MANAWATU RAILWAY COMPANY.

Taranaki Daily News, Volume XXXXII, Issue 81, 6 April 1900, Page 2

MANAWATU RAILWAY COMPANY.

ANNUAL MEETING. [PER pbess association.] Wellington, April 4. At the annual meeting of the Wellington and Manawatu Railway Company the Chairman, Mr. T. G. McCarthy, said tho accounts indicated not only a most satisfactory increase in volume of transactions, but also a very strong financial position occupied by the Company. Traffic earnings, despite reduction of rates, showed an increase of .£7927, and the volume of traffic was the largest they had had. He alluded to the methods employed by the Government to compete with the Company, and claimed they were condemned by the press of the colony and were unworthy treatment. Ho mentioned they were arranging to fit the Westinghouso brake, and that two slight accidents at O'aki had involved the Company in some expense. During the year thoy had paid £6789 in taxes, making a total of £83,250. Nt one had ever supposed they would have been subjected to such an impost; and but for this they could carry on a train service that would make the southern portion of the island the envy of the rest of New Zealand. While paying this for taxes shareholders had only received in dividends £8075. If they had invested their money in ordinary securities they would bave got nearly £500,000. Besides this the people who used the railway would have had to pay twice as much for carriage. Strong comments were made on the methods of Government competition, and the taxation the Company was subjected to. It was suggested that shareholders should approach Parliament for redress. Some speakers thought thoy would have a better chance with this Parliament than with previous ones.

Mr. John Plimmer, one of the Founders of the Company, on retiring from the directorate, was presented with a life pass in the shape of a gold medal.

The report and balaneß-sheet were adopted, and 5 per cent, dividend deMared.

Messrs. D. Andrrson and D. J. Nathan, the retiring Directors, were re-elected.