THE WELLINGTON MANAWATU RAILWAY LINE.

Otago Witness, Issue 1950, 4 April 1889, Page 16

THE WELLINGTON MANAWATU RAILWAY LINE.

At the annual meeting of the WellingfccnManawatu Railway Company on the 2nd, the following remarks of the chairman explain the reason why no dividend has been declared:— 1 Glancing at the advantages which the company had afforded to the public iv providing labour and facilitating settlement, he complained that the shareholders had as yet received absolutely no gain from the most important and ÜBeful work undertaken by private enterprise in the colony. The reason was that the taxation levied upon the company by the Government and the local authorities absorbed the surplus which would other wise be available for dividends. The property tax and local rates had amounted since the formation of the company to £16,694, | and the burdens were growing heavier eaoh year. Last year's taxes came to no less than J86722 18s — equal to a dividend of nearly four per cent, on the paid up capital. Such a state of things, he had no hesitation in saying, was never contemplated by Parliament when passing the Property Tax Act; nor would it be endorsed by the public that a private enterprise—necessary, because of the apathy of the Government of the colony, for the carrying out of a great public work, and which has been perforraiog colonising functions of the highest possible value, thereby adding enormously to the productive power of the country should find itself as a reward for its expenditure taxed to such an extent that all available profits were swept away by the Government. It was almost past belief. The question was of such deep importance to' shareholders that it cannot be permitted to remain in present position. Steps should be taken to bring the whole question under the consideration of Parliament during the forthcoming session with a view of relieving this company and other industrial enterprises of a similiar character ; first, from the payment of the property tax on its assets ; and second, from the payment of local rates upon the value of the railway line until such a time at least as the company is able to pay a reasonable dividend to its shareholders." During the week ending March 31st 11 vessels, representing a total of 5835 tons register, arrived at the Dunedin wharves ; and 13 vessels, with a total of 6356 tons register, sailed therefrom. "Rotoh on Itch." — "Rough on Itch "oures fiMn humours, eruptions,- ring worm, tetter, s*lt rheum, frosted feet, chilblains, itch, iyy poison tarbere'ifccb. " r