BIRKDALE BUSES

Sun (Auckland), Volume III, Issue 636, 12 April 1929, Page 10

BIRKDALE BUSES

ISSUE OF UNALLOTTED SHARES BLUE STAR COMPANY The annual meeting of the Blue Star Bus Company was held last evening in the Methodist Hall, Birkdale, Birkenhead, the chairman, Mr. P. Dennen, presiding. The balance-sheet ending October 31, 1928, which was adopted, showed a net loss of £865 18s lOd. This loss the chairman explained was due to the large depreciation of the plant, written off by the directors. The writing down had been at the rate of 50 per cent., which amounted to £926. Two retiring directors, Messrs. C. H. Mackwood and G. R. Aplin, were reelected, and Mr. E. P. Wilkinson was elected auditor in place of Mr. C. E. Cotton, who did not seek re-election. A circular issued to the shareholders stated that the directors had decided to issue one thousand unallotted shares in the company, in order to enable a more efficient service to be run. with consequent advantage to the residents of Birkdale and Birkenhead. It was felt that with a co-operative concern such as this, the making of large dividends was not of such paramount importance as the maintenance of the service for the convenience of the community. An increase in the number of shareholders would create added interest in the company, besides providing more working capital to enable the objects of the company to be carried out more efficiently. The company had in the past been instrumental in reducing the fares to a reasonable amount, and by obtaining more ready capital the directors hoped to increase and modernise the plant. The chairman, in drawing attention to the need for extra finance in the company, stated hat it started with very little and had been carrying on with very little, and if the 100 shareholders in the company took an extra five shares each it woul put the company in a good financial position. After discussion it was decided to form a committee, comprising Messrs. Anderson, Hiler, Taylor, Hall and Green, to canvass the district with a view o-f allotting the shares. A vote of thanks and appreciation was passed to the chairman and directors for the time they had put in on behalf of the company without receiving any remuneration.