Wellington-Manawatu Railway Company.

Manawatu Standard, Volume XI, Issue 1669, 27 March 1886, Page 2

Wellington- Manawatu Railway Company.

The following report' cf 'the ' Directors of the Wellingtoti-Manawatu Railway Company will be presented to the share* holders at the next annual meeting to be beld next Wednesday :— ...;;.~ r , - ;- : . "Your Dirnctorß bav^ much, pleasure m placing the annual statement 6t 'receipts and expenditure and baltnce-shoßt for the past year before shareholdersj as' |hey believe that these when fully con^ ;Bidered P will be accepted as satisfactory the ppsitipn of tb«^Company. "The expenditure on railway ponStructiou'. 'since -last inoet ing. has ■^oibpie ;23 line, which is^isowr-v pp^io) jfqjtTj trafiiOj s Shd^givine protitaDilß^'returns,;;.. and also so fa/ finished- another leng'tlV of 36.miles, from LpnsburniJunction to .-Otaki'i as-to warrant the^lliope k to jrun traffic over it oh tha lat of Jun& next. In : addition to * theße,- 'Contracts wore made for the remaining portion of 'the lineuiilet last, year .;_. and ? these works' ; ar« bo" a'dvanded' that our \tc-* ports that there is nothing to prevent trains running the 1 whole 'distance ! between Wellington and Manawat u> m the time named m last report, y.iz;, m eight. months hence.. -TJibv finished portion of the railway, 16 miles between -Wellington and ParematU whs. opened on the 24th 'Sept^inber, last : [ y^ar, jaud since then the balance of 7'iniles to Pukurua. Up to the end of .Febroa.ty' 4 50,516 passengers have been carried,, and the returns from traffic •., may < bo ;con-° sidered satisfactory. ; ; The .car ; s for sheep ; and cattle, and ..all the rolling stock, with. the exception \ of one locomotive, now- duo per Morecombe Bay, are on th» railway ; so that eve'rythirigisin.readiness'tp undertake the large'through traf fie that is Riiowh to be^awaiting; 'bar opening. There are upwards of 40,000 acres: .of -land:. B.urveyed^and,. mapped rea.dy for sale at the present time, finis iucludeftjthjßftownship o.t-Linton, Tokoinaru, and Shannon.* " It is'" the intention of your directors, to delay the i sale of tlie lands which adjoin- -the railway, until intending purchasers can have the -.use.of the line to inspect for themselves By the balance-sheet, the' amount; expended on' the railway and plant is uo.w ; . £680,396 6s 8d; Your. Directors, ip exeicisa of tha powers grauted to them at , the, last anuual meeting, have -increased the 'capital-* £200.000 by^-the^issue of 4Q,QPO shares of , £5 each, of .which 1 ' 25,000 were taken, m London and 15:000' m the Colony, calling up £1 per sharo. They aiso iasticd debentures for £160,000 of which £110,000} worth has beeulsold. Messrs Plimmer and Shannon., retire .from the Board- by rotation, but! being eligible, offer themselves for re election. Two auditors have to be appointed,' ,and c the ; remuneration for their services fixed. Messrs ,T. ,K. MacDouald. and Henry?. Kember, the retiring auditors, i offer themselves, for re-election.^ Fdrj the Board of Directors, J. E. Nataan, Chairman, •. . . ..■■.■''. : ' : , :'.' '"■'■ ■"■■' ! ;• The baltnce-sheet shows that of. .thej total capital (i7()0,000)v £105,000 has beeh/iCaUedup; £510000 ..has j been v raised on debentures'. The costiof j rail-' way construction and r: perinaaentj way= has been arid 7 of rdllln^-Jstock £53,505." 'The Company?s freehold} land is yaluecTlat £44,695, aiid the: Qovenijnepiallocated lands at ■£20,'687^ -The traffic receipts for "five" months to! 2^7th t February weri££4297, and the traffic, working expenses 1 "£f J3p9. The acclounts are ai)fiited ; pJi;;M^Bßrß l> K. Macdonald an'd-Jd. Kemb»r; w&p gronouueed 'them correct fv-; iI :oHV : " : * j Tl