MANAWATU RAILWAY.

Rangitikei Advocate and Manawatu Argus, Volume XXXIV, Issue 9397, 18 March 1909, Page 8

MANAWATU RAILWAY.

SECOND EDITION.

WINDING UP. Per Press Association. Wellington, March 18. The final report and balance-sheet of Wellington and Manawatd Railway Company .was presented at the annual meeting held at noon to-day. The Chairman stated that after allowing for all outgoings there were balances in Wellington and' London totalling 15430,400. Shareholders still had freehold lands at Thorndon taken in at £10.360, balances dne by land purchasers on mortgage £26,284, depositss ’and accrued interest £36,642, ' Wellington Corporation debentures ■ £9700, which, together with the‘cash balances, referred to, made a tptal asset of £513,187. The only liabilities other than share capital were sundry creditors £636d. The estimated cost of liquidation was set down at £2OOO. The position disclosed by the balance-sheet warranted the announcement that an early distribution by the liquidators of 55s per share would be made, and provided the remaining assets could be realised npon satisfactory terms further dividends of 4s 6d or possibly 5s per share might be looked for. The Chairman announced that it had been decided to 'grant an additional week’s pay to all of the company’s employees whose length of service exceeded one year, and did not exceed five years, a fortnight’s pay for those whose period of service was between five and twelve years; four weeks’ nay for those a record of over twelve years. Special payments had been made to Mr Hannay (manager), Marchbanks (engineer), Cook (accountant), and Harold (London Secretary), in recognition of their services, these sums, with the money distributed among the general staff totalled £BOOO. This amount had been taken from special accumulations of previous years put aside for the purpose.