City and Suburban Tramway Company.

Star (Christchurch), Issue 5272, 31 May 1895, Page 2

City and Suburban Tramway Company.

The third annual meeting of the shareholders of the City and Suburban Tramway Company was held yesterday afternoon at the offices, Manchester Street. There was a fair attendance, over 1500 shares being represented. The ohair was occupied by Mr W. Thomson, chairman of directors.

The directors' reporb pointed out that the line had been completed to the pier, and trams had been running through for about eiz months. Although the debit balance to profit and loss was greater than that of last year, the aotual workings showed a profit, the sole cause of the deficiency being the limited capital at the company's command. To avoid the recurrence of this item, the directors were prepared to take up more shares, and asked the other shareholders to do bo. They suggested issuing the balance of the unallotted capital in preferential shares, and calling up 10s, which would provide sufficient funds to enable the company to release the present mortgage, and supply its own rolling stock and propelling power, thereby Baying a considerable sum in interest and heavy charges, besides furnishing more convenience for the travelling public. Tee balance-sheet showed that on the profit and loss account the expenditure had been £2652 100 lid, and the receipts £2449 17a lOd, leaving a debit balance of .£402 13s Id. The receipta from passenger fares had baen £2380 3s 6d.

Tho Chairman, in moving the adoption of the report 'and balance-sheet, Baid that tho slight deficit had been caused by the want of capital. They had no money to buy the cars, and were at present paying £20 a month rental. If they could buy their own horses they would be able to effect a saving of £50 a month. The Directors, he might state, would subscribe 600 or 700 more shares.

Mr Fleming seconded the motion, which, after some discussion, was carried.

It waß resolved—" That it be a reootntnendation to the Directors to have the transfers of the private land through which the line passes, signed as soon as possible." Mr J. Baldwin was re-elected a director, and Mr G. King was also elected a director. Mr E. F. Moore was elected auditor at a fee of ten guineas. The customary voteß of thanks were passed, and the meeting closed.