TRAMWAY COMPANY.

Globe, Volume XXII, Issue 1868, 19 February 1880, Page 3

TRAMWAY COMPANY.

The annual general meeting of the shareholders of this company was held on Wednesday, the Hon. J. T. Peacock in the chair. The report of the directors for the laßt year was read as follows : Tour directors have now to snbmit the balance-sheet for the year ending December 31st, 1879. The directors regret that the lines have not been completed as quickly as they anticipated ; bat the past year has been a most unfavourable one for the carrying out of any enterprize that necessitated financing, and the directors preferred proceeding with caution rather than involve the company during the late critical times; but, with the brightened prospects, the directors hope to proceed with the construction, as circumstances admit. All the permanent way material for eight miles of lines is in hand, and nine carriages, from the celebrated tram carriage manufacturers, Messrs John Stephenson and Co., of New York, are in the central depot, ready to run. A delay of several months took place in the shipment of the engines by Messrs Kitson and Co., Leeds, bat two have now been received, and are being set up. These engines are the only ones that have passed the Board of Trade requirements in England. A contract for laying the permanent way from the central depot to Christchurch tailway station has been let, and is in course of construction, and will soon be completed and open for traffic. The directors are pleased to state that, in their opinion, the_ whole (of the plant is of the very best description, and could not now be replaced except at a considerable advance on cost. In accordance with clause 55 of the Articles of Association, the whole of the directors retire, and this will necessitate the election at the annual meeting of seven members, who must hold at least fifty share? each. It will also be necessary to elect an auditor, in accordance with the Articles of Association.

The balance sheet of the company for the same period was also submitted. Some discussion ensued as to the delay whioh had occurred in the completion of the first contract, after whioh Mr Ballantyne moved—" That Hon. J. T. Peaoock, Messrs J. E. Brown, G. Colman, R. Allan, 0. W. Turner, H. W. Packer, and W. Pratt be elected as directors for the ensuing year." Mr Harris seconded the motion, which was carried.

Mr D. Craig was re-elected auditor to the company for the ensuing year. After a vote of thanks to the retiring directors and the chairman, the meeting terminated.