NORTH SHORE AND HARBOUR

Sun (Auckland), Volume 1, Issue 47, 18 May 1927, Page 13

NORTH SHORE AND HARBOUR

DEVONPORT COMPANY ISSUES NEW SHARES—£7S,OOO NEEDED

“It is estimated that, including this present issue, a sum of not less than £75,000 will eventually be required to cover the cost of the purchase from the Takapuna Tram and Ferry Company, Ltd., and also to provide a transport service, adequate and necessary to meet the requirements of the Takapuna areas,” states a circular to the shareholders of the Devonport Steam Ferry Co., Ltd. They have been invited by circular to subscribe for 24,911 shares of £1 each, at par, being part of the unallotted capital of the company. The present authorised capital is £150,000, of which £104,241 is subscribed and fully paid up, also in £1 shares. The new capital is offered to shareholders in the proportion of one share for every five how held.

In the circular the chairman of the company, the Hon. E. W. Alison, says: The company has acquired the assets of the Takapuna Tram and Ferry Co., Ltd. (excepting only its tramway track and rolling stock) for the sum of £40,000. By this purchase the whole of the ferry traffic of the Waitemata Harbour is now placed in the hands of the company. But the purchase goes beyond this. 11: has also placed upon the company the responsibility of securing a sufficient system of land transport to Takapuna and other areas. The majority of the Takapuna residents have loyally supported this company in its resistence of the oppressive provisions of the Motor-omnibus Traffic Act, 1926, and the residents of Takapuna, together with the areas beyond, look to the company to see that an adequate land transport service is provided. The method of dealing with this problem is at present receiving careful consideration by the directors. As soon as a decision is arrived at, it is proposed to form a separate land transport company to deal with the North Shore traffic, which will necessarily have to be largely financed by the company, at least in the first instance.

“It is needless to mention that the provision of an efficient land service is essential in the interests of this company, as every new resident of Takapuna or the Northern Marine suburbs, generally, becomes a patron of our company.” Asked yesterday if any definite decision had been reached about the trolley bus system, Mr. Alison said that nothing could be made public yet. Unfortunately the trolley buses had not been introduced to New Zealand and Australia except for a short run in Wellington, and they were therefore unproved.