The Manawatu Railway.

Taranaki Daily News, Volume XLVI, Issue 74, 31 March 1904, Page 3

The Manawatu Railway.

ANNUAL MEETING OF THE COMPANY. (Per Press Association.) WKLLIMITo.N, .March HO. The annual meeting of 1 he Welling-ton-Matiawuiu Uailway Company was hold to-dav.

The chairman said the gross reveI mie showed an excess of nearly £ll,000 compared with last year, and a- , mounted to £122,182. A noticeable j feature was the continued improvement in the passenger trallic, the ini creased revenue from this source being £OSOO. The number of passengers carried was 'double that of live years ago. but, (►wing to reductions m fares, the increased revenue was only s(> per cent. The increased rvvenue for goods truflic was £3500. The gross tonnage carried has increased front 105),17!> tons to 117,187 tons, although there was a falling off in cattle, sheep and wool. The expenditure was £7,000 in excess of last year. Included in this amount is £3,5U0 for maintenance of line, insurance, ami contingencies, bringing that account up to £21,500. The directors consider a strong fund of this kind is absolutely essential. During the year the maintenance of permanent way and rollingstock received most careful attention, und had been charged to working expenses. The total amount availablc from- and railway working account for dividends is £11,805 slightly larger than last year. The net amount available from Land 'account for divhlen-ds is £.'>l77. This with the railway working account and the amount -brought forward makes £20,.">98 available for dividend. Deducting from this the interim dividend -already paid leaves £21,498, from which it is proposed to pay a lour per cent, dividend, making seven per cent, for the ,\ear. The term of the company's debentures expired in -June, and the directors hoped to come to some arrangement of direct Ivnefit to shareholders before that time.

The report and balance-sheet were adopted.

The retiring directors (Messrs Kirkcaidie and i'limmer) were re-elected unopposed.

There was considerable discussion oil the question of the remuneration of directors, several shareholders objecting to the directors drawing £2,500 for the previous year. The directors promised to bring the matter before the shaivhokUrs.