STILL A SERVICE

Sun (Auckland), Volume III, Issue 662, 14 May 1929, Page 10

STILL A SERVICE

WAIUKU BRANCH RAILWAY WILL NOT BE CLOSED (Special to THE SUN) WAIUKU, Today. There is no likelihood at present of the closing of the branch railway line between Paerata and Waiuku. The Hon. G. W. Forbes, Minister of Lands, gave this assurance to a deputation representing business and farming interests in .Waiuku. Recently the Prime Minister has been referring to branch lines which did not pay interest on the capital outlay and the deputation brought evidence forward to show that the Waiuku line was not in this category. Extravagance during construction in war-time was alleged and, because of this circumstance, the deputation thought that the line could be expected to pay interest on about half the capital. Mr. Forbes thought that the stage had not been reached where the Government would be called on to stop branch rail services.

NORTHERN STEAMSHIP CO. NET PROFIT OF £13,161 A net profit, after making provision for depreciation, of £13,161, is shown in the annual report and balance sheet of the Northern Steamship Company, Ltd., for the year ended March 31, 1929. This, with the balance brought forward, after deducting dividend, leaves £22,480 available for distribution. An interim dividend at tlie rate of 8 per cent, per annum was paid on November 27, 1925. The directors recommend the payment of a final dividend of 4 per cent., making 8 per cent, for the year. This will leave a balance'' of £9,567 to be carried to the credit of profit and loss account. Messrs. E. H. Davis, N. A. Nathan and J. H. L'pton retire from the directorate, but are available for re-election. A comparison of results over the past five years is as follows: 1925 1926 1927 1928 1929 £ £ £ £ £ Net profit 14.174 13.82 S 13.116 13,230 13,161 Dividend .8 8 S & 8