Manawatu Railway

Feilding Star, Volume XIII, Issue 114, 24 March 1892, Page 3

Manawatu Railway

The balance-sheet of the Welling-ton-Manawatu Railway Company shows the total receipts for the year to have been £118,660 (including £537 brought forward from last year), of which £80,279 came from traffic returns, £23,454 from Bank advances, and £14,075 from the land account. The expenditure includes £26,884 in repayment of Bank advances, £35,892 in interest, chiefly on debentures, £23,461 in the working of the traffic department, £6856 on rolling stock, £6185 in rates and taxes, £5292 for last year's dividend, and £1000 in Directors' fees, The profit and loss (railway) account shows that the net proceeds of the year's traffic came to £49,627, and this account has a balance of £7967 available for dividend purposes. The land revenue profit and loss account has a profit of £3270 available for dividend purposes. These sums, added to the balance of £6467 brought forward from last year's dividend fund (after the declaration of 3£ per cent, dividend), make a total of £17,705 now available for dividends. There is also a balance of £1819 for the year on the separate land fund account not available for dividends, as it is held as further security to debenture holders, and the total amount accumulated in this way is £27,431 17s 7d. The company's total assets are £931,582 12s 6d. Of this the railway plant and rolling stock is valued at £757,966, allocated freehold and leasehold stock at £84,307, balances due by land purchasers come to £80,136, sundry debtors owe £4840, and railway stores, office furniture, and cash balances make up the rest. The company has instituted a reform, viz., the adapting of its tariff for both goods and passengers to the scales in vogue on the Government railway to Wairarapa.