CANTERBURY TRAMWAY COMPANY.

Globe, Volume XXIII, Issue 2177, 16 February 1881, Page 2

CANTERBURY TRAMWAY COMPANY.

Tbe annual meeting of the Canterbury Tramway Company wa« held at eleven o'olcct this morning, at the Cathedral square office of the company. Present—Mr J. B. Brown (in the ohair), Messrs H. W. Packer, W. Pratt, A. 0. Wilson, J. V. Eoes, E. Allan, F. A. Biehop, J. E. Barlow, W. J. Fisher, Q-. Kelly, J. G. Hawkes, 0. W. Turner, W. Horner, Boberts, Moffatt, and others.

The Chairman opened the proceedings by calling on the secretary to read the minutes of the last general meeting, and subsequently the directors' report and balance-sheet to December 31st, 1880, as under :

The directors have pleasure in submitting the report to the shareholders, and in congratulating them on the completion of the lines to Papanni, Sydenham, and the railway station. During the last fix months the traffic has been regularly maintained on these lines, and our enterprise has bean daily growing in favor with the travelling public. Extensions bave been urged upon the directors, and in your interests they have undertaken to construct a line from High street (at Mr Cunningham's corner) alone the Ferry road. Concessions have been arranged with the Heathcote Eoad Board and City Council, and the lines will shortly be under contract; but no stops can be taken until the deeds of concession are signed. Tour directors propose to construct the Ferry road line by borrowed money, and for this purpose have made the necessary financial arrangements, preferring this course to making any furtter issue of shares. Tho accounts have been made up in such form that the shareholders may easily ascertain the company's position, and from year to year watch its progress. _ For this purpose, expenditure of all kinds prior to the commencement of ordinary traffic has been debited to construction and kindred accounts ; while for the six months the proportion of all charges properly pertaining to traffic, and hereafter to be borne by that account, has been to debited. Tour directors feel sure that the shareholders will be gratified to learn that from traffic returns they are justified in recommending a dividend of 4 per cent, for the half-year ending 31st December, and in stating that it is not improbable an interim dividend may bo paid in July next. In accordance with clause 55 of the Articles of Association, Messrs H. W. Packer and G. Coleman retire, and this will necessitate the election of two directors. Mr Packer offers himself for reelection. It will a'so be necessary to elect as auditor, in accordance with the .articlesof Association. J. 15. Bbown, Chairman for tho Board of Directors. Balance sheet to 31st Dec, 1880. Dr.

The Chairman said it was his duty to mora the adoption of the report and balance sheet, but previous to doing bo would make a few remarks. The distance traversed by the tram cars to the end of the year was 44,257 miles, at a ocmt of lOd per mile ; the earnings being la 7d per mile, the expenditure being 56 per cent, of the earnings, and he thought, comidering the difficulties they had to labor under at the outset, the progress made was most satisfactory. The permanent way is six miles 12 J, chains in length, and materials were on hand for making one and a-half miles more. The Ferry road line will be put under contract so soon as the necessary preliminaries are arranged, and ho (the chairman) was quite sure it would be a perfect boon. The Sydenham line was opened on August 6th, whilst the Papanui length was opened on the 2nd of August. As regarded the proposed dividends it was thought that as many shareholders hsd been paying for three years, it was right that a dividend should be de» clared, and he hoped the present meeting would ratify the directors action in this respect. About hulf the number of sharcc agreed upon had been allocated, fie would now be happy to answer any questions, but before sitting down would announce that Messrs H. W. Packer, R. Walton, and W. Horner had signified their intention to offer themselves for election as directors, and the present meeting would have to elect two of those gentlemen. He had very great pleasure in moving the adoption of the report and balance sheet as read by the secretary. Mr F. A. Bishop seconded the motion. Mr Moffatt wanted to know what the item less calls unpaid (for which £1285 promissory notes are held) meant. Mr R. Allan explained that the promissory notes had been given to the company to help its financial operations by certain shareholders, but were not discounted. As they fell due, the shareholders were credited with the amount—till then the oalls were considered unpaid. The calls in respect of these promissory notes had not yet been made, and they were given for the benefit of the company. Mr A. O. Wilson wished to know how the valuation of the Cathedral square property was arrived at. The Chairman replied that it was considered the property was well worth what it

had ooab them, heing now, but ho might montion that £2OO had boon oarrird tw credit ©f (linking fund. In anower to questions, Ihe Oteirman replied that £2235 would b« called >ip in about throo months time, and the amount to be pud -as dividend would amount to £B!3£* 16§, and further that no ronorvo fund wui «et created for rolling stock, M the ropiXro, & were ■all paid out of the earnings of the con.pany. Mr A. C. Wilaon wanted to know the financial arrangements for making the Ferry road line. The Chairman replied it was m the hands •of the finance committee, and there would be no difficulty in the matter. Mr A. O. Wilson —" Has the rate o£ interest been fixed." The Chairman —" I don't think it advisable to answer that question." Mr E. Allan said that arrangements had "been made for borrowing the oapital necessary. Hon: J. T. Peacock claimed that this matter must be left to the directors. " Had Mr Wilson no confidence in those directors." Mr Wilson —' I shall say so when I think

*O. Hod. J. T. Paooock—" If tho directors hava lost tho confidonco of the shareholders they had better resign." Mr Wilson—" The statement says the arrangements are completed. If not so, then it is the fault of the statement." The Chairman then put the report and balance sheet to the meoting, and they were unanimously agreed to. The next business ■was the election of two directors. Messrs H. W. Packer, B. Walton, and W. Horner haying been duly proposed and seconded, the -Chairman called for a show of hands, and deolarod Messrs Packer and Horner elected. It being competent for five shareholders to demand a poll, and the demand being made, the following was the result—

Walton 66 Packer 48 Horner 16 Consequently Messrs Walton and Packer were declared elected.

Mr David Oraig and Mr H. E. Alport were proposed for the auditorship, the election resulting in Mr Oraig being re-ohosen. Mr O. W. Turner moved, Hon. J. T. Pea«ook seconded, and it was resolved—" That the Directors be authorised to declare_ a dividend in pursuance of the recommendation o£ the report." Mr Moffat hoped the future meetings of the company would be held at say seven or eight o'clock in cho evening, in future, as eleven o'clook was very inconveniont to the majority of the shareholders. The Chairman replied that the Directors wouid see that the convenience of the majority of the shareholders was oonsulted in future. This being all the business, the mooting broke up.

To capital autho- £ B. d. £ b. d. rised, £5 per ehare 50,000 0 0 Loss unissued ... 24,740 0 0 25,260 0 0 Less calls unpaid for which £1285 pro. notes are held 2,035 0 0 0 23,225 0 Le«8 amount uncalled 2,235 0 0 20,990 0 0 Deposits and interest accrued... 1,989 7 9 Sundry debtors 457 5 7 Balance due to B*nk 4,196 15 8 Balance profit and loes 904 2 2 £28,537 11 2 Or. By office furniture 47 12 7 Construction account 18,720 2 8 Boiling stock account ... 7,198 5 7 25,056 0 10 Worcester street premises 2,500 0 6 Leas amount duo Permanent Investment and Loan Association 1,395 5 0 Material and 1,104 15 0 stores on hand 1,365 0 o Insurance 45 0 0 Kitson and Co.... 34 9 o Cash in hand ... 22 6 0 1,466 15 4 £28,537 11 2 Profit and Lose—Six Months' Traffic. Dr.— £ 8. d. To traffic and general expenses .. 2617 6 6 To balance ... .. 904 2 2 £3521 8 8 Cn.— £ b. d. By receipts from traffic .. 3521 8 8 £3521 8 S