Manawatu Railway Company.

Manawatu Herald, 6 April 1899, Page 3

Manawatu Railway Company.

At the annual meeting of the Manawatu Railway Company, the report and balance-sheet were passed and a dividend of 5 ppr cent declared. Messrs Smith and Izard, retiring directors, were re-elected. The chairman, in answer to questions, Baid he had no further infornvtnon ap to th" likelihood of Governmeat buying the line, nor did the directors think they should approach Ministers in the matter. They must wait a little longer. It was suggested that extra local trains should be run to make up for the loss of traffic and meet the wishes of settlers. The chairman said he would be pleased to go into details with the settlers interested. Io moving ih.» adop'ion of the re porr, Mr McCarthy, chairman of the Manawatu JbUilway Company, said the results compared unfavorably with the last five years, but that was owing to the policy of the Government, who had adopted discriminating rates which unjustly diverted traffic from their line. Considering that to do this the Government carried goods and passengers for 60 miles without charge, and then by the costly Rimutaka route, serious inconvenience was frequently caused to the public, and the operations Wa9 more likely to result in loss than profit to the colony. The company had materi. ally reduced the rates and had carried -more passengers and goods than laßtyear. Their balance from 'tail way 'account was £6544 and from land Pales £1964, which enabled them to' pay a dividend <f 5 per, absorbing ; JESS6O The chairman alluded'agairi to the enormous tax«lion, paid by the company, which up to date, was £76i.178, while the sum paid in dividends was only, £72,250.