W. AND M. RAILWAY CO.

Dominion, Volume 1, Issue 149, 18 March 1908, Page 7

W. AND M. RAILWAY CO.

.i,--'b .-'V'u s:!r-V. id ; it; i;a-is vi nil- ' ANNUAL REPORT.

' . ' "HIIMUHL ncrun■ ■ < ( ''The' followitig'.is tho annual'ireport of: tho Wellington and.'Manawatu Railway • Com-' pany, "submitted to'the" annual meeting of shareholders to be held at the Chamber of Commerce at'noon on Wednesday, April 1. — ," Your: directors, beg-, to submit: .their .annual ! stateirient -pf I accounts to' shareholders for tho year: ending Febru-1 ary 29, 1908 , ( '."Tho gross earnings of tho, railway were £160.560 105..7 d., being £15,913 greater.than I last year. , " Land was sold during: tho year to tho Taluo of £18,719 18s 2d " Your directors rccommend a dividend of 4 per cent: for the half-year, making (with intorim dividend paid in September last) 7. per cent, for tho year, on tho paid-up capital of tho company. v.:: 1 As/ shareholders havo '.already boon j 'ad-.'• vised, tho Government gave notice on December 7; last, .of' their intention to purchase tho' railway in twelvemonths, .'in. terms of' tho Act. v < . i''■ ■ ' "Messrs. Blair and Strang aro the retiring directors, and, being eligible, offer themselves for ro-eleotion. - Nominations must bo left, at the company's ofßces, Railway Station, - Thomdon Quay, seven days at. least previous to the meotihg. ' " "Messrs. Komber and Son and D. T. ,Stuart; : , tho; retiring , auditors, -'offer ..themielves for re-ele«tioii. " - " JOHN KIRKCALDIE, - ! : ' , " Chairman-.. ' RECEIPTS AND EXPENDITURE. . The total .receipts (including a. balanco of £12,794 12s. Gtl. brought forward, from last year) totals £264,542 15s. lid., of which .£162,208 Is. sd. -i.was derived •' from , traffic, £52,121-12s. 9d. from deposits, and £28,192 15s. .7d. from land, (principal, interest, rents, .•BtoO.'" The working expenses amounted to £233,310 i2s., ,to which aro added cash balances (inoluding • £22,000 in transit to London) -amounting to 13s.' lid. V . PROFIT AND LOSS. ' The profit and loss'railway account shows' a credit of. £11,494,105. sd. Tho traffic receipts are sot out as £160,560 10s. 7d., and expondituro £98,409 13s. la. Tho chief item on tho debtor side is £34,000 interest on debontures. : ' ' , The profit and - loss land account shows a orodit of £8579 Bs. 2d. available for divi-dends,-and a credit of £5020 12s. Id. '-unovailablo'for , that purjioso. , '• ' THE BALANCE-SHEET. :

The< balance-sheot shows that of 170,000 £5 shares (£1 paid up) 80,525 aire held in London .and 89,470 in Wellington, r The com-' pauy has,! howovor, issuod' 630,000 £1 debeii-, ■tures (making _the - capital- of,-the: company .£850,000), tho in tor est; an-which amounts to' • £34,000. vlri addition .•t6 l this,-:£850,000, tho ' liability : account includes.' the following .amounts creditors, £35,572 Bs'. 9d.; -••debenture"' interest ;accrued,; £8500;'-'• main--:'to'nance of 1 line, insurance, otc;, £45.000: ' ' balances ■ (as shown), £1-1,041 Is. 3d. (total ' net profit available for dividends); and land 'account 1 ■ (not ■■■•■ available for dividends)! 1 £102,506 Is. (£97,485 Bs. lid. brought for- . ward and £5020 125.: Id; net profit on land /.' sales for the year);; making tho,total-liability r ofthe ; company.'£l,oß6,sl9 lis. 1 : ' ■ • On the assets; side tho railway and rolling' ' stock is set; down as worth'£B2B,376 12s. id. : '(£218,805'25;.10d. having been written off). Othor assets aro"as follow:—Freehold lands, ' £8995; : balances 1 dub by land purchases, £44,190 3s. 3d.; debentures Hurchnsed and accrued interest, < £63,888 and icoruod interest; £94,043;55; Id.; sundry' lobtors, £5065 65.; railway stores, ' £10,727 los.'- Bd.; cash balances (including, tho £22,000 { in. transit ;to London); £31,232 13s. lid.