has been done. As soon, theretore, as the compauy is at tbe same stage witn the City Corporation the application to tha iGoveruor-in-Council for au authorising order will bB made, and when it is granted the deeds 0! delegation and concession with the two councils can be completed and steps taken to commence work.

• A h, c first calt was mad(> Payable on the first day of March 1S;)(>.

/lbe directors got scrip printed, and it is now signed and sealed,-and shareholders can obtain sauiH ou application to the secretaiy. Hub being the first statutory general meeting you will be asked to elect directors in place of the pwsaut ones, the whole of whom retire, but are eligible for re-election. An auditor h;is also to be appointed and the date of the annual general meeting fixed. The directors recommend that the number of directors in future should be nine that an auditor be appointed ut a remuneration of £10 10s per «nnum; also, that the date of tbe animal general meeting be fixed for the tbird Inursday m March in each year at the Roslyn Council Chambers. .

The Chaieman, in briefly moving the adoption of «ie report, stated that there had been unavoidable delay in obtaining tha necessary concessions, but now the compauy was on a fair way to getting properly into operation. Shareholders often met him ia the street and a»ked him how the company was progressing, and they seemed to think tbere was no trouble in pushing ahoad a thing of that sort, but on the contrary it had absorbed <V considerable portion of the time and attention' of the directors. He was glad to saythat the prospects now were very encouraging indeed. He moved the adoption of the report. Mr R. Watson seconded the motion, He considered that that was a red letter day in the history of the district, and to the surprise of many they had successfully floated their company. He might say that 20 years ago he had predicted the feasibility of a tramway from the Octagon to the Rectory reserve and to the Kaikorai Valley, where there was a large aud increasing population. He would respectfully suggest that the diresters take no fees till at least ths cox.pany could pay the shareholders 5 per cent. It was intended to make this tramway a people's tramway in every sense of the word, and ths directors intended to run it at popular prices. They did not aim so much at high dividends, but rather at making the trimway a convtmieuce to the district.

Mr John Rtley stated that he was of opinion that it waa a mistake to'h&ve too large a number 00. the directorate, but he might Buy that he had never been connected with a body of gentlemen who took such a great interest in their work as those who attended to the business of the company. The questiou of fees did not come up at any meeting of the directors, but he might say they intended to take no fees till the line was in a paying condition. As an example of the work they had undertaken, he added that the chairm&n and himself had spent the whole of that afternoon around those hills promoting the interests of the company. The other directors had done the same, and the idei of fee or reward had never been mooted. At the same time be thought that when the company was on a eolid foundation, and the shareholders were getting some remuneration for their investments—whether he was dead or alive, whether he was connected with the company or nat—the shareholders should remember the directors.—(Applause.) In the meantime it was a labour of love. It waa really a company got up for the people and by the people? and he had no doubt the people would rally ronnd them, increase th 9 number of their shares, and be resolved that it would pay.—(Applause.) In reply to a question put by one of the shareholders,

The Chairman said that tbe City Council have laid it down as a condition that the line shonld be a double one after a certain time. He himself would favour the line being a double one, even if they had to strain every nerve to get it—(applsiuse) ;—and, fursber, Roslyn waa growing in impoitance, and therefore that was all the more reason why they should do everything to meet the traffic. As to the difference in cost, he had not gone into figures, but he thought it would not be more than £3000 or £4000 i He might add that in Pittsburg the cable cars carried up the hills not only passeßgers, but gentlemen's carriages, bakers' carts, &c. He thought they ohould instruct their engineer to see that the lines were laid down in a manner so as to meet all conditions of traffic—(Applause.) The motion was then carried. ELECTION OF DIKECrOES. The following were nominated as directors:— Messrs Hayues, Roberts, Fountain, J. Wright, Greenslade, Haddock, Ryley, Tilburn, Wedderspoon, S. N. Brown, and A. H Burton. On the motion of Mr Sliqo, it was decided that the number of directors be seven. Mr Buihon said that he would withdraw his name from the list of nominations to facilitate matters, and he would move that the following be elected en bloc:— Messrs Ryley, Wright, Roberts, Haddock, Brown, TUburn, and Haynes. Mr Watson seconded the motion. Mr Fountain moved as an amendment, and Mr Fbost seconded, th»t a ballot be taken. A vote being taken, the amendment wm carried. The Chairman pointed ont tMt only those who had paid up their calls could vote. As this would debar a number of those present from voting it was resolved (after a conversational discussion), on the motion of Mr D. Y. Millab, seconded by Mr Fbost, that the meeting be adjourned, after other business had been transacted," to this day week to enable shareholders to qualify themselves to vote for directors. Mr Ryley observed that he would retire from the election, but the meeting endorsing a sentiment expressed by Mr Sligo, that the company could ill afford to lose Mr Ryley's services, that gentleman consented to allow hi» name to remain on ths list of nominations. Messrs Barr, Leary, and Co. and Mr James Brown, were nominated ag auditors, and a vote being taken Messrs Barr, Leary, and Co. were declared elected. The date for the annual general meeting was fixed for the third Wednesday in March in each year at Ronlyn. On the motion of Mr J. B. White, seconded by Mr Fountain, a hearty vote of thanks waa accorded to the retiring directors.