RAKAIA AND ASHBURTON FORKS RAILWAY COMPANY.

Globe, Volume XXIV, Issue 256, 29 June 1882, Page 3

RAKAIA AND ASHBURTON FORKS RAILWAY COMPANY.

The fourth annual meeting of shareholders was held yesterday afternoon, at the offices of the Canterbury B’ire Association, Fisher’s buildings, Hereford street, Mr Geo. Hart, chairman of tba directorate, presiding. The net traffic returns worn sho nn to be £3OO in excess of those of last year, notwithstanding the great decrease in grain traffic ; representing 2J per cent, on the certified cost of the Use, £74,000. The Government had paid their portion of deficiency for tho year 1880 81, but tho Ashburton County Council bar hitherto declined to collect the amount of rates due from tho railway district, required to make up the balance of such deficiency, as guaranteed by the District Railways Act, 1877. It was, however, confidently hoped they would shortly accede *o the direction of the Government, and Hvy the necessary rate. In accordance with tho request of the ratepayers, a detailed survey and estimate of the coat of the extension of the line to Bucclouoh had been prepared ; but, until the rates directed to bo levied by tho Government shall have been collected by the Ashburton County Council, the directors could not recommend further proceeding with the work. Tho number of shares issued was 3714, at £2O each, 50s per share being called up, making £9360, less £321 10a for calls unpaid. Debentures issued, accrued interest and sundry creditors amounted to £72,283 12c 7d. The assets amounted to £75,506 14s 6i, being rail wayproperty £74,000, sundry debtors £505 15? 71, cash, lees outstanding cheques, £IOOO 18)lid. To these should bo added proportion of deficiency for 1880 1, duo from rates to be levied bv tho Ashburton Council, ditto for 1881-2, and also proportion of deficiency for 1881-2 to bo received from Government. Traffic receipts amounted to £4572 185:1, and amount of revenue in exo.-ss of working expenses, £1930 6s 2d. The Chairman, in moving the adoption of tho report and balance eheet, said a numb-T of buildings wore being put up at Mothven, tho increasing prosperity of which would tend to augment both goods and passenger : raffia on the line. Governmsnt no doubt would, as usual, promptly forward their quota or the deficiency of tho past year. Tho motion was seconded by Mr A. Cuff, and carried. In reply to a question, the Chairman sail the amount of the debentures was £64,200.

Mr J. T. Ford proposed, and Mr J. Anderson seconded —“ That in tho event of the rates directed to be levied by tho Ashburton Oouniy Council being received, the directors are authorised, and are hereby empowered, to pay to the shareholders a dividend at tho rats of 7 per cent, on the paid up capital of iho company.” Carried. Moms Geo. Hart, J. L. Coster, and D. G. Holmes were re-elected directors, and Mr John Ollivier was re elected auditor. The sum of £SO was voted to bo divided between the directors.

Votes of thanks to the directors and to the chairman concluded the proceedings,