Waimea Plains Railway Company.

Otago Witness, Issue 1751, 13 June 1885, Page 11

Waimea Plains Railway Company.

Tb.» annual tr.octing ot tha Waimea Plains K.ttlvv.iy C.'O'pany was hold on Monday aftaruoou, ISJr 111 /<ry Privor preridinp. There was a Ciu-ly fjacr] 'iilimdanea of fharoholdcw.

Tho nunmil i^pcri, which road as follows, wa3 r.-.;bniii,t,od : —

■2i firm' Titir.R MvscuiexH ba'atico-shcet and statemi 1 ! t (( \. c mi sad f-cuendi'urd and of profit nn<i loas for >b" xrai- «i sleil hi i March ISSS, the duectoca h .\c to cu^Kifcijlntotbo irhsroholdora on tho fauß tli -t the Tiill i- on tho coni'iaii} 'aline issC.adilyi 'creasing. tho auicui t lot- the 12 ni'.nUia. embraced by ih-j ucc Hint*, in .8-3^5 10a 2.1 in ex ♦•eh ct ti atof the previous vsac, w >uld tiavo i ten «roatcr but Jor the fiifflc-jpy in rhi iiniw: an sd'Cjuatn suppiy rf wngfrcn-i, i u'Hibcqurucn '.! v.h.ch tht freiwht ou Kraui was noC eivrnc i till aJ,e- the clobuu' oi the aecouuta The ir-fficfcrthe f.-:ur voiks i'iniii.(r 28th April laat was £6jl lbs bii, as &.-i5..5.1i £".84 IBs 3d fr>r the enrre-i-ptnd'nKP »!<)■} o: lho j»cvi in jear. The nefc resu.t cf ths yi^ar'a cp;rallot>M w,uld hive been greit.nr hu. for ihe evebua-i. charts exacted by lho GjviWI'ient for hire cf rolmu- .ock, which exceeded the •mio tit eh iryed < uring tho pn.vioua yoar by ihe sum cf £5)3 10*4 1.

¥<•'» ri.rtclo-" hive the sali-faCioa to report th-.f; the Hi \ >ho Mi-i'ol-er for i'tiblic Works ha 3 .violded (ntLc repru i ens«Uccß (f the U^ard on th; quss-tion of Girtn mout charges, an i his acceded to the tiemacdd of v<iHr dirpcto.a Z'j" a reaaonabio n due ion thcrou ; lho is n ecjiio. go will be a considerable eavini; ia v>rlu' g txro/ibes for !h ; cnrrcut year; which, taken to,:ithe? vnh ucnas-d traific, shoula lewu a s'-.b-t-to'nti.l cral'i b>l<:ico, and thus lesaen the claim for g'ji r«i».t fd v toreau Tn9 bsiarco to debit <f profit a*-d loss has been 'chiui'd t: LfiU G^ 9d. without crtditinsj guaranteed r tere fc foi ill- p%4 jeir, \vi ioh vsill am ninfc t j ajout £7500, ihuti t..iMier'ru<lncii g tho balance to .»bout .S'SOn, to hit, izv 'ho futu o the guarantetd interest ni'i ho uvai abla (or diaaib.uisn umongst tho bhareh Idcrs.

Co nißttf.l ao'iov Siavia-jf hcan taken by th 9 rits-na>cr-i to r 6i s '^ tho i>mp.«ii'«j cU-in for rates, tu-t 03 ib wesro t)i- d »>i the il-B! 'tut tfa^istitsti 'b court. < un. din. in July las a-.d jnd^ment i(iven m fuvour of ihe Ccmcaiij ; Jut ihi d cla-ou hur'mg been K^P'-nkd tgaiu I, .ml the c be not ha\ii<K jefc bocn reai'fced iii t.." rii.n »ior Court, tho tJoar) his dtfcrttd takinjj lurthor action {or tho rec vcy of the rates rxatiinßT the re into! the apptal, wh.ch tha Biroj.ora .ire ad>i*)ed will w doub^ojly bo in favour of thu C.moanx.

jNu.otiat, oiia liave bron going oa for sevcv.il months bet'.rea the r-o^er. mv 6 ami thp Cjtnpanv Joy tlie h., erl the ral,w y. The propo a> to purdiape emanato i-om tho G-a eminent, and ultho Jirh jour Diieo !i ob roili-32 tliut b' roinaiial leui'laiion tbo nU'tnuitecd liueusliha-txtV.st b en hi cti.ed h\ la\v,iLd. ihatc.-nst-qictUh * rfhof'itu effetd, ar.dsitis/.'C;iny di.ideD s lev. ;i" u.eJ, ibev leco^nibe the tiarash.p ul ox>>ctiay a rruehirj; iatv (row ih-s wt'lors in ih<, di tutt, and >iB ivert i!o6 to tiisp atlvaiifage of the Compui\'a i .t[i (vrd f/^fi i^-a l»y in^i-'in^ upon a p. ice which mii;ht tairly include a cou'-Uerahle sum for goodwill. . li npthy cojre po di nab h>\n posse I botvvcoji Hie i-O-vo\iiu>Oi)C add your D ro\on viou havo, tul'j^it t) the r.^proiai of iho eh'ari'holdeis maia a UiOnitu i ft 1 r to bel the rv.lwav and ifß equipment, a'j toe cov'iliid c st ih< ivof. 'th: 1 Quv r.ouionc huyj deulucd th eff^-r. A' the pricu a kod B, iv vho fipin'on of the ci cctors, «. ivim t.abie oi.e.ai d will prcdnco lejo than tri'i paui-up c^pitii', ihey :«o not P'Gjareii to t'ccooimurdthw t-hi-eli'il.lera to p.iit valh what ia nr.w a fj.i id vi-ciieify on r>i y tein s !een favourable to the Uoixu'iv y UiOa) iad c i*ai in !hs effio?. Acco-ciirig^i V'f a.ti;lo.«of asaociition tbofoJ'owinjj diiDOiorti ittsio f om t o Moaru, buc are eligible for te-r'O" io •, »!?i : AlCaKi'dG. AJ. i^ei!, 11. BautUiga, and The andit- >r, Mr Th raas CaHender, also retires, and is c!i ft ijli' (or ro-cteuiion. 11. I river, Chairman. Tb9 Chairman, in moving the adoption of tho jepurfc, iaU>rrtd t«j the rsduotion the Crovorntuenb bad made in the exorbitant sum foituerly cbargod for rolling stock. Formerly they wore chavpod at tho rate of £95 per mouth, but now the amount was reduced to £25 5.3 6d, thereby causing a saving of about £70 per month. A wonderful improvement had takoa placa Rinco the lina had bean opsned for through traffic, and as a matter ot fact the fltmi[j»ny wan now in a b3tter position than it had ever been, and if tho shareholders only had their right's they would not have to come thero and pass a balanco sheet ?bat did not uhow ' a divMecd. Dating the months of Apiil aad May the traffic on the line had largely increased, and though he was not quite prepared to say that the traffic for the whole of the year would ba at exactly the aanae rato, he was very sure it would not be far short ot it. Under these circumstances ihe shareholders might be inclined to ask how ifc was that a dividend had n»t been declared. That brought thnm back to the queation of ho »■ badly the line had been treated in the past, for if the company only got what it was entitled to by law the shareholders would be sent home, from that meeting with cheques in, iboHr pockets; but, unfortunately, ov/iap' to the large amount of business before the Supreme Court, an appeal case which was to decide the payment of rates had been hung up for 11 vnontha. He thought it a monstrous shame that Buch a state of affairs should exist in this ninoteenth ceutuiy, and ho hoped a" gentlemen present who were members of the number of Commerce would take notice of the matter. In oonßequenca of thi« riulay the Company were i kept out of about £9000 of rataa, and lost a, large sum in interest ; besides which the dh'dcjtors had to go hat in hi*ad to the shareholders and make calls. In referring to thia, dflay he did not wish to cast any reflection on tho Judge of the Supreme Court, who he was miye everyone would admit was one of the hardest working men in tha community. The Judge waß simply overwoiked, and could not overt»ko the large amount of business that accvimttlatad in Punediu, bßforo he bad to go away to Iqv6rcargill or some othgr p]»oa, and leave tho list unfinished. Apparently all circumstances imaginable had been collected to cripple tha Company. From its initiation the SVaimea [ Plains R.iilway Company hart been made a sort of political bogus wjjicii peoplo in the North Island oould reier to im s, gigantic swindle. Will, he wanted to say chat t«a directors never df sired the sympat!^' oi any member of the House or of any Govprnuumt, The recent npgotiationa vfliica took placß about the purchase o» tho line wqcb not conimonced p 3 t < !»<> instance of this Comprwiy, All fey wanted was that tho law v.uucr which the Company was formod elonld ho carried out, so that the C,u«iwiny ntight. obtain what belonged to ifc. Thoy did not want tho Govorawdnt to buy ; hut, oa tho other haad, ihey olijactad to the Gotrernmont crippling thpm. During tho !«'•<(•. ssesion one of (he cardinal ointa of Gcovernment'a

policy was the purchase of district railways. Duritigt.be srs-ion no representative w«s sent up to Wellington in tbe interests of the compiny, After the closß of tha seeaion tha directors received a categorical circular from the Government with a sort of intimation that if tbe questions were answered in such and such a way, the Go vprnrnocß -might m.ika an off jr for the liae. The correspondenca which followed was very ieogtby ami vary important, and lasted up to the tune of Sir Julius Vogol'a viftifc to Dunediu, whoa the directors personally visited him. The correspondence rof'orr3d to would bo publißhaii within the noxt week or 10 days. Thoy informed the Government that they were not anxious to soil, but seeing tho difficulties met with in collecting their ratoa, they were willing to make conceiGiona whereby tho lina would be in the hands of tho Government, and the district would bo relieved of the rates, believing the litie should not have been a branch one, but a connecting link between the Government's own lines. The diraetors dii mako them offers which, if accepted, would not have allowed of any interest nn tbe shareholders' money, to say nothing of £30,000 which would be locked up for a mini her of years in the form of debentures, He for one would not be inclined to renew the offer mado the Government. There had never been any jobbery in connection with th 9 lino. They were only fighting for what; they were entitled, and if they got that they would be able to pay up every shilling tbo Company owed, and also an 8 per cent, dividend to shareholders, 110 was exceedingly hopeful for the future of this line, and as he saw no reason to believe that they would not obtain what was absolutely due them, why should they sacrifice property from which there was every probability of receiving 7 or 8 par cpnt. Mr Quick asksd if there would be any olj action to stating what tho Government; offer was.

The Chairman said it was so surrounded by conditions that it would ba difficult to say what it would amount to, but it was calculated that, if accepted, the shareholders would lose between 30* and £2 per share.

Mr Qoick said that was a monstrous proposition.

Mr Wales seconded the adoption of the report. Ha said it was perhaps not generally known that the Government Insurance Djpvtmpnt hold the Compuny's debentures for £75,000, and the interest oa these had to be met evp'y six mouths If they had not had so many difficulties thrust in thoir way thay would have had no difficulty in paying tbis interest. He was sure there waa uo shareholder in the Company v/ho would agree to, the sale of the line on the terms proposed by the Government. The idea of making a sacrifice at the rate of 15s in the pouad was absurd whin it was clear that the line would pay the Government as well as any or their bast p:ij'iug lutei. He would nofe be inclined to renew tbe offer to soli to the Government. They ought not only to gßt their principal, bu 1 , something for tho ioss of interest during the past six or ee\ ea years. Mr Ramsay thought the directors might have stated iv black aud white thn exact effor of the Government. Ho believed tho general body o£ ehareholdfeis would ba inclined to submit to a Bacrifici and get the b?stputof '.hoir m^aey Vwk rafher than pay further calls. Perhaps 25 par cent of the cuginr.l capital was a little below tbe mark, but ho believed that there wag no hope for a termination of the prpseufc r a- 4eatit factory etate of things if the Conrpaay were carried on. He for one would b!?, quite willing to submit to a sacrifice. H<\ pointed out that it bad not yat been settled that the Rsttlers were liable for the r?»t«»s, and if the jidgment of thß Rasidoc'i Magistrate was reversed in tho Suprema Oourt, they would be very sorry thoy had not accepted tha amall offer tho Government made.

The Chairman repeated that the Government effev would be a Iqm of between 30^ and £2 por sharo. Ha regretted vory much the tone of Mr R-rais&y's reinmks. He had spoken as if he wera a deiegata from the G-ovommonfc who apoka so &a to inflaence tho shAreholder& to accapc such a price. Tho sole difficulty was in having the appeal caee hucg up in eucb. a disgraceful way. It was a matter he hopad the Chamber of Commerce would take notic© of. Ifc would tjo much better i£ they agitated to got_ an assistant Jude;Q 8o that tbe work might bo overtaken than to sit in Ihe Chamber discussing ths advisability of eendiug delegates to tbe 5*3 jia and talking the "rot" that they goco/ally did. Regarding the question of v>,ppetting tbe decision of tha RM. Court, tlaay had the very oast legal advice tb&L there was not the least likelihood of tkal, but, on the contrary, the appeal was paltry and frivolous, As so the present call upon the shaieholriers, he did not think there would ever be the laast necessity I'or collecting it. Boforo tho time for payment came he believed arrangemonts might be made tb' a {; would entirely obviate the necessity for collecting thero. Mr G. W. Sliott was also sorry that Mr Ramsay had spoken in such a fjjhnner. Hs would have thought Mr RaiD.say'H common sen«e would have directed hi.n to speak in a different strain. Such rr. marks only tend to weaken the hands o? the directors, and he thought Mr Ram<wvy wa3 rather ill advised ia making them. With regard to tbe interest which tha Oompany had to pay on the deben^ tvyrea, the Government had ». aiaff of men ready to aeiza the line if the iateiest was not paid. The interest, however, was paid down at once, aud the Gov3rnino;!ic were euchred. They had treated the Couipany in a Fc*ndalou3 way, and in a way v/aioh, li 3 ventured to say, no private morl£.ag3o would havo acted. It was quite clear fcise Government wished to secure the line and thay had takea up a very undignified position in trying to coerco tha Company into soiling tho liao at a price less than its valua. He oid aot think such a proceeding would ha v& occurred in any of.her British Colony or in any part of tha world.

The Chaiuaian mentioned that if the *> a fg c on tbe lino kept up iU present stand?, f( f an( j bs feud no reason, to believe that it v/Ov /Ou i(j no s tho lino wo-ald very soon be sol? -supporting. He would lika to know why tr jGy should sell to tho Government at a loss £>_ (; ue {^^ wou i(j ia a year or &o bo Mjlf E>uppo^t{ lJ^ i The motion for the o'iopti&n'of the report was then put ar.d c^ncd unanimously, Mr D'Ancr Ha^gitt moved:— " That tho Bhareholdoi'S approvo of Iln action of tha directors rr-gari'ag the negotiations they have made wjt.ij lisa Government toy the sale of the line, avid eo'afidently loave tho matter in the hari^s of ihn di'pHors."

Mr G.Ttjkneuli, seconded the motion, which was carried uiiaiiiixKHyly.

Mo^rs G. M. Bell, G. W. Eliotfc, and D'Arcy Uc.jifgii'.twp.ie elected disectcrs, and Mir Oallontisr waa elected auditor.