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Rakaia and Ashburton Forks Railway.

THIS DAY. An extraordinary general meeting of the shareholders of the Bakaia and Ashburton Forks Railway Company was held at 2 p.m. to-day, at the offices of the Company, 178, Hereford street. Mr George Hart, Chairman of directors, presided, and the following shareholders were present: — Messrs E.S. Coster, K. M. Morten, Mackay, D. G. Holmes and J. Henderson (Secretary). The business of the meeting was to confirm the following resolution, passed at a meeting held on May 6 : — " That the Directors be authorised to make . such arrangements as they may think fit for the sale to Government of the Company's property, subject to the approval of Parliament at the next session of the General Assembly ." The resolution was duly confirmed, on the motion of Mr Mackay, seconded by Mr E. S. Coster. The seventh annual general meeting was then held, the same shareholders being present. directors' beport. The Secretary read the following report : — " The Directors, in presenting the balance-sheet to March 31 la-.t, regret that i there ia a decrease in the traffic receipts for J the year, while the expenses could not be I correspondingly reduced. The net returns j received from the Government are equal to I 3 per cent on guaranteed cost of line ; but Ithis is considerably reduced by the expense of collecting and enforcing payment of rate, together with ordinary office charges, j Shareholders are already aware of, and i have consented to arrangements being J entered into for sale of the Company's line ; to Government, which, if ratified by Parliament, will necessitate the winding up of the Company." The profit and loss account showed traffic receipts £6392, or a revenue in j excess of working expenses .£1399. The j debit balance of the account was £11,606. The balance sheet showed that this was more than accounted for by the rates unrecovered, which amounted to £11,697. The Chairman said it would be in the recollection of the meeting that last year j there was every reason to hope that the troubles of the Company were at an end, ■ as the authority of Government had been obtained for the recovery of the rates. Since then the Government had proposed to purchase the district railways, and this had changed the aspect of affairs. Though this railway was one of the best lines constructed under the District Bailways Act, the Directors thought it advisable to accept the proposal of the Government, as the plan now proposed would considerably ! lighten the burden on the ratepayers. He • regretted to say that the sale to the GovernJ ment would preclude the recovery of rates j owing. This was scarcely satisfactory to ] the shareholders, but the Directors had done | the best they could for the Company. It was very desirable that the negociations with the Government should be completed, as, should they fall through, the collection of the rates would in future be still more difficult than it had hitherto been. At the same time, the Directors could not but feel that the Government guarantee of 7 per cent had never been fairly carried out. It was to be hoped that the benefit to the district would compensate for the sacrifice now made. He concluded by moving the adoption of the report and balance-sheet. Mr Mackay seconded this, and it was agreed to. Mr Morten proposed and Mr Holmes seconded the re-election of Messrs J. L. Coster and J. Gould as Directors. Carried. Mr Coster moved and Mr Holmes seconded the election of Mr B. Hale as Director in place of Mr H. W. Packer, whose seat was vacant. Carried. j Mr Henderson moved and Mr Holmes seconded the re-appointment of Mr John ', Ollivier as Auditor. Carried. | j Mr Mackay moved— '• That the sum of j ' £50 be voted to the Directors for their j ; services last-year." j This was duly seconded and agreed to. I A vote of thanks to the Chairman closed j ' the meeting. I I Z

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Bibliographic details

Rakaia and Ashburton Forks Railway., Star, Issue 5349, 30 June 1885

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Rakaia and Ashburton Forks Railway. Star, Issue 5349, 30 June 1885