KAIHU VALLEY RAILWAY.

Wairoa Bell, Volume IV, Issue 159, 19 August 1892, Page 2

KAIHU VALLEY RAILWAY.

Yesterday afternoon saw the last of the unfortunate Kaihu Valley Railway Company. The shareholders met to receive a statement of accounts from the liquidators, and to decide in reference to the disposal of the Company’s books and records. Mr Dargaville was voted to the chair. The report of the liquidators was as follows : —“ The liquidators have now to report that they have completed the liquidation of the company. After lengthened correspondence and several interviews with the Public Works Department the liquidators succeeded in obtaining in payment for sundry chattels not included in the company’s mortgage, a small sum which has enabled them to pay a trifling dividend to the unsecured creditors. In terms of sections 202 and 216 of the Act this meeting is now called upon to receive the liquidator’s account ef the manner in which the winding up has been conducted, and to direct the liquidators as to the disposal of the books, accounts, and documents of the Company and of the liquidators.—E. Waymotjtit, W. H. Chuetou, liquidators.’ The following was the statement of accounts: To cash received from contributors, £7,421 4s 4d; balance of working account amd loose assets realised £231 13s 4d ; total, £7,632 17s Sd. By paid Colonial Bank, £7, 185 19s od ; liquidators’remuneration, legal, travelling, and incidental (£435 11s less costs recovered from contributors, £24 10s 7d), £4ll 0s 5d ; dividend to unsecured creditors (lid in the £ on £S,SIO 16s lOd), £45 17s lOd; total, £7,652 17s Bd, In answer to Mrs Chamberlin, who very naturally asked whether there was any hope of the shareholders getting back any of their money the Chairman said, “ That remains to be seen.” It. was resolved that the accounts submitted to the meeting be ad opted, and further i mb the books, accounts, etc., of the Company an 1 of the liquidators be placed iu a wooden box, and deposited in the strong room of Messers McKechnie and Nicholson, Auckland, for five years. In his concluding remarks, the Chairman said that the value of the Kaihu Valley Railway would be greatly enhanced when the road to Opanake, the present terminus of the line, had been opened up. In the future it would be an immense boon to the settlers in the northern districts, and even now there was more traffic on it than ou some of the Government lines. In the meantime the shareholders must submit to the loss of their capital, but it was to be hoped that in the near future, when thejgreat forests of the district were opened up, the line would be a paying concern, and the shareholders might then expect to receive as favorable a consideration at the hands of the Government, as had been accorded to the Rotorua railway shareholders.—‘ Star.’