DUNEDIN AND KAIKORAL TRAMWAY COMPANY.

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

DUNEDIN AND KAIKORAL TRAMWAY COMPANY.

1 The sixth annual mooting of the Duncilin ( ami Knikorai Tram Company was held in , tin" Council Cliainkei.--, lloslyn, on flip 25th „ nit., anil was attended by upwards of 60 , shurchohlars. Mr Jl. V. Haddock, chair- \ iu;m of directors, provided. . Tlio report, wiiich lias already been pub- , lis'icd. was submitted to lho mooting. Tlio Chairman, in moving tho adoption of f the report and balaneo thect, congratulated tlio bharoholdors on (ho faet that tlioir lino r m\k open and working. Of courso tho di--7 rectors had had to contend with little diffiR culties and troubles moh as wore inseparable t from so largo an undertaking, but having nvc/cotuo thorn, lie Iruslerl lliat henceforward things would run smoothly and rcgulitrly. }Io was pleased to kr.nw that tho shareholders had a Irani scrvico equal to any in I lie' colonies. Tho finance of tho company, however, he could not cay wa-s in a satis- , factory position. This was owing to tlio fact i that tno share capital had not been fullv , cuh-erilird. The directors had iwcnalilv expected tin; full capital would lie applied for, s as s.vcral limos tiity had been led to think : ' that the shareholders would considerably in--1 ercaso ll:eir holding,'. That hud not been - done, and (he <'[)i:sc(|iience was lh.it Iho ili- - r.-ciu's had had to become liable fo;' n very j targe Miin of money in order In fnii.-h Iho . line and get it in running order. As it was, f 7000 shares were unsold, and ii the shareholders would tako I hem up it would p'.ace . tho director* in inch a position that they would ha rcli'ved of their liability and 1 everybody would be paid. The revenue, • which was increasing, was about £4300 per t year, and tlio expenses about £50 u week, ! or, roughly speaking. £2500 per year, leaving . from £1500 to £1703 to pay interest and s pos-ibly .sinking fund. Still, tho net amount ~ after paying oil espouses showed 6J per cent. j on tho total cost of tlio lino; that was, £25,000. Tho position, ho thought, was not a bad ono to put boforo shareholders, nr.il should chum tlio shares lo bo readily taken up. Ho desired to mention tho matter of the olectrie far. They were told that share-i'.o'.dcv-i had to pa;' twopence from Uijh

streat to any part of Hoslyn. That was really ,an illegal charge, as tlio agreement with the council, ho bolicvod, was that the chargeshould Ijo a penny to auy part of Roslyn, and so they had no right to charge any person more than a penny. It must have been noticed from llin company's advertisement that the running of I heir cars had been altered on Sundays. They had started at 12.15; but it was considered hotter, in order to givo tho employees an opportunity of spending morn time at home on Sunday and taking a littlo rest after dinner, tho ears should start running at 2 o'clock.—(Applause.) That was quite early enough, and in future cars would bo run on Sunday from 2 to 9.30 p.m. There were two gentlemen connected with the company who, he thought, all would agree worn deserving of tho highest praise: ho referred to Mr Roberts, who, a-i engineer, hail devoted great cam and attention to the work that had been placed in his hand?, and who had succeeded in giving them a thoroughly up-to-date line. The other was Mr Ferry, who had carried o;i his work in a Manner deserving tho highest credit. Ho had much pleasure in congratulating theso gentlemen upon the result achieved. Ho also desired to acknowledge the help ho had received at all times from Ids co-directors. They had been uniformly most considerate and courteous; had given him every assistance possible, and it was owing to Ihoir help that tho company had been brought to its present position. If they had not devoted their liiuo and talents to the work tho shareholders would not now have the line runninit. Mr Fca seconded tho motion, which was put and carried. An irregular discussion followed, in which some remarks of a shareholder reflecting on tho directors and engineers wcro strongly resented. Tlio motion was again put and carried, with one- dissentient. Mr Handilamh moved—"That the recommendation of the directors be acceded to by tlie app'iinlnient of Messrs Roberts and Ferry as dim.iors." .Mr Fe:i seconded the motion, which was carried, also with one dissentient. On the motion of Mr Sandilands. seconded by Mr Weddersnomi, Mcfsrs Tilhurn and A. Thomson wrre re-elected directors, and -Mr l\ Ban* was reappointed auditor. Mr Benthnin moved, and Mr S. N, Rrown seconded, a motion that the sum of £103 per annum should be paid in future a« directors' fees. After a brief discussion, in which several shareholders expressed their indohtcdners to the directors and regret that more substantial remuneration could not be offered to them, the motion was adopted nem. con. Mr A. Sligo paid a high compliment to the employees of tho company, and upon his motion a vote of thanks was unanimously accorded them. Mr Wileon moved—"That the action of the directors in curtailing the Sunday traffic is approved," and expressed the hope that it would be still further curtailed. Mr Ross seconded the motion, which was adopted. Ti'C Chairman, in reply to a question as to the depression pullie?, said emphatically that they were not causing damage to the rope. Mr Roberts (the engineer) also replied, claiming that the system of working the line wa? the best in the tolony, and mentioned that such was the opinion of the Kngineer-in-C'liief of the colony; but a host of amateur engineers knew a good deal more about it than anyone e'fe possibly could know, and their opinion being adverse he was proportionately depressed. A vole of thanks to the directors terminated the proceedings.