THE DUNEDIN CITY AND SUBURBAN TRAMWAYS COMPANY.

Otago Daily Times, Issue 12036, 7 May 1901, Page 3 (Supplement)

THE DUNEDIN CITY AND SUBURBAN TRAMWAYS COMPANY.

♦ ■ An ordinary general meeting n[ the Dunedin City and .Suburban Tramways Company was hold in the hoard room of tho Agricultural Hall on April 12 for tho purpose of receiving the report and balanco sheet of tho company. Mr 0. Fenwick (chairman of directors) presided, and there were about 20 shareholders present. The following was the report submitted: The balanco sheet for the year ending 3fllh November, 11)00, is herewith submitted, and the shareholders will note that the results were satisfactory. Acting upon the resolution passed at the extraordinary general meeting of the company held on Wednesday, Itlst January, 1300—viz: " Thai Ihe directors be authorised to sell to the mavor, councillors, and citizens of the City of Dnnediu the undertaking, concessions, rights, and property of the company at the price of £ 15,000, anil with, upon, ind subject to such terms and conditions as the directors shall think fit, and to take sucli step 3 os shall be necessary for tho purpose of effecting and completing such sale "—your directors have now \o report that the somewhat protracted negotiations with the City Corporation have at last resulted in the transfer of the property of the company to the corporation. The transfer w,n elfocted n from the ICth March, when tho basis, of settlement was finally agreed upon, and the settlement was completed on the 21st March. Tho Chairman said: 'flentlomen,—lt is with no little pleasure lliat I rite to movo the adoption of the last report and balance sheet that will be presented to you: for I do so with the knowledge that shareholders cannot ho otherwise than pleased at the prosperous state of affairs they disclose, and at the announcement I am si!>ln to make that, ns the result of the sale of the company's concessions and properties to the city, there will be ji substantial sum available for division amongst tho shareholder.:. Anil bore I deem it only right to say that the shareholders are indebted to tho Hank of New Zealand for a considerable portion of the amount that will ho returned to them. As the result of correspondence tho directors had with tho bank, and of pergonal interviews I bad with tlifi directors and general manager of the bank in Wellington some years nince, an' arrangement was made by which they agreed to hand over their shareholding interest in the company, conditional on the liquidation of the company's indebtedness to the bank and the return of a small portion of the amount paid on the shares held by ihem. This proposal was put heforo the bank by your directors because they lielicved it would bo futile to attempt to sell the properly at a price thai would enable the company's liabilities to be paid in full and also return anything worth speaking of to shareholders. Notwithstanding the fact that the affairs of tho company had improved immensely since the arrangement was made, the bank has honourably kept the bargain made when tho future looked most unpromising, and the result is that the shareholders are, it gives me great pleasure to announce, in the position that they will receive from tho liquidators approximately 10s per share, or, say, 50 per cent, per sharo more than Ihey have paid up.—(Applause.) This, gentlemen, I think you will regard as an entirely satisfactory state of things when it is remembered that only a very few years since calls were imminent and shares quite unsaleable. The chairman then proceeded to give a succinct history of tho numerous attempts made to sell the properly, which eventually resulted in the sa'lo to the corporation of Dunedin. He eon--1 eluded by moving tho adoption of the report and balance, sheet. Mr 11. W. Mitchell seconded the motion. Dr G'oughtroy asked whether there was any truth in the statement, extensively circulated, that when the company was in an improved financial position tho employees , had received much lower wages and had werked longer hours. The Chairman replied that no! only was there no truth in it. but the contrary was ; the ca;e, for the employees bad been placed , in a better/ poritinn. Shortly after the api pointment of the present manager the ftross ' sum of £600 per annum had been added to the wages of the employees, their hours bad ' been reduced, and their position had been 1 steadily improving for some years past. Really, there was no occasion for the outcry and the letters that hud appeared in the ' papers. Tie employees' position had im- ' proved very materially indeed, and would ' have continued to do so had a little patience been shown by thorn.—(Applause.) : Mr Mitchell thought shareholders had ' much to thank Mr Fenwiclc for over the ' energetic way he had worked for tliem all. 1 (Mr Fonwiek: "I would he glad if you ' would fay the heard. They have worked • as a whole very harmoniously and very j energetically for' the company.") Mr Mit- ' chcll' rail! lie would do ns Mr Fomviok wished him, and would also include the 1 manager of the company. He felt certain that had electricity boon introduced the cotnpanv would have been a financial sue-, : rev. He had always found the employee* civil and obliging, and with regard to what ' Dr Conghtroy bad referred to, ho would ! sav that it was totally untrue. The motion for the adoption of the. report ' and balance sheet was then catried unanimously. ? An extraordinary meeting was thru held, at which Mv Dawson moved—" That the J company be wound up voluntarily, and that Cicorge Fenwicl;, of Dunedin, journalist: James ITazlott, of Dunedin. merchant; and ! Kdward Bowes Cargill. of Dunedin, gentleman, ho. and they are hereby appointed, liquidators for the purpose of such winding mi." The motion was carried after eon- ' sideralile discussion, and the remuneration j or the liquidators fixed at £600. The Chairman llion informed the meeting '' that, as fnr as the directors could see, there ' need be no delay in the process of liquida- | tion. and that shortly after the 111c.01i11.55 |o confirm the motions pas-od a division of ! possibly f!i per share would he made lo plin'chnldcri, leaving the balance to be distributed when the accounts were closed.— .' (Annlanse.) The meeting then terminated. ,' THE CLfISIXC MMKTIXr;. > An extraordinary general mcetine; of the i Dunedin City and Suburban Tramways Com- ■ puny was held on the 29th nit., when the ,- subjoined resolution, passed at the i meeting held on the 11th _ April, i was submitted for confirmation as ,• a special resolution:— "That the company ,- bo wound up voluntarily; and thai Mr .- (icorgo. Fenwick, of Dunedin, journalist, Mr I .fames' Hazlctt, of Dunedin, merchant, and i Mr Kdward liowes Cargill, of Dunedin, gens tleman, be, and they are hereby appointed, i liquidators for the purpose of such winding t up." Mr (I. Fenwick presided, and there were f about 15 shareholder present. The Chairman moved the resolution, and >' it was seconded by Mr O. W. Kerr. 1 After some discussion and the handing 1 in of a protest by Dr Couglitrey a.i to the ' validity of tho proceedings at tho meeting :1 on April 11, I Tho motio,-. was carried unanimously. ' The Chairman announced that a first divi- ' (lend of Ps per share would be payable on ' Wednesday. He also remarked thai Mr " Husking withdrew Ids amendment unenndiJ t ; onally, and not conditionally as set out by Dr Coughlrey in his protest—a remark which ' Dr Couglitrcy did rot agree with. * The lninolc- were then read and confirmed, '' and Ihe company's career closed.