THE CANTERBURY TRAMWAY COMPANY, LIMITED.

Star (Christchurch), Issue 6163, 16 February 1888, Page 4

THE CANTERBURY TRAMWAY COMPANY, LIMITED.

. * Through Line to Sumner Authorised. The half-yearly meeting of the above Company was held at their offices last night. There was a fair attendance. Mr Eobert Allan, Chairman of Directors, presided. The Directors presented the following report and balance-sheet : — "Your Directors herewith submit the balance-Bheet to Dec. 31, with the usual detail transactions. The traffic returns show a slight increase as compared with the corresponding period of last year, but this includes the returns of Linwood line. Your Directors regret that the mixed service of Bteani and horses has not proved a financial success. The balance to credit of profit and loss account shows a surplus of <£33d< 63 6<3, but as this is not sufficient to declare the usual dividend, they recommend the amount be carried forward to new account. In accordance with the Articles of Association, an election of two Directors will be necessary. Mr C. W. Turner and Mr R. Walton are the retiring Directors* Mr C. W. Turner is eligible, and offers himself for re-election. Nominations can be made at the meeting. Mr "W . Jameson offers himself for re-election as Auditor." The balance-sheet showed that the receipts, including a balance of £10 15s lid brought forward from last half-year, were £574:2 15s sd, and the expenditure JE5408 83 lid, leaving a credit balance of £334 Gs Gd. In moving the adoption of the report and balance-sheet, the Chairman said : — He regretted that for the first time in three years they were not in a position to

declare a dividend. To make the matter clear he would . draw attention to the accounts. In declaring a dividend for the six months ending June 30 last, a much smaller balance was left in hand than usual. They did not then anticipate any falling off in the receipts, and thought they were justified in paying that dividend. There had been a distinct falling off in the receipts compared with the corresponding period last year on the old lines of .£270. A mixed service of steam and horses had been tried, but had not been found altogether satisfactory. It had been found impossible to discard engines entirely. The traffic was of a character that camein "rushes," and could be controlled by using the engines better than with horses ; besides which, the engines were more popular with the travelling public. The half-year was commenced with practically nothing brought forward. The traffic returns had fallen off to the extent of £210, and the expenditure had increased about J6IBO. Shareholders would probably expect a statement of what was proposed to be done during the present half-year. They ought certainly to be in a position to declare a dividend at the end of the existing period. They were commencing with a balance in hand of £334 63 6d. The half-year ending on June 30 is invariably; the most profitable half, and the traffic returns to dale are already in excess of the.corresponding period last year. He would . bring before the shareholders a question that had already received a great deal of consideration from the Directors — the extension of the Perry road line to Sumner. The time hadarrived for this line to be built, and if this Company did not build it someone else would. The present break of traffic at the bridge was very objectionable, and' accounted for the opposition on that road. Their engineer had made a rough survey, and his figures were sufficiently favourable to warrant the Directors in asking the shareholders to warrant them in applying for the necessary concessions to build the line. The line should be put in hand at once, and completed in time for next summer's traffic. Mr C. W. Turner seconded the adoption of the report. Mr George Coleman took some exception to the manner in which the balance-sheet had been prepared. The Company should provide a drag for picking up passengers. The trams were compelled to wait at the crossings, while drags and 'busses werit on and picked up the passengers. He, as a shareholder, felt very dissatisfied with the balance-sheet, and if matters could not be improved, he would be in favour of liquidating or letting the lines. He would like to know if the item for horse account represented a loss in horse-dealing. The Chairman replied that the item did not refer to such losses, but to the actual expense of feeding and stabling, which averaged 9a per week ; a very low figure considering the heavy work done by the horses. The Hon J. T. Peacock could not agree to the remarks made by Mr Coleman. The opposition of the busses had sprung up suddenly. He was averse to spending more money than was absolutely necessary, but if it came to a question of fighting an opposition, he was in favour of doing so at all costs. Mr Muffett referred to the amount of £142 15s, and was the amount of £17 the cost of the audit of the balance-sheet ? He thought the Directors might be satisfied with less in view of the existing state of affairs. The Chairman explained that the item for auditing was for the regular weekly ticket audit. The Hon E. C. J. Stevens had observed that a large number of passengers had left the cars, when a crowd attended Lanj caster Park, without paying the fare. The Chairman explained that Stevenson, of New York, had expressly warned them when the first lot of cars with roof -seats had been ordered, that the chief difficulty in this style of car was the collecting of fares under a pressure of traffic. The report and balance - sheet were adopted. The election of two Directors, in place of Messrs C. W. Turner and E.Walton, was then proceeded with." - • On the motion of Mr P. Cunningham, seconded by the Hon E. C. J. Stevens, Mr [ J. Studholme was elected a Director, and Mr C. W. Turner was re-elected on the motion of the Hon J. T. Peacock, seconded by Mr Van Asch. On the motion of Mr C. W. Turner, seconded by the Hon E. C. J. Stevens, Mr Jameson was re-elected Auditor. Mr C. W. Turner moved— "That, provided the necessary financial arrangements can be made, the Directors be authorised to apply for the necessary concessions for constructing the line to Sumner." He would remark that for some time there had been a demand for a railway or tramway to Sumner. The present was a very favourable time for the construction of a line, labour being very plentiful. A survey of the line proposed had been taken, and it was reported that the line could now be laid for a great deal less than had previously been thought possible. It was desirable that the construction should be gone on with at once, and completed before November next. As to whether the line would prove payable, he might state that during the four years the Company had been running in conjunction with Hay ward, they had collected and paid to him between .£I3OO and .£ISOO, and this sum only represented a third of his total receipts. When tlie question of constructing the line had been brought up three or four years ago it had been estimated that it would cost £18,000; now it would cost £8000. He felt sure a large traffic would be created if trams were run right through in quick time ; say, 40 or 45 minutes. Mr Cunningham would like to know if the bridge would carry the engine traffic. Mr Turner replied that the bridge was used by traction engines. Mr Coleman asked if the proposed extension of the line would be likely to provide a dividend. The Chairman replied that it would improve the position of the Company considerably, and, if the concessions were obtained, would become a valuable asset. Mr Van Asch said that it would be in the interests of the Company to distribute as many of the unissued shares as possible in Sumner. The chief objection raised against the line was that the trams could not run at a high enough rate of speed. If the tram could land people in Sumner in 40 minutes, he believed the line would be a success. The Chairman replied that the restrictions placed on the tram as to speed limitation would not prohibit them from making the through journey in 40 minutes. In reply to the Hon E. C. J. Stevens, The Chairman stated that the sale of the 4200 unissued shares would cover half the cost of construction, and debentures would be issued for the balance. Mr Cunningham thought that the resolution left matters entirely in the hands of the Directors. He was of opinion that the inhabitants of Sumner, who directly benefited by the construction of the line, while the Company was running a very serious risk in constructing it, should assist the Company to a great extent. The motion was carried. This concluded tbe business, and a vote of thanks to the chair concluded the meeting. _________^___