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Balance-sheet. 28th February, 1901. Liabilities. Assets. Capital— £ s. d. £ s. A. London register, 104,903 shares; Wei- Railway .. .. .. .. 763,408 311 lington register,6s,o97shares: to»al, Freehold lands .. 52,698 6 9 170,000, at £1 .. .. .. 170,000 0 0 Balances due by land purchasers .. 52,010 12 3 Debentures .. .. .. 680,000 0 0 Deposits and accrued interest .. 40,872 0 4 Sundry oreditors .. .. .. 7,322 12 5 Sundry debtors .. .. .. 3,416 10 1 Debenture interest accrued .. .. 8,500 0-0 Railway stores .. .. .. 4,369 9 5 Balances available for dividends— Cash balanoes— £ s. d. As per balance-sheet, 28th £ s. d. Bank of New Zealand .. 1,294 12 10 Feb., 1900 .. .. 27,634 0 5 In hand, Head Office .. 653 5 0 Less dividend paid 8,500 0 0 Stations .. .. 45 0 0 London agents .. 3,117 12 1 19,134 0 5 In transit to London .. 31,000 0 0 Railway Account —Net 36,110 9 11 profit for year ending 28th Feb., 1901 ..9,791 5 8 Land Account —Net profit for year ending 28th Feb., 1901 .. .. 2,576 19 10 Total net profit available for dividends 31,502.5 11 Not available for dividends— • Land Acoount— Aβ per balance - sheet, 28th Feb., 1900 ..51,290 0 7 Net profit from land sales for year ending 28th Feb., 1901 .. 4,270 13 9 55,560 14 4 £952,885 12 8 £952,885 12 8 Auditors' Repobt. We, the undersigned auditors, duly appointed by the shareholders, hereby oertify that we have examined the books, papers, and accounts of the Wellington and Manawatu Railway Company (Limited), have compared them with the bank-books and vouchers, and find the same correct. We are of opinion that the above balance-sheet exhibits a true and correct state of the company's affairs from the Ist day of March, 1900, to the 28th day of February, 1901, inclusive, and contains the whole of the particulars required under " The Companies Act, 1882," and the articles of association of the company. Heney Kembeb, F.1.A.N.Z.,] . ~, Dated at Wellington this 16th day of March, 1901. D. T. Stuabt, F.1.A.N.Z., J Auaicors -

Ebpoet op the Board of Dikectobs. Your directors have much pleasure in submitting for your information and approval the accompanying statement of receipts and expenditure and bala , ice-sheet. Notwithstanding material reductions of rates, the traffic earnings for the year—£96,27o Is. — represents the largest volume of traffic handled in any year since the opening of the railway. The income from the railway and land has been so satisfactory that the directors feel justified in recommmending the payment of a dividend of 6 per cent, for the year. Messrs. Kirkcaldie and Plimmer are the retiring directors, and, being eligible, offer themselves for re-election. Messrs. Kember and Stuart, the retiring auditors, also offer themselves for re-election. T. G. Macaethy, Chairman.

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