RAKAIA AND ASHBURTON FORKS RAILWAY COMPANY.

Ashburton Guardian, Volume 2, Issue 382, 29 June 1881, Page 2

RAKAIA AND ASHBURTON FORKS RAILWAY COMPANY.

(Condensed from the Press.) The annual general meeting of the Bakaia and Ashburton Forks Railway Company Limited was held at the offices of the Company, Hereford street, yesterday afternoon, for the purpose of receiving the annual report of the Board of Directors, and the election of directors for the ensuing year. Thirteen shareholders were present, and Mr Geo. Hart, chairman of directors, presided. The Secretary read the annual report of the directors, which, showed that the net return has been about 2 per cent, leaving 5 per cent to be made up by the Government and district. The balance sheet which was printed was taken as read. It showed that the revenue in excess of working expenses amounted to L 1,650 17s 2d, maple up as follows:—Traffic receipts, as per Government returns, L 5,765 3s 3d; from pther sources, Ll2 Is 7d, less rebate, L3B 3s 6d —total, L 5,741 la, 4d. Expenditure: : Fuel, working and running expenses, repairs, etc., L3,4001056d; license fee for year ending Dec. 31, 1881, L 100; Salaries, L 558 6s Bd;'sundry expenses, LSI 7s—total, L 4,090 4s 2d. The Chairman, moved the adoption .of the report and balance sheet, which was seconded by Mr A., Cuff, and carried. In reply to questions/ the Chairman said the .amount set down for outstanding land claims (L 202 13s 9d) represented all, that was required, so far ; as was known at present, to settle -these claims. .The Sydenham: Borough Council jbeeu offered the same terms aa . the Lyttelton Borough Council had accepted. Messrs E. S. Coster and J. Gould, the retiring directors, were, re-elected, and Mr H. W. Packer was elected in place’ of Mr John Mann, who had ceased to act. Mr J. Ollivier was re-elected auditor.

After passing a vote of thanks to the Directors the meeting Adjourned.