THE MANAWATU RAILWAY,

Otago Witness, Issue 2456, 10 April 1901, Page 18

THE MANAWATU RAILWAY,

WELLINGTON, April 3.

The annual meeting of the Wellington and Manawatu Railway Company was held at noon to-day. The chairman (Mr T. G. Macarthy). in moving the adoption of the report, said that the earnings of the year were £96,270, the revenue having more than doubled in 14 years, despite the fact that fares and rates had been considerably reduced — in some cases to only one-third of the original amount. The land sales had realised a gross profit of £5735. The general increase in revenue had been so satisfactory that the directors were justified in recommending a 6 per cent, dividend. The chairman sketched the history of the negotiations with the Government for the sale of the company's property, and said that the substance of the Premier's last letter, practically inviting another offer at a less price, had been forwarded to the Home shareholders. If the late offer had been accepted shareholders would have received a.bout 35s 6d per share, or a premium of 6s 6d per share on the balance sheet value, and the colony would have recovered the value of the whole of its endowments to the company and possession of a railway which w a,s absolutely necessary to the working of its own lines. The report was adopted, and the Q per cent, dividend agreed to.

Messrs Kirkcaldie and Plimrner were reelected directors.

A comprehensive resolution by Mr Kennedy Macdonald, protesting against the late negotiations, and laying down the principle that the company work out their destiny irrespective of the Government, was withdrawn, on the ground that it was tying the hived? oi the dij§cie£fc