MANAWATU RAILWAY COMPANY.

Dominion, Volume 3, Issue 801, 26 April 1910, Page 3

MANAWATU RAILWAY COMPANY.

THE FINAL MEETING,

ANOTHER ss. PER SHARE.

The Wellington and Manawatu Railway Company's shareholders hold their'final meeting yesterday when the liquidators. Messrs. John Kirkcalclie and Wm. Hannay, presented a statement in accordance with Clause -230 of the Companies. Act. Mr. r John/Kirkcaldie occupied the chair at tho meeting, which was held in the Chamber of Commerce. The first business was to recoive. the report of the .liquidators, which read as follows:—; ."The meeting to-day has:been called in •compliance with- the provisions of Clause 230 of-the Companies Act, which, on the completion of the winding-up of a company, requires ..the liquidators to make up au account showing the manner in which such winding-up has been conducted and the assets of the company disposed of, and to place such account before shareholders at a general' meeting. '•« £ Wlll, , we t!li nk, be well' satisfied with the results obtained by your liquidators hi the disposal of the company's I remaining- assets, .particularly in view of ttw tact that the' severe financial depression ; which has been felt all over ;the JJomraion during the part eighteen months has made the satisfactroy conclusion of the company's affairs more cutiicult to accomplish and occupy more hma than would otherwise have been the case. Among the assets that we had to realise were soventeen sections of freehold land, forming part of-wh.it is known to the Thorndon Reclamation, and although traffio in land was practically' at a. standstill - during the time consumed in the liquidation we were successful in disposing of all these sections for cash to diQcrent purchasers with a- net profit as shown in the accompanying statement of £IMB 15s. The mortgages on land held by the company, amounting,.at the time " n L "PPf'intmpnt a* liquidators, to oyer ,£24,000 realised within a very small ram of their book value. The following statement shows the amount of assets handed over, the sum realised, and particulars of its distribution:— ?The liquidators took over, as-per last, balance-sheet of the company, assets consisting of cash, debentures, land, and mortgages amounting, to .£513,228 7s. 2d., and/liabilities estimated at .£8228 os. Id., these .liabilities', .consisted of taxes, liquidation expenses, etc. Tho liquidators, had handed over to them assets estimated to realise £505,000 7s. Id. net. The final result, when everything had been, disposed of, shows that a profit 0f,£36 9s. Id. was made, in other words," the assets, - less the 'expenditure; realised £36 9s. Id. more than was estimated. - Interest ■ and sundry, revenue -amounted to £4195 125.: 10d., and the net profit on land sales was £4418 155., making tho total amount for' distribution £513,651 4s. ■":■..-

"The liquidators have .'disposed of this sum as iollows:— . i First distribution on March ■ ... 18,1909, 170,000. shares at" 555.' ..' ...467,500 0 0 Final distribution on April .20, 1910,-170,000' shares at ss. OJd. ......;.. 42,853 15 10 Amount' voted to directors, /'■'" ' etc., -at meeting, March |' . 18, .1909 ....,;.. '.:...... . 2,250 0 0 [Land and income; tax , ' 932 19 ' 0 Leaving small balance which is indivisible ......„'...,.....,. .'ill 9 jj !'■'':':•'. '.'•:':' .513,651 4 0 "It only remains now for, us to con-' gratnlate .you on the. fih'al Tesults. achieved.'-in'.the-realisation'of the company's assets. '■'.'■■••.'■ i '■],'. X ."■"..''.'.:'"(SignedJ,;';.';.' '•' V ..;- "JOB3II>KiRKCALDIE, ' .-'• :, "W. M. HANNAY, 1 "Liquidators.";' -.'..Mr.. John ;Kirkcaldie. said .tha't'.'iot'/a moment had been-lost in giving-tho'. sharo-.-holders;.their final dividend.' It was very satisfactory to say'• that the liquidators had received letters from' shareholders in every -.part: of the Dominion' thanking them for the expeditious , manner in which the company's business was being wound up. He moved, and it'was-car-;ried without dissent—"That the books, accounts, and documents of the company !be disposed of by. handing them to the Public. Trustee-for safe,custody, and that the books, accounts, and documents of ithe. liquidators,of, the company -he disi posed of by handing them to'. Messrs. Travers, Campbell, and Peacock, solicitors, Wellington, -for- safe' custody." ' Mr. J. R. Blair' moved, and, Mr. J. B. Haroourt seconded: "That the, account submitted to -this' meeting, and showing the manner in which the'winding-up has ; been conducted/and the assets of. the company disposed, of,, be received, and adoptedi". The motion was carriedwithout dissent. :

On the motion of Mr. J. A. Plimmer, it was decided: "That any balance'now remaining in the hands of the' liquidators be retained by them .as a.further remuneration forv their services in winding up tho company." '■.',- Mr., G. ,M. Kebbell suggested, humorously, that it was usual on such occa-. sions to, have a, little ..celebration, and he, thought the.- £114' (or some, of it) might be "liquidated" amongst those present.' (Laughter.) .Mr. T., Kennedy Macdonald, in proposing a vote' of thanks to Messrs. J. Kirkcaldie and W. M. Hannay for their services, . said he desired to' express the obligations of the shareholders to \ those gentlemen for all they had done. Personally/he felt 6ome regret!at the closing scenes of the company's business, because he was one of those who was at the very first meeting ,when the company was established. The business had heen a very profitable one for the country and for' the sharehqlders.' '•

The motion was carried by. acclamation..- .','■: • ■

In. returning thanks fot himself and Mr. Ha-nnay, Mr. John Kirkcaldie said it was just twenty-five : year6 since Mr. Macdonald recommended him as a member: of the board.; He had been a member ever since, and had not forgotten what-'Mr. Macdonald then said. It was at a time when impecuniosity was staring shareholders in the face, and' Mr. Macdonald said • that. ho : (Mr. Kirkcaldie) would be very strong in not'selling to the Government. That remark appeared in the annual.report of 5885. Ho thanked Mr. Macdonald for having spoken so flatteringly of him at that time, and for his, remarks on the present occasion;