MANAWATU RAILWAY COMPANY.

Otago Daily Times, Issue 13889, 29 April 1907, Page 3 (Supplement)

MANAWATU RAILWAY COMPANY.

WELLINGTON, April 3.

Tho annual meeting of (ho WellingtonMonawatu railway was held to-day. Mr Kirkcaldie ' (chairman of directors), in moving Iho adoption of the annual report and balance shoot, said-t-liat the gross railway revenue for the year was £144,646— an increase of £12,186 over Hie preceding year. Passengers carried had increased from 456,200 io 510,500, improving Iho revenue under this head by £6370. Tho gross tonnage carried amounted to 119.060, being 10,760 more than the preceding year. There were increases in cattle, sheep, minerals, wool, flax, and ordinary merchandise carried, but a falling oft' in timber. The expenditure for the year was £84,195, or £8915 more lhan la-st year. The increased expenditure was diio to (ho largely-increased tonnage, and to increased expenditure on railroad and bridges. The cost of new ears, etc., making a total of £8131, had also been charged lo working expenses. He thought lie could congratulate shareholders on the very satisfactory condition of the rolling stock, permanent way, etc. During the year land sold anioitnted to £13,765,' with n net profit, of £4927. The area of unsold rural lands on >February 28 last was 31.592 acres, valued for tax purposes at £10,119,. and he hoped by the end of the current year that the greater portion of this would be sold. The lota! not profit available was £36,767, from which sum it was proposed to pay a dividend of 4 per cent., making 7 per cent, for the year, and to carry forward the balance (£29.967). Referring to debenlures falling duo. in about 14 months' time, provision would have to ho made for the renewal of the greater portion, but it was proposed to retire £170,000 of tho £680.000.- A sum of £173,754 (made up of £122,272 deposits, with accrued interest, and £51,481 earnings from iarid sSIeS) is available for this purpose. The return shareholders will receive will be that each share will be made paid tip to £2, instead cif £1 as at present.