Manawatu Railway Company.

Manawatu Herald, 31 March 1894, Page 2

Manawatu Railway Company.

The report of the Board of Directors of the Wellington-Manawatu Railway Company, to be presented at the annual meeting of shareholders on Wednesday, 14th April, is as follows : — The report which your directors have the pleasure of submitting is one which shareholders can hardly fail to consider satisfactory. The railway earnings are £88,303 16s 4d, an increase of £8789 Os 4d on the last year. The amount realised by the sales of land during the year is £3121 for a total acreage of 1896 acres. The improved financial position of the Company justifies your directors in recommending the payment of a dividend of 6 per cent per annum on the paid up capital. Satisfactory progress has been made during the year with the drainage works of the Makerua Swamp. The bed of the Tokomaru river, which will be the principal outfall of the drainage, has been cleared of timber for 3£ miles. Messrs Kirkcaldie, Pharazyn and Anderson are the retiring directors, and, being eligible,, offer themselves for re-election. Messrs Kember and Stuart, the retiring auditors, offer themselves for reelection. — T. G. Macarthy, Chairman. The balance sheet is as follows : — Dr — Liabilities. —To Capital : London register, 112,262 shares, and Wellington register, 57,788 shares— l7o,ooo at £l-£170,000 ; debentures, £680,000; sundry creditors, £15,287 19s 9d; debenture interest accrued, £8,500. Balances : Available for dividends — As per balance-sheet 28th February, 1893, £20,186 18s ; less dividend for year at 5 per cent, £8,500— £11,636 18s ; railway account — net profit year ended 28th February, 1894, £8497 12s sd ; land account— net profit year ended 28th February, 1894, £8402 0s 9d ; total net profit avail - able for dividends, £23,586 11s 2d ; not available for dividends—land account — as per balance sheet ., 28th Febraary, 1898, £31,253 15s" Id ; net loss year ended 28th February, 1894, £1827 12s 4d ; total net profit not available for dividends, £29,926 2s 9d : £927,250 13s Bd. Cr. — Assets. — By railways and ' rolling stock, £763,728 17s lOd ; balances due by land purchasers, £78,404 14s 6d ; allocated freehold and leasehold lands, £74,588 14s lid ; sundry debtors, £5951 9s 2d ; railway stores, £3792 Is j office, furniture, £212 2s 8d ; cash balances —Wellington, £393 03 5d ; London, £179 18s 2d— £572 18s 7d ; £9.27,---250 13s Bd.