WELLINGTON-MANAWATU RAILWAY COMPANY.

Otago Daily Times, Issue 14818, 27 April 1910, Page 5

WELLINGTON-MAN AWATU RAILWAY COMPANY.

FINAL MEETING OF SH\REHOLDERS. (Per United Press Association.) Tho r , April 25. 'Welling ,7 etln 8 of Aareholdere in the U* chair. y ' Mt KirkCa ' die iec "P ied ," Y<ra «'ill, we think," reported the liquidators (Messrs Kirkcnldie and W M Jrt . b 'r» atiefied )ritht" r! 3? ° ■ ho , company's remaining fW 4i P art,cnl »rfy «> view of the fact 1 Th! fif',, fina ' TlCl ? l (le P which has been felt all over the Dominion during the past 18 months, has made a. satisfactory conclusion of the company's affairs occupy more time than would otherwise haw been the case. Among the assets on which we had to realise were 17 sections of freehold land, forming part 0 f what, is known as the Thomdon Reclamation. Although traffic iivland was practically at a standstill during the time consumed in the liquidation, wo were successful in dieposing of all these sections for cash to different purchasers, with a net profit of £4418 15s. Tho mortgages on land heldl by the company, amounting at the tim'e of our appointment as liquidators to over £24.000, realised within a- very small sum ,of their book value. The following statemerit shows the amount ,of assets "handed ovev, the sum realised, and particulars of its distribution:—The liquidators took over assets consisting of cash debentures, land, and mortgaccs amounting to £515.228 7s 2d, and liabilities estimated at £8228. These liabilities consisted.of taxes, liquidation expenses, etc. The liquidators therefore had handed over to them assets estimated to realise £505,000 7s Id. The net final -result, when everytliins; had been disposed of, shows a profit of £36 9s Id more than Was estimated. Interest and sundry revenue ' amounted to £4195 12s ■lOd, and the net profit on land sales was £4418 16s, making the total amount for distribution £513,651 4s. Tho Jiouidators have disposed of this sum as follows: — First distribution on March 18, 1909, 170,000 shares at 555, £467,500; final distribution on April 20. 1910; 170.000 shares at 5s OJd, £42.853 15s lOd. The amount voted to the directors, etc.. at a meeting on March 18, 1909, was £2250, and land and income tax was £932 19s, leaving a balance of £114 9s 2d, which is indivisible. It only remains now for us to congratulate you on the final results achieved in the realisation of. the company's assets.

Mr John Kirkcaldie remarked that not one moment was lost in giving the shareholders their final dividend. It was very satisfactory to be able to say' that the liquidators had received from shareholders all over tho Dominion letters of'thanks at the expeditious way in which the company had been wound up and at the satisfactory nature of the dividends.

Mr J, R, Blair moved the adoption of the' report, and the motion was carried. On the motion of Mr J. A. Plimmer, seconded by Mr AV. Perry, the small balance remaining in the hands of the liquidators (£114) was voted to those gentlemen as an honorarium for their services.

The Hon. T. Kennedy Mac Donald, in proposing a vote of thanks to Messrs J. Kirkcaldie and W. M. Haainay for their services, said he desired to. express the obligations of the. shareholders to those gentlemen for all they had done.