ROSLYN AND KAIKORAI TRAMWAY CO.

Otago Daily Times, Issue 13543, 16 March 1906, Page 3

ROSLYN AND KAIKORAI TRAMWAY CO.

ANNUAL MEETING,

The annual meeting of the Roslyn and Kaikorai Tramway Company (Limited) was held in tho Ttoslyn Council Chambers last night. Mr H. V. Haddock (chairman of directors) presided and there were about 30 shareholders present. The Chairman in moving the adoption of the annual report (which has already been published in the Otago Daily Times) and balance sheet, said that this was the eleventh year of working, and the shareholders were to be congratulated on the very satisfactory manner in which the cars had been run. It was not necessary for him to say anything more with reference to the report.

Mr Henry Jeromson seconded tho motion. Mr Alexander Sligo said that ho felt satisfied that during tlie past year the success of the company had justified what the chairman had said. The increase in returns had not. been great this year; but there had been an increase, and undoubtedly until tho population increased the succession of large increases by leaps and hounds must reach a point where it would meet with a check. They bad fair reason to say that the progress and prosperity of the company had been satisfactory. The meeting was held in order that shareholders might get information and air their grievances, if they had any. lie was satisfied, at all events, that the manager had given satisfaction to the shareholders generally.— (Applause.) The progress made justified the payment of the usual dividend. The parties to be considered by the directors were the residents of the hill suburbs and the shareholders. To some extent their in terests did not exactly coincide. The directors had to consider both parties, seeing that justice was done to the shareholders. Possibly some of the hill shareholders might think thoy were harshly treated, hut this company must be kept on a solid basis in tho interests of the whole body of tho shareholders.—(Applause.) Mr B. Calverley said he was sorry to have to find fault. There was no such reason for congratulation as had been alleged by Mr Sligo. The work had not been conducted as it should have been. Tho management has actually carried people without payment. The Chairman: The shareholders should report such things, if they occur. Mr Calverley wished to know how Mr Sligo knew that the work had been properly dene; he never travelled on the line.

Mr Sligo said it was not for him to go into details about people escaping payment. He doubted whether such cases had occurred— ("Hear, hear.") If Mr Calverley knew of anything of the kind it was bis duty to report it to tho directors at once and set out his case, and then it was for tho directors to investigate (ho thing.— (Applause.) Mr Calverley said ho did report that nine people wore travelling and never paid a penny.—(" Oh, oh!") He was not going to be made out a liar. Other people had seen passengers carried for nothing;, if Mr Sligo had not. There was Mr Fea

Mr W. 13. M. Fea said Mr Calverley was quite right in saying that somo persons had travelled without paying.

Mr Jeromson: Have the employees' families tho right to travel without paying? The Chairman: Certainly not. Mr Jeromson said he knew that some members of Mr Hunter's family had travelled without paying. Ho called attention to the matler, and Mr Hunter and one of his sons came to his house and called him a liar. Tho conductor told him that the employees' families travelled free.

The Chairman said that this was plainly a personal matter. It should have been brought to the notice of the directors at the time. Mr Hunter: Can I explain this? The Chairman; It is not necessary at this stage for you to explain anything. It is a thing quite outside this meeting tonight. If what is stated is true, the matter will be inquired into very closely.

Mr Hunter said he treated Mr Calverley's charges with contempt. He admitted, however, that he had told the conductors to tako no notice of Mr Calverley. Tho statement that conductors' families travelled free was not true. Ho gave his instructions to the staff as manager of tho company. He did not consider that either the shareholders or the directors had any right to interfere with his men when they were working ion the luie.—(Applause.) He would stick to that as long as he was manager, and when lie could insist on that no longer he would cease to be manager.— ("Hear, hear.") The fares Mr Calverley said were not paid were paid, and that, could be proved. Mr Calverley interfered with the conductor so much one day that the car had to be stopped while the conductor collected his fares. On that, he (.Mr Hunter) gave orders that if Mr Calverley interfered with the conductors again they were to order him off the car.

Mr Calverley was about to continue the discussion when the Chairman ruled him out of order.

Mr J. C. Wilson found the position of the company satisfactory. Bit they bad made a clear profit of over £2000 this year, and the dividend should be increased to 10 per cent.

The Chairman said that there was a balance of over £700 in hand from last year. When the present dividend was paid there would bo about tho same balance left.

Mr Wilson repeated that a 10 per Milt, dividend could be paid, and £1000 odd still bo left in hand. The amount 6p'ent this year on maintenance and repairs—£llß2— was extraordinary and> excessive. The Chairman said he could support no proposal to increase the dividend. There was one tiling they had never taken into consideration, and that was depreciation of property, njstnt, and road construction. That was an item that would have lo he written off in a very short time. '1 hey must, therefore, have a liquid asset. They never knew when they mijfht have to pay out large sums because of an accident. His idea was that they should ha-YO a liquid asset of at least £5000 before they attempted io pay off debentures, increase dividends, or do anything else necessitating any increased outlay.—(Applause.) Mr Sligo said the incomo for the year had been £6769 odd, and the expenditure £5373 odd, leaving a difference of £Uls 12s Sd. Out of that £720 would be paid in dividends, and £695 would be left over —somewhat less than last vear.

The Chairman said the cost of maintenance and repairs had been especially heavy this year owing to trouble over the last rope, which did not turn out as they expected. Mr Sligo: We had £250 less wear out of the rope than we expected.

The Chairman: And we had an expense of £10 lo £15 a week to keep lite rope up. Mr W. B. M. I'ea said he would not support any proposal to increase dividends now. They did not. know *hat might lie ahead. The company had done very well from the commencement, under very adverse circumstances. To-day it was a. property worthy of any man's investment. He hoped tiro day was not far distant when the company's line would be extended as far as Bunting's store, at Halfway Bush. If they did nothing in that matter another company would. By getting from the Octagon Iq the Kaikorai Valley for 4d the subscribers really had an additional dividend. As to people travelling without paying, the matter was not r.'roperly one for that meeting. If they were to go from Auckland to the Bluff they could not, get a. better staff—from the manager downwards.—(Applause.) The men were (ivil, attentive, obliging, and did their duties well—("Hear, hear.")

Mr 'Washer (Mayor of P,oslyn): Has any. thing been done about uniforms?

The Chairman said the directors could not see their way to provide uniforms. Other companies in Dunedin did not do so. Mr AVasher: Do all the men get a bonus? The Chairman said if the giipmen travelled for six months without accident, they got a bonus at the rate of £5 a rear. Mr AVasher: Why should any distinction be made between gripmen and conductors? The Chairman said the .safety ot the public was in the hands of the gripmen. Mr Washer: I am a great believer in giving bonuses all round to help efficiency. Has anything been done with regard to extending the line to Halfway Bush? The Chairman said, the directors had ascertained that the probable cost, of getting the necessary Order-in-Council would be £■110. He should never advise going on to Halfway Bush. It would kill the present company entirely. _ / Mr AVasher: I tannot agree with you. The Chairman said he would go farther. The passengers who would travel to Halfway Push would not pay for coal. If others chose to (construct the line the company would be prepared to fake it over as soon as it returned 5 per cent.; but they were not going tc sacrifice the .present share-

holders. Mr AVasher: Is that your own private opinion ? The Chairman: That is my opinion. The directors have discussed it. They are here to speak for themselves. Mr K. A. Smith favoured 'the extension. Mr E. Roberts could not support the proposal to extend, although that was the original intention. The population did not , yvmsb it- TJ»«r hjd, to iaffi ;

in the near future, and they must consider how that wa3 g-oing to affect them. The new line over the Valley would certainly take some of their traffic. Before going to Halfway Bush the kinks would have to he taker, out. of the road. The great development going on with regard to motor 'busses rendered it, inadvisable to extend the cable. A motor car might be tried. If that would not par. a. cable train never would;-

Mr Washer: Would you favour the putting on of a. motor 'bus?

The Chairman: Why should we put on a motor 'bus as a spec?

Mr Bunting said some of them took up their shares on the understanding that, the line would l>e extended to Halfway Bush.

Mr K. Sunderland: Would it not, pay to have the' debentures converted into 5 per cents.?

The Chairman: The debentures have to bo converted within two years. All that has been considered.

Tho report and balance sheet were adonted. Mr Calverley dissenting. The retiring directors—Messrs Smith, Sliuo, and Tilbtirn—and the retiring auditor —Mr Peter Barr—were re-elected unopposed.

The.meeting closed with a vote of thanks to the chairman.

The chairman of directors (Mr Haddock), after the meeting was over, requested us to state that, in replying to Mr .lerorason's question about, the right to travel free, he overlooked for the moment the fact that passes- were issued" to the inspectors and some other employees—seven in all.